11th
April
2008
With the real estate market, being the way it is, what are the options for selling today? As a Realtor® I am faced with this question, and the ensuing challenge, quite frequently. As you can imagine, selling a property today is not as simple as it may sound, the rules have not changed, they are just being enforced more firmly. Realtors® have always been in a position of finding the middle ground, a) getting the best possibly price got the client and b) sell the property in a reasonable amount of time. In the past few years, that was not a big challenge, as buyers would generally write offers, on any property they could get close to. Today, the buyer have far more properties to look at, and time to decide which one they like. This makes pricing the property right, so much more important, and unfortunately “Right” currently means a good deal lower than what any seller would like. If you are negotiating the listing of your property, have the agent show comps (comparable sales in the past 3 months), ask for an explanation about how the price was arrived at, and keep in mind that listing at a higher price than the market will bear is currently not a good idea – if an agent suggests this, consider if you wish to sell, or just to hang a sign in your yard? Recently I wrote a little about shell shock for sellers in today’s market, the other part of the shell shock, is increased amount of marketing an agent have to commit to. It used to be that a sign would sell a house, now, you must have a Virtual Tour at the very least. Tools such as property specific 800 numbers and web sites also help promote your property. Realtor.com just added an option for a Video Tour, so that is becoming a needed item, ask your agent if they have those capabilities and are willing to pay for it. In addition to the pricing, marketing exposure, there is the condition of the property, my general recommendation is to keep your property in showing condition (that is a nice place to live) and should you find yourself in need to sell, it will be much easier to get the property ready. Factors that sell a property:Price, price, price… It has to be priced right.Marketing of the property, the MLS is NOT enough.Condition of the property, make sure it looks great. Recap: The market is slow, but not dead. Selling is more difficult today, however, selling your property is very doable with the right Realtor®. If you have questions or want to know more about your options, call me, Terkel Sorensen, at (951) 805-773l; Century 21 Award, Temecula, CA or visit me at www.terkelsorensen.com.