Realty of New Mexico LC
Realty of New Mexico LC
There's no doubt that a buyer's market can be challenging for sellers, home sales in a buyer's market may take longer. But a little creativity can go a long way toward helping sellers move homes, without having to significantly drop the price.
Price Your Home According to the Current Market. Just because a house comparable to yours sold for a very high price last year does not mean you will be able to realize the same price when selling your home now.
Be Realistic About Appreciation. Since the housing market began to slow significantly in late 2007, home prices have fallen all over the country. Yet understanding trends in your specific market is critical - as not all areas have experienced the same drops. Some regions of the country have remained more steady relative to prices, and are even back to experiencing modest appreciations. And if you bought your home many years ago, the gains you made in the decades before the downturn may still be far more than recent drops
Make Your Home More Marketable. When a buyer sees your house for the first time, a critical first impression is made. If applicable, maximize curb appeal by trimming trees and planting flowers. A fresh exterior coat of paint might also prove valuable. Consider neutral colors for interior walls and carpets. Dark colors on walls, along with unnecessary clutter, make rooms look smaller.
Offer a "Seller's Contribution." A seller can sweeten the deal by offering assistance to the buyer in ways that do not require lowering the asking price. These tactics can help your home to stand out from the crowd. For example:
· Offer to buy down the interest rate on the buyer's mortgage.
· Offer to pay a portion of the closing costs.
· Cover the buyer's mortgage payments for up to the first six months. Depending upon the size of the mortgage, the buyer can save several thousand dollars and the seller still gets the original asking price for the home. It is generally more financially advantageous to do this than dropping the asking price by $30-, $20- or even just $10,000.
· Many condos and houses across the country belong to homeowners' associations that require annual dues. Paying the first year's fees could be a big incentive to a buyer nearing the limit of his or her liquid assets.
Learn about Short Sales
Map Anywhere USA