If you’re currently trying to sell your home, you know this is a tough market. You probably have some neighbors who are facing foreclosure and some other neighbors selling their home at an absurd discount. Apart from our neighbors, we’ve all seen the “For Sale” signs all around South Florida.
Indeed, there is no question that today’s market is a buyer’s market.
Not only is it a buyer’s market, this may be the toughest sellers’ market in years. Some experts say this is the toughest sellers market since the late ’70s and early ’80s.
On the flip side, selling your home in this market means that you get to look for your own bargain.
So, what should you do in this tough sellers’ market? Here are some tips to help sell your home:
1. Price your home aggressively. Holding out for a high price doesn’t work well in this market. In the last two years, the typical home is on the market for 8 to 10 weeks. This statistic doesn’t take into account homes that never sold or were pulled off the market. With this statistic in mind, its recommended that you ask for at least 1% less than competing homes.
2. Stage your home like a pro. It is difficult to compete with the price of homes in foreclosure or with short sales. While you might not be able to outshine your home price-wise, you definitely can outshine others when it comes to the appearance of your home. This process may be pain-staking, but the renovating, painting, and planting of flowers will pay off when your home is the nicest one on the block.
3. Use the internet to your advantage. Today, 90% percent of buyers start their search on online. Use high-resolution photos and place as much info as possible online. Show photos of the main areas of your home – kitchen, bathrooms, backyard. If you don’t, buyers will assume something is wrong.
4. Be flexible with buyers. The toughest part of this market is tighter financing. A requirement of 20% down is becoming the norm these days when all that was needed was 5% in some cases just a few years ago. Because of these factors, be conscious of how hard it is to qualify for a loan.
Buyers have many wonderful investment opportunities available to them. Indeed, buyers continue to find bargains by purchasing foreclosed homes in record numbers. As a seller, it is all the more reason to make sure your that your property is in the best possible condition.
Given the historically low interest rates, coupled with the low prices for many properties, especially foreclosed properties, the timing may never be better to purchase a new a property. Our firm can certainly assist you in your real estate needs should you be interested in purchasing, or selling, your property.
Often, an attorney is needed to navigate these troubled waters. We currently represent lenders, borrowers, buyers, sellers, and developers.
This broad array of experience allows us to effectively take a multi-faceted approach to our clients’ legal issues. No matter what you or your business’s needs may be when it comes to real estate, don’t hesitate to contact Alvarez & Barbara, LLP today.
Consider Your Options. Contact Us Today.
We are certainly in difficult times. Not only can a foreclosure be daunting, it can break an individual’s spirit. However, there are solutions, and alternatives, to foreclosures. At Alvarez & Barbara, LLP, we understand all of our client’s individual needs and pride ourselves in providing high quality service. If you’re facing a foreclosure, don’t let it bring you down. Call us today so we can show you that the saying “every problem has a solution” is an undeniable truth.
Call us toll free at 1-866-518-2913 or at 305-263-7700.
About the Author – Gabriel de las Salas is an attorney with the law firm of Alvarez & Barbara, LLP. His practice is focused on general civil and commercial litigation, including personal injury, insurance claims and real estate disputes. Mr. de las Salas received his B.A., cum laude, from the University of Florida, and his J.D., from Stetson University College of Law.