TIPS FOR HOME SELLERS IN A BUYER’S MARKET
REAL ESTATE PRACTICE, SHASTA COUNTY, TIPS FOR SELLERS
August 5th, 2008
By now, anyone that reads the paper, listens to the radio or watches the news knows the real estate
bubble has burst. Clients frequently ask how do I compete with the ever increasing competition from bank repo’s and short sales? I listen, then educate them on how to make their property stand out from the distressed listings that are becoming a bigger and bigger part of our marketplace.
Price is important, but not the only factor that determines a property’s marketability. Properties facing foreclosure and REO’s (real estate owned) a.k.a. bank repossessions usually suffer from condition issues that make them less attractive to most buyers. A seller that is losing their home typically skips fixing things that need attention and halt maintenance due to a lack of funds. Furthermore, banks and sellers in foreclosure prefer to sell their properties “as is”, meaning their is little or no room to negotiate repairs discovered during the inspection process. So, if your home is clean and well-maintained you will have a leg up on the competition!
Some of the distress sale properties are located in less desirable locations. During the boom, any home, any place would sell. When the tables are turned however, these homes take a beating in the market place. Examples would be homes adjacent to high-voltage power stanchions, backing or fronting on busy thoroughfares and the fanciest home in a particular subdivision. High gas prices temporarily stifle property sales in rural areas until the motoring public gets accustomed to higher commute expenses. Assuming your property is unaffected by these adverse influences and you have enough equity to competitively price your property, again you will beat out the competition.
Now that you have the superior location and condition, what else can you do to be competitive? Offer a home warranty to the buyer of your home. This eliminates the fear some buyers have buying a resale property. Offer financing incentives in the form of a credit to the buyer for loan fees and closing costs. Short sale properties lack the equity to offer any financial incentives necessary to some buyers. Presale inspections can be a major inducement to attract a buyer for your property. At a minimum, consider having a pest inspection by a reputable company and make a copy available to your agent. Instruct your agent to post a comment in the remarks section of the MLS listing indicating an inspection report is available for review prior to a buyer writing an offer.(Other inspections you may consider are a property inspection, roof inspection, chimney inspection and well and septic inspections, if applicable). Even better, correct the items on the pest report, if possible, providing a pest clearance for review by prospective buyers.
The bottom line is you can set your property apart from competing listings by focusing on factors you can control compared to these distressed properties that are sold “as is, where is”.
One other factor that affects value is the company and agent you choose to market your real estate holding. I offer a free, no obligation comparative market analysis of your property showing you what is for sale, what is pending and what has sold recently in your neighborhood so you can make an informed decision before signing a listing agreement. I also offer a Premiere Service Guarantee, which allows you as a seller to cancel your listing at any time, without charge, if you are unhappy with my service for any reason. I put this in writing in the listing agreement which keeps you, the seller, in control of every aspect of your property sale!
Please don’t hesitate to contact me if you have any questions regarding any real estate matter or if you would like to request a property evaluation.
530-224-6767
530-941-7492
BRAD GARBUTT
REALTOR/BROKER
REAL ESTATE PROFESSIONALS GMAC
TWENTY FIVE YEARS LOCAL EXPERIENCE
http://fishonforum.com