As I have mentioned in previous posts the market in the South Jordan and Herriman area is not as bad as some would like us to believe. However, If you are selling you home in South Jordan and Herriman I am seeing obstacles that sellers are continually fighting themselves on. I think the following list will help you to recognize some of these.
Now it is time for for my political announcement, with the rumor that our state legislature is going to bring back the new home purchase tax credit, it is time for the existing home seller to get things in order and lets get that home sold before they put you at a competitive disadvantage again!
Tips for selling a home in today’s market:
1. Do not overprice the home. Buyers today are looking for a bargain, and the seller in the end will likely have to bring the price down to meet market demands. The longer the home sits on the market, the stronger the negotiating position of the buyer.
2. Select Internet-friendly pricing. More than 80% of home buyers begin their real estate searches online. Most real estate sites filter the prices in $25,000 to $50,000 increments. So while a creative price of $555,777 may grab attention, buyers who set their search maximum filter at $550,000 will exclude it. Additionally, prices ending in 000 (such as $500,000) tend to sell at a larger discount than homes ending in 500 (such as $524,500).
3. List the home on a Friday. Most buyers are checking out new listings on Fridays so they can see what is new for the weekend.
4. Occupy or stage the home. Buyers appreciate a home that is well attended. A vacant home typically feels cold and empty, while one that is still occupied has a warm, cozy feel, attracting more buyers. However, keep the personalization minimal; having neutral decor and paint colors will make it easier for a buyer to visualize their own style in the home. If a seller moves to a new residence before selling the old residence, it is a good idea to have the home professionally staged as if someone still lives in it.
5. Monitor local foreclosures.Foreclosures are costing sellers money and have become very aggressive opponents in today’s market. If the seller’s neighborhood has a lot of foreclosures, wait until they are sold before listing the home, if at all possible. Most banks are extremely eager to sell, thus creating an under priced competitor. If the seller cannot wait to list the home, it will need to be priced competitively with the foreclosures, which can dig significantly into the home’s equity.
6. Keep the home neat and clean. With so many foreclosures on the market today, buyers are seeing homes at their worst. If the home is presented in the best possible way, it will attract more positive attention.
7. Keep records. Foreclosures do not come with any disclosures. Sellers who keep updated records, photos and permits handy for the buyer to review will make them feel much more confident about buying the home, giving the seller a competitive advantage over foreclosed properties in the neighborhood.
Avg. Sales Price: 379,000
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