When inventory is up what is a Seller to do?

Inventory is up, way up, it's Fall and the holiday's are closing in on us. Who wants to move in January? Not me, I've been down that road. So, what is a seller to do? Easy, the honest truth is do not sell if you do not have to! Ok, let's assume you have to sell, then what? Be realistic when pricing your home. In today's market, you need to be very conservative if you want to sell your home quickly.
  • Compare your home to recent homes that have SOLD within the past couple of months in your immediate area that are about the same square feet in size, bedrooms, etc. Sold homes are success's, they are the only way to tell what people will pay for homes in your area.
  • Compare to like homes that are currently on the market. You do not want to be priced more than a home that is more appealing to buyers, but keep in mind, most homes that haven't sold may be way over priced.
  • Today's Buyers are educated! They have HGTV and numerous other of resources telling them what adds value to a home. If your kitchen and bathroom are not updated, you need to take that into consideration when pricing.
  • Add incentives to buying. Offer to pay closing costs, etc. Be careful though, lenders are specific around what they will allow a buyer to receive.
  • Reprice soon and often. Based on feeback and competition, you may need to adjust your price. It is better to do it sooner than later, you home will most likely get the most exposure in first 30 days.
  • Get a good Agent! Remember, as with all things, you get what you pay for. Some things to consider: Is you agent personable?, is your agent hard to reach?, sense of urgency, marketing plan, internet exposure, how they will get other agents in your home and more.

There are a lot of resources out there. Use them! Intersted in articles, email me for PDF files of some of my favorite.

see: CNN Money: Rev up your resale value

William Robbins