Real Estate 101: Selling In Today's Market

Now is the time to start getting your ducks in a row because—believe it or not—the hot selling season of early spring is right around the corner. Spring may be your best opportunity to sell, but keep in mind that it’s definitely a buyer’s market.

Here are a few key tips for selling in today’s market:

Hire an agent now. It’s not too early to bring your real estate agent into the loop if you’re selling in the spring. You’ll want to discuss marketing strategies, current time on the market and your list price.

Get a pre-listing home inspection. If you get your home inspected before you put it on the market, not only will you know exactly what problems need to be corrected, but you’ll also be able to avoid unwanted surprises at closing.

Fix up your home as much as possible. The key to fixing up your home is to bring it in line with other area homes. Since buyers have quite a bit of inventory to choose from, any problems with your home could mean buyers won’t give it a second look.

Pay attention to current “comps.” Currents comps will help you arrive at a fair list price and can also help when it comes time to negotiate with a potential buyer.

Consider staging your home. Many real estate experts believe that having your home professionally staged can add 5-10 percent to your final selling price. Consult with your real estate agent to see if home staging is something you should consider.

Set a fair list price. Your list price is very important in the selling process. If you set your price too high, your home could sit on the market a long time; if you set it too low, not only could you lose money on your sale, but also potential buyers may get the impression that something is wrong with your home.

Understand average time on the market. The national average time on the market for a home is right around ten months, so you’ll need to be patient after you list your home for sale. Don’t have unreasonable expectations.

Be creative with incentives. To make your home stand out from other homes on the market, you might consider offering to pay closing costs or offering a 1-year home warranty. Check with your real estate agent for other incentive ideas.

Be flexible during negotiations. In the end, the goal is to get your home sold, so be flexible and understand that the current market favors buyers. You may have to make concessions that you wouldn’t have needed to make three or four years ago.

Good luck and happy selling! ∆