Sellers, how do you compete against DESPERATE sellers?

I recently had the situation arise where a buyer I was working with was drawn away from a beautiful home, for the chance to buy a short sale.  Unfortunately, this is not the first time I have seen this and it got me to thinking.  How are my sellers supposed to compete with the desperate sellers?

Today, there are far more listings and I’ll admit, a few less buyers than in the recent years.  This leads to less of a demand and our prices are starting to reflect that.  In my market, buyers have a lot of options when choosing a home.

How do you make your home stand out from the competition?

Desperate sellers can be desperate for a number of reasons.  Maybe the circumstances changed in their family, a job was lost, they are upside down on mortgage payments, etc.  Whatever the reason, they are all desperate.  Due to their tough situation, they may reduce the price on their home far below the market, just to try and get an offer.  As a seller who wants to get the most out of the sweat and equity you have spent years building, how are you supposed to compete with that?  Well, here are some items to consider.

1) Price it right.  This is probably the most overlooked piece of the puzzle.  You need to know what the competition is and price accordingly.  For a closer look at pricing, see my article Real Estate 101

2) Prepare your home to sell!  Take the time to make your home shine.  Make Repairs.  Clean.  De-clutter.  Get ready to move.  Isn’t that why you’re putting it up for sale?

3) Ensure the marketing of your home reflects its value.  Has your agent taken the time to make sure the photos and video (yes, today they should have a video or tour!) are top notch.  Most buyers will begin their home search online.  Your home should look superb.  Online ads are going to be the first thing a buyer sees and is what will get them through the door.  You need to stand out from the crowd.

4) Offer incentives.  Many buyers can afford the monthly payments, but have trouble making the down payment.  If you are not cash-strapped in your home, offer to pay part of the buyer’s closing costs or the down payment.  Or, maybe a home warranty.  Offer something to assist with getting the buyer in your home.

Pricing your home effectively is the ace in the hole.  But, that’s not all it takes in today’s market to get it sold.

If you are thinking about selling your home in Stanwood, Arlington or on Camano Island, give me a call.  I’d love to discuss your options, offer my honest opinion and give you some great ideas. 

Contact me anytime.  Jen Hudson, GRI (360) 652-1200 or jen@jenhudsonhomes.com