It’s a challenging time to be selling your home! The good news is that homes are still selling. However, the average days a home is on the market before going under contract for sale has increased* For 2018, homes for sale averaged 59 days on market. This year, homes for sale averaged 73 days on market. *
In a buyer’s market, a seller needs to consider the following strategies:
KNOW YOUR COMPETITION
PRICE YOUR HOME AGGRESSIVELY
PREPARING YOUR PROPERTY TO SELL
STAGE YOUR HOME TO SELL
When consulting with a Realtor, before you put your home on the market, you should review 1) homes recently sold, 2) homes currently under contract for sale, and 3) homes currently for sale. As you look at these, pay close attention to the pricing trend as well as the days on market. Are prices of active listings lower than those that have sold recently? Are the average days on market for homes under contract greater than those of homes recently sold? If yes, you can see that the market is slowing and prices may be declining. Based on this information, you will want to consider pricing your home more aggressively than those currently for sale, as well as those that are under contract or those that have recently sold.
Next, look very closely at those homes currently for sale and compare them to your home. How do their updates compare to the updates of your home? Review the pictures and room dimensions, which can easily be viewed online. Ask your Realtor to obtain a copy of the Seller Disclosure so you can see how your home compares to others, in terms of age of the roof, appliances, and the history of the property.
You can use this competitive information as a guide to prepare your home before you put it on the market. Beyond curb appeal, check if these homes offer newer kitchens, baths, heating/air-conditioning systems, for example. If that is the case, and you prefer not to invest in these updates, then be prepared to offer your home for a lower price. To stand out from your competition, offer a one-year home warranty for the buyer. This will cover appliances as well as HVAC systems, and makes the sale easier if these are older.
Of course, when preparing your home for sale, it is important to take care of the basics. Repair leaky plumbing or roof. Seal settling cracks inside and out. Regrout tile in baths and floors. Replace cracked windowpanes. A well maintained home and property give buyers the confidence to proceed with an offer.
Finally never underestimate the power of staging your home for sale!
Swap out heavy window treatments for light sheers or blinds. Add lighting wherever possible. If you have hardwood floors, remove wall-to-wall carpeting. Paint interior rooms and hallways with light, neutral colors. Paint trim, molding, and stair risers a nice clean white. De-clutter and de-personalize interior furnishings to increase flow of the floor plan. Paint your front door a bright color that complements your brick, stone, or siding exterior. Remove shutters to make the home look larger.
*Garden State Multiple Listing Service
Posted on June 11, 2019 at 3:01 pm by Diane Belcuore