Although home appreciation has leveled off substantially in 2010, sellers can still get good prices for their homes. The sale may take a bit longer, but a little creativity can help South Florida sellers move homes without having to drop the price, assuming they are priced correctly to start.
The Cromer Group offers the following suggestions for sellers who want to speed the process:
Price Your Home According to the Current Market. Just because a house comparable to yours sold for a very high price last year does not mean you will be able to realize the same price when selling your home now. We will work together to help you determine the appropriate competitive listing price for your home. Remember that in this market, we may encourage a list price in accordance with others currently on the market, rather than those previously sold.
Be Thankful for Appreciation. While price appreciation has slowed dramatically in the last few years, it is important to look realistically at the financial gains you have made over the years you have owned your home. According to the National Association of REALTORS®, over the last six years the median sales price of a single-family existing home in the U.S. appreciated 7.6 percent annually.
Make Your Home More Marketable. When a buyer sees your house for the first time, a critical first impression is made. See our Staging Your Home section for easy tips on creating lasting first impressions.
Conduct a Full Home Inspection. If repairs are required, it is a good idea to go ahead and fix the problems. Potential buyers will cast an extremely critical eye over your home and, in a situation when more houses are available on the market, they may take a pass on a home that needs too many repairs. Be sure to have the home inspection report available for prospective buyers itemizing all of the repairs that have been made and the associated cost for each.
Offer a “Seller’s Contribution. A seller can sweeten the deal by offering assistance to the buyer in ways that do not require lowering the asking price. These tactics can help your home to stand out from the crowd. For example:
- Offer to buy down the interest rate on the buyer’s mortgage.
- Offer to pay a portion of the closing costs.
- Cover the buyer’s mortgage payments for up to the first six months. Depending upon the size of the mortgage, the buyer can save several thousand dollars and the seller still gets the original asking price for the home. It is generally more financially advantageous to do this than dropping the asking price by $30,000, $20,000 or even just $10,000.
- Many condos and houses across the country belong to homeowners’ associations that require annual dues. Paying the first year’s fees could be a big incentive to a buyer nearing the limit of his or her liquid assets.
Don’t Worry. Properly priced homes that stand out from the competition are selling and the demand for homes is still at historical highs. Contact us to find out how long an appropriately priced home is expected to remain on the South Florida real estate market for your area.
