Here are some
ways in which you can sweeten the
pot and beat your competition to a
sale
Out here in the
field we are seeing home prices
dropping as sellers respond to
housing market pressures. Some
sellers are still expecting premium
sales prices for their homes, but
the transitioning real estate market
is resisting high prices and causing
sellers to re-evaluate their
expectations.
It's a whole new
ball game and, if you want to play,
you need to know the new rules.
Getting an agent to stick your home
on the local MLS system and waiting
for the offers to come in won't cut
it anymore. Today, traditional sales
methods are not enough to sell your
home in a reasonable time for a
decent price. Home buyers have too
many choices and home options to
choose from. They are driving the
market and your home is only one of
many that they are evaluating.
The obvious response
to the market, which has been
adopted by many sellers, but at a
price, is to reduce the price of
your home below other comparable
houses in your neighborhood.
Although many sellers have built in
some wiggle room between their
asking price and their bottom line,
buyers are asking for reductions
that will significantly erode the
seller's profit, sometimes to zero.
Those who have a need to move
quickly, for employment for example,
will even take a loss in order to
remove the burden of two mortgages
or ending up renting. This
situation, by the way, offers real
estate investors an opportunity to
pick up some good bargains.
Even in today's
market, you don't have to drop the
price of your home to the point of
taking a loss. There are other ways
in which you can add value to your
home, even if it is only perceived
value, that will enable you to make
a good profit and still sell in a
reasonably short time. The use of
sales incentives can be a very smart
and cost-effective way to add value
to your home without sacrificing
much of your asking price, if any.
Here are some things that can
sweeten the pot and make your home a
more attractive choice to potential
buyers:
1. Offer a 3%
commission to the buyer's agent.
Some agents will not show your home
for less than that and they will
most likely pick your home apart in
front of the buyer if they do show
it.
2. If you're in a
homeowner's association, pay the new
buyer's fees for the first year or
more.
3. Buy a home
warranty, which protects all the
appliances in the house including
the air conditioning and heating
systems. The cost is usually less
than $450 for one year.
4. You can pay all
or part of the buyer's closing
costs, which can be deducted at
closing from your sales proceeds, so
you have no out of pocket expense.
5. Pay the buyer's
property taxes for a year or some
period. You may already have paid a
portion or all of it anyway. Again,
no out of pocket expense.
6. If you have oil
heat or propane, give the buyer a
full tank of fuel.
7. Offer free grass
cutting or landscaping for a period
of time.
8. Provide all new
carpeting or kitchen appliances or
leave furnishings that the buyer may
want.
9. Offer to pay the
buyer's property insurance for a
year or more.
10. Buy down the
buyer's mortgage points by a point
or two. This adds significant value
to the buyer in terms of dollars
saved and it will cost you little.
If you think about
it, you can probably come up with
more. I have suggested and used
these and other methods for
distinguishing my clients' homes in
this tough seller's market. In
addition, if you spruce up your home
with new paint, especially the front
door and kitchen, landscape your
yard, clean thoroughly throughout,
and stage your home to put it in
it's best light, your home will
outshine the others in your
neighborhood.
One final suggestion
- hire a competent real estate
agent. An agent will ensure that you
don't leave money on the table and
help you with all the ways in which
your home can be the best buy on the
block. I can always justify my
commissions because I get the home
seller more money than he could on
his own. A top-performing pro will
make you money and not cost you.
Just ask the many 'for sale by
owners' who ended up hiring an agent
after an unsuccessful attempt to
sell on their own or the ones that
ended up getting much less than
their asking price. But if you are
determined to go it alone, the above
tips should help.
Ciao for now,
About the Author:
Bernie Rosellen is a
Virginia licensed
Realtor® with Realty
Group, LLC located
in Chester, VA. He
works with both home
buyers and home
sellers and
specializes in the
Richmond, VA and
surrounding areas.
Besides actively
practicing real
estate, Bernie
writes real estate
articles as "Your
Agent In The Field"™
from the perspective
of being out in the
neighborhoods and in
the trenches of real
estate. You can find
out more about him
and the real estate
market in central
Virginia at his
websites
http://www.TheRosellenTeam.com
and
http://www.RichmondHomesForSale.net
You can reach Bernie
at 804-363-3449 or
email him at:
brosellen@earthlink.net
Article Source:
http://EzineArticles.com/?expert=Bernie_Rosellen
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