• 10/30/2008 - New Article
• 04/15/2007 - KITCHEN MAKEOVERS THAT “SIZZLE”
• 03/27/2007 - WHY YOU SHOULD DO A HOME INSPECTION!
• 03/27/2007 - FOR SALE BY OWNER TIP – Just Don’t Do It!!
• 02/11/2007 - CHOOSING YOUR REAL ESTATE AGENT
• 01/11/2007 - SIGN OF THE TIMES! - WHAT'S HAPPENING OUT THERE??
• 12/11/2006 - THE BATH - Enjoy It Before You Sell It!!
• 11/11/2006 - FIXING UP YOUR HOME FOR A QUICK SALE
• 10/11/2006 - MORE LISTINGS, FEWER BUYERS - CHANGING EXPECTATIONS
• 09/16/2006 - SHOULD YOU OWN YOUR HOME?
• 08/11/2006 - HOME INSPECTIONS
• 07/11/2006 - THE SECOND HOME MARKET
• 06/11/2006 - SELLERS NEED TO THINK LIKE BUYERS
• 05/11/2006 - REAL ESTATE IN A COOLING MARKET
• 04/11/2006 - REMODELING ON A BUDGET
• 03/11/2006 - SUCCESSFUL REAL ESTATE INVESTING
• 02/11/2006 - HOW TO BUY YOUR FIRST HOME . . . AND APPEAR EXPERIENCED!
• 01/11/2006 - SQUEEZING EVERY LAST DOLLAR FROM YOUR HOME SALE!

Record-Eagle,  October 21, 2006           Cookie McCullough

What Sellers Need to Know in the Current Property Market

The University of Michigan’s monthly survey of consumers in September showed that home-buying attitudes were at the lowest level since 1990, with consumers citing concerns over potential future price decreases and increases in mortgage interest rates. The good news is that, while confidence in home-buying is at a low point, it has not significantly fallen since March of this year - - so it appears to be leveling.

You may be kicking yourself for not selling your home last year when the market was hot and gave sellers an advantage. Now, in the Traverse area market, you’ll be selling in a balanced market, at best. In a balanced or normal housing market, neither the buyer nor seller has an advantage over the other.

As the housing market slows and budgets tighten, some buyers and sellers may be clinging to unrealistic interpretations of local market conditions. It’s better to list a home at the best possible price upfront rather than starting higher and dropping the price down when the home isn’t selling.

Your selling experience in the new market needn’t be unpleasant, as long as you know what to anticipate so that you can realign your expectations accordingly. There are two key factors that differentiate the current market from its predecessor. One is that there are many more listings on the market now than there were then. The other is that there are fewer buyers.

With more listings and fewer buyers, you’ll need to distinguish yourself from the pack. There are three good ways to do this. First, make sure that your home is priced right. Second, your home should look impeccable when it goes on the market. Third, you need a comprehensive marketing effort.

HOME SELLER TIP: Last year, homes in some areas sold after three months. Today, it might take 12 months or more to sell your home. Start the process by hiring an experienced real estate agent with good marketing skills and a keen knowledge of your local market niche.

Your agent will be able to tell you what your home is worth in the current market, and discuss appropriate pricing strategies for your area. She can also give you advice about how to prepare your home for sale.

Marketing homes may have been a breeze in some quick-sell markets during the real estate boom, but agents in slowing markets say it now can take more time and work to close deals. Properties must look pristine and be priced well to sell - - and sellers should cater to buyers if they want more bites.

Few sellers are aware of this, but buyers often use nick-names to describe listings they see. This helps them distinguish one home from another when they’re trying to recall details. For example, if there’s something striking about your house, like a fabulous view, a buyer might tag your house “the view house.” But they also might refer to it as “the dog or cat house” if it has a strong pet odor. In this market, it’s extremely important to pay attention to the condition of your home. Buyers have a choice.

Today’s listings often aren’t being shown to a lot of buyers before they sell. One house in the area recently sold in only 60 days. Only two prospective buyers previewed the house. However, one of them bought it.

You should mentally prepare yourself for the fact that you will have to keep your home in great shape for the relatively few buyers who will want to see it. Keep in mind that buyers who are actively looking these days are serious about buying.

Your home should be easy to show, particularly if there are a lot of homes similar to yours on the market. If there’s an impediment to showing your listing, buyers will move on to a listing that’s easily accessible.

It’s nice to imagine that a buyer will fall in love with your home and throw caution to the wind. Unfortunately, impulse buying is not a part of the current market. Buyers have more choices so they think, ‘why rush into it?” With interest rates remaining low, buyers today are more likely to wait on the sidelines until they find a good deal.

The buyer for your home will be someone who has a compelling need to buy and who finds value in what your home has to offer.