By: Vicki Kirk Holton-The Kirk Holton Team
Everyone out there is aware that there has been a large shift in our
economy…..joblessness plagues our country, along with a myriad of
economic woes. But how has the economy affected the Real Estate
business? In more ways than we can count, but here are a few
examples….. lenders are tightening up their requirements, appraisals
are much more stringent, sellers in most parts of the U.S. are getting
less for their homes.
How does this affect you, a potential seller? Maybe a few years ago
you were shopping for the home which you are now in….and suddenly,
you are faced with selling it in a depressed market. For years, most
homeowners have experienced nothing but the value of their homes going
Alas, we are in a totally different selling environment, and the
majority of sellers are making a small profit on their sale, breaking
even, or some even losing money.
What does this mean to the seller? The public is no longer buying a home because of emotion …or because they just “love the house and neighborhood” Purchasers are now devoid of emotion and pretty much analytical. Because of this element, the “shifted market,” buyers have a lot to choose from..and choosey they are. The homes that sell quickly and for the best prices are those that show like a display home, and are maintained beautifully. If your home is not a perfect 10…don’t ask a perfect 10 price. You will be swallowed up by the competition who has gone to the trouble of making their home show well, with no obvious objections for the buyer. Many have professional staging or the advice of a professional decorator. You don’t want to “chase the market”, in other words, price the home too high, find out later what the buyers object to… then lower the price, or make the repairs. Make a great first impression…you only get one chance for that.
An example would be, agent Mary says the paint in the kitchen needs
freshening …..and there are leak spots on the ceiling from a second
floor bath tub leaking. The leak was fixed a year ago..but the seller
just hasn’t gotten around to painting the ceiling.”It’s fixed,” says
Will a potential buyer believe that…NO. Do they know you, the
seller, and assume that you are honest? All they know is what they
see. …and most likely they will choose another home that doesn’t
raise any red flags, because they CAN. The buyers are
analytical…there is not much emotion. If you have a home that needs
repair and you are not able to address the situation …price your
home accordingly…you will save yourself a lot of stress and wasted
time on the market.