The Ocala Marion County Real Estate Market may be in the dumpster, but that does not mean houses are not selling. Sellers just have to follow a few simple rules to get the job done.
1. Asking Price too high
A lot of sellers are still stuck in 2005 and 2006 prices and are chasing the market on the way down. In a “down market” you need to price your home “ahead” of the market (which means lower than the last home sold and lower or at least the same where your neighbors home is offered for sale) or you risk loosing potential buyers. If you price your home according to a sale 6 months or a year ago, you will be overpriced. A good realtor who is in tune with the current market should be able to help you price your home accordingly.
2. Turning down the Fist Offer
Many Sellers reject their first offer holding out for more money. In a time when credit is tight and loan underwriting guidelines are extremely tough, buyers experience less purchasing power. Remember, your FIRST OFFER may very likely be your BEST OFFER. Most buyers today are very educated and with a record high inventory of homes on the market (especially here in our Ocala/Marion County), they are relentless in getting the best deal and lowest price. Of course sellers should expect to get some low ball offers, but even those, if negotiated properly, may get you moving in the right direction. The faster you sell your home in a declining market, the more money you will realize in the sale.
3. Beware of the Wrong Buyer
Especially now, be selective to whom you agree to sell your home to. As I mentioned before, due to the many loan defaults in the sub prime market, lenders have tightened their guidelines, thus making it more difficult for buyers to obtain a mortgage. A recent pre-qualification letter is imperative.
If possible work with a buyer who has not added any contingencies, like a home to sell.
It is better to look for a first time home buyer with some of their own cash to put down or someone who has already sold their home or at least their home is under contract ready to close.
4. Failing to Respond to Low Ball Offers
So you received an offer that is simply too low? Don’t take it as a personal attack, but rather as a starting point for negotiations. You should not blame the buyer for testing the market. If you were buying, wouldn’t you do the same? And who knows, while negotiating with one party, another offer may come in, which will help you to gain leverage. Now you can tell the brokers, to be competitive to bring you their buyer’s best offer.
It is best at this time not to get too self confident. Sellers need to set a realistic bottom price they are willing to take, even if it is below their expectations.
5. Staging your Home
Show your home off in its best light. Especially in a slow market take a critical look at your home and look at it from a buyer’s perspective. Does the outside of the house need attention like pressure washing or a fresh coat of paint, sprucing up the landscaping? Do the walls need to be painted? Pack up most family knickknacks and store extra furnishings to make the rooms give the feeling of more space. Finally, make necessary repairs before putting your home on the market. If you take care of the small things, buyers feel confident the big things (like roof, AC and Heater) are in good repair.
Brigitte Shultz
The Shultz Team
#1 Team at Re/Max Premier Realty
Info@OcalaVisualTours.com
www.OcalaVisualTours.com
Toll Free: 800-243-4087
Direct: 352-291-1276
Friday, October 24, 2008
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