The economic slowdown has created a real estate market with too much inventory and not enough buyers. That's a recipe for slow activity and long marketing periods. But it doesn't have to be that way.
Here are some unconventional ideas that can help make your home stand out from the crowd:
* Know your competition. Attend all open houses in your area and compare your home with what others are offering. If there is a similar home being offered for $20,000 less, it stands to reason that buyers will gravitate to that house instead of yours. If foreclosure resales are being offered in your neighborhood, reconsider your plan to sell at this time. It is unlikely you will get reasonable offers while a lender is trying to resell a nearby foreclosed house.
* Price your home to sell. Sellers often think they can build some "cushion" into their asking price so they will have some room to negotiate. That may be true in a seller's market, but today the opposite is true. Buyers will shop and compare based on asking price, and if you have added a cushion, your home will pale in comparison to similarly priced homes without a cushion. Furthermore, Realtors tend to show homes in certain price ranges. It does you no good to price yourself above the market, secretly knowing that you will drop your price later. If the buyer never sees your home in the first place, you have wrecked what chance you had to get a contract. It's better to turn down low offers than it is to get no offers at all.
* Make needed repairs before you put your home on the market. Don't fool yourself into believing that the buyer would rather have an "allowance" of $3,000 for flooring instead of having it already installed. The idea that the buyer will want to pick their own color is self-serving and short-sighted. When the prospect enters your home and inhales the odor of old dog and cat urine, he will be unimpressed with your allowance, regardless of amount. At the very least, clean the floor coverings and paint walls and trim where needed. The odor of fresh paint says "I am clean" to the brain.
* Use a real estate professional. A long time ago in a galaxy far, far away, there was a place where you could put a "for sale" sign in the front yard and expect several offers. Not so in Atlanta today.
Instead, the realty marketing industry offers you a wide variety of services and assistance, from minimal (putting a sign in your front yard),to the maximum level.
At the low end, you might have to show the house yourself, while your agent answers the phone and refers prospects to you. At the high end, your agent creates and executes a comprehensive marketing plan designed to leave no stone unturned in your search for a buyer.
* When you are ready to put it on the market, hire a professional, full-time inspector and require a written report. If the inspector notes any deficiencies, have them corrected and re-inspected until you get a clean bill of health. Then hand out copies of the final report.
Purchase a one-year home warranty (between three and five hundred dollars) and attach copies of the warranty to the inspection as a way of adding value. I would never buy one of these for myself, but home buyers are a worried lot, believing that your home will likely collapse one week after purchase.
* Pay special attention to how your home looks from the street. It's called curb appeal, and prospective buyers are famous for making snap judgements about a house from the back seat of a car. Clean the gutters, straighten the mailbox, and paint the front entry and railings. Add a couple of pots of brightly colored flowers to catch the buyer's eye.
* Finally, make sure every light in the house is on and shining brightly. Prospects will leave with the impression your home is "bright and cheerful," which is exactly what you want.
For more home selling suggestions, visit Money99.com.
John Adams is an author, broadcaster and investor. He answers real estate questions on radio station WGKA (920am) every Saturday at noon.
For more real estate information or to make a comment, visit www.money99.com.
