Like a bad cold spreads around a school, the listing virus is hitting my neighbourhood. Every month another one of the 32 units in our townhome complex goes on the market. And every month, it's just another sign to add to the post because nothing has sold in our complex for months! Now we have four units in a 32 unit complex for sale, when just over 2 years ago there were bidding wars for the same units.
What's the problem? Why are none of these desirable units selling? Besides the rampant skunk population which is real pain for us dog owners, the issue comes down to the need for the sellers to adjust their expectations of what is realistic.
If you have to sell your house right now, here's how to make sure you find a buyer:
Adjust your expectations - Your place needs to be priced reasonably. I am not suggesting you give it away, but be reasonable. If the area comparables are showing recent sales for $500,000 list at $499,000. Don't list at $540,000. In talking with our neighbours it seems they think that after a couple of months prices will increase to what they are asking. I've tried explaining that prices are adjusting and by letting their property languish overpriced on the market for so long they are sending bad signals to buyers, but they still believe their place will sell for more than the last place sold for in our complex.
Clean Your House - We go to almost every open house in our area. The number of times I have gone into an open house and winced at the smell, seen a dirty sink of dishes or had to look at dirty laundry is astounding! If you actually want to sell your house, make someone want to live there!
Make a back up Plan - If you are moving because you HAVE to (new job somewhere too far away, your family is getting too big for the house, you can't stand another skunk on your front porch in the evening), don't buy another house until you've sold this one. I've watched a few people carry two mortgages waiting on pins and needles for their first home to sell and it's not fun. Why add stress to your life with two mortgages? Of course, if it were me, I would try to keep home 1 as a rental property and when the market is better, then I would sell it. But not everyone wants to be a real estate investor.
There is turmoil in the market, but there are still people looking to buy homes. You can still sell your property and make some decent money on it but you have to be reasonable. Buyers today are nervous, and the media is feeding their fears with a frenzy. Ease the nervous buyer with a nice clean house that is reasonably priced. And keep your own stress level to a minimum by making back up plans just in case your house doesn't sell.
Julie is passionate about real estate investing. With dozens of articles published on the subject, and a free monthly newsletter - there is lots to read about at her website http://www.revnyou.com
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