Edgewood

The real estate market in Edgewood, WA has definitely slowed over the past few years.  Many homeowners in Edgewood want to sell their home, but are afraid to put it on the market.  Typical comments that I hear from Edgewood homeowners today are things like…we really want to sell our home but….

“I think we’ll wait until the market comes back around” or
“It was worth $XX dollars four years ago so there is no way I’m selling now if I’ll only get $XX for it” or
“All home buyers want to buy in today’s market are foreclosures or short sales and my house is neither”

No one knows when the real estate market in the Edgewood area is going to get better.  It could take many years before the market recovers to where we were back  four or five years ago.  But time will move on…any you should too.  If you really want to sell your home, then sell it.  Life is too short to stay in the “paralysis mode” waiting for better times ahead.  And if you are going to buy a new home after you sell yours, think of the money you will save buying today rather than waiting for prices to rise.

Here are some thoughts I have on how to get your Edgewood home sold in today’s slow market.

1.  Price it to sell.  Get a few CMA’s (comparative market analysis) from 2 -3 real estate agents that know the Edgewood area.  Be sure to compare with past homes that have sold, not active listings.  Sold homes can give you an idea of true “market value” while active listings are just your competition.  You need to price at or below the competition.  And don’t think you can overprice your home because you have “time to sell”.  If the market keeps declining, then you will end up chasing the market down and losing money.  Buyers like new listings. Price it to sell in today’s market,
2. Disassociate yourself with your home.  Think of your house as a product to sell.  Depersonalize it by putting away lots of personal photos and heirlooms.  Get rid of clutter!  Rent a storage unit or borrow your best friend’s garage.  Don’t think you can just put everything into your garage or into a closet.  Leave just enough furniture to showcase each room.  Hiring a professional “stager” may also be a good investment if you are not sure how to make your home really stand out.
3. Curb appeal.  First impressions are key…especially in today’s market.  You want prospective buyers to get out of their car, not to just keep driving.  Be sure your lawn mowed and green, bushes trimmed, driveway and sidewalks pressure washed, and your house paint/trim in good shape.  Have a few nice flower pots…some people believe yellow flowers evokes a buying emotion…but I’m not convinced.
4. Make the house sparkle.  Wash your windows, clean out your fridge, re-caulk your tubs, showers and sinks, replace worn our carpet or throw rugs, fix the leaky faucet, dust, wax your floors…all those things you probably rarely did when it was “your house”.  Think of it as a product on the shelf.  What will the buyers see?
5. Know your property.  What is the current zoning?  Where are the property corners?  Where is the septic tank?  Pierce County requires this to be pumped and serviced prior to closing.  How old is the roof?  What major repairs have been done?  Are there any easements on the property?
6. Hire a licensed real estate agent that is knowledgeable in the Edgewood market. 

As I’ve said in many of my other blogs, those three most important words in today’s Edgewood Real Estate market are no longer “Location, Location, and Location” but “Price, Price, and Price”.