Seller strategies in a flooded market
It is sometime hard enough to sell in a normal market if you do not have a marketing strategy, but in a flooded market it can be impossible. So here are some strategies that may help you sell. Flexit Realty knows that selling on your own as a For Sale By Owner is not for everyone. We manage more For Sale By Owner sites than anyone in Michigan. We know both sides of the street...We help people sell their homes and property for a living. We see and live the market.
Here are some helpful tips.
Understand what the market is telling you....what is the price your home will sell for or should be priced at? Your area....could only be a few block if you are located in a city or mile in a rural location. The key is not all homes that are the same square footage, layout or exterior style will sell for the same price. Think of it this way....cars may look alike have the same features but are different because of fewer miles, better maintenance, newer tires so the sell prices fall into different ranges. Homes are much the same way. Homes may be priced differently a few blocks away. Schools may impact your sell price if the school district is in high demand.
Do NOT sell "As-Is"....this immediately signals some is wrong and needs repair and you are not willing to fix it! So do not advertise your home "As-Is" unless you want low-ball offers! This also warns a buyer that other things may be wrong too. So they look at your home with a more critical eye...looking for anything that might be wrong...including paint and carpet, roof, furnace, hot water heater, well or septic anything.
If you are not selling on your own Hire someone that has a Proven Track record. You do not want someone learning real estate at your expense. Hire a professional. They know what to expect and how to each issues as it arises. They also understand the marketing requirements to help you sell your home faster. Just because someone is "nice" does not mean they can sell your home. Personality counts but only if they are smiling over a purchase agreement with you!
Understand the little things that make a difference. You know your area, your home, your neighborhood make sure you use these issues to your advantage to separate your home and area from other properties on the market.
Internet marketing, FlexIt Realty has a high profile website complete with virtual tours...we felt so strongly about it we incorporated the virtual slide show tour into our HomesByOwner.com and MyHouseDirect.com websites too. We know that over 80% of buyers start on the INTERNET first looking for homes...if you are not there you are not selling! We also know that photos sell. Us plenty of photos....we offer our For Sale By Owners up to 20 photos when they use our "Professional Selling Program". Why because it offers our clients a distinct advantage.
Use the OPM strategy....I always liked the movie with Danny Divito...OPM...Other People's Money! Use other people's money. If you can not sell and can not afford your home....don't lose it rent it to someone that can afford it! Figure enough for your payment taxes, insurance and if you can add a bit for unexpected repairs. This way you are still building equity....keeping your home and can move back in later or sell it when the market gets better! Do not wait until you are ready to lose your home....act to save your home and your credit.
Buyer can not get all the financing required to buy your home? Why not look a carrying part of the mortgage as a note? You get interest...your loan is recorded like any other loan...you sell. You can set a short time table for a payoff. Make sure it works for the buyer. This can be a very effective way to sell in a flooded market. You may not need all the money out of your property for you to purchase your next home...you may even be considering renting and the monthly payment can go into savings for your next home.
Nothing is an obstacle until someone says "NO". This simply means that if both sides want to reach a sale and purchase there usually is a way. Sometimes carpeting is old and worn....offer an allowance for the carpet to be replaced. If you replace it remember it will be "WRONG". Rule number 6 of Murphy's law....never replace carpet...the buyer won't like the color, texture, pad....something! Roofs, sump pumps, water heaters and furnaces all fall under....warranty. Buy a home warranty for the buyer...anthing that goes wrong in the first year is most likely covered and if not is repaired for a $95.00 service call. Simple the buyer feels covered you get a sale...you both win.
I hope these selling tips for a flooded market help you see how employing the right selling strategies can help you sell.
FlexIt Realty and Homes By Owner Michigan want you to meet your selling and buying goals, we can help.