How To Sell Your Property In 90 Days Or Less
I've written about this matter in past years, but what I'm about to say is just as true today as it was then. Maybe more so!
Real estate agents want to sell each listing in 90 days or less. If you want to sell in 90 days or less in this depressed market, there are three (3) tactical steps to which you must conform:
1. Availability
2. Marketing
3. Price
Availability
Availability means your property is available to be seen whenever a buyer wants to see it. That usually means that you or your real estate agent must be willing to show the property when most buyers are off work and able to look.
So, you must be willing to show the house on weekends. You must be willing to show the house on weekdays after 5:00 PM when people get off work. You must be willing to show the house on holidays. In other words, you have to be willing to show it when a prospective buyer wants to see it. This may be inconvenient sometimes, but you have to do it if you want to sell.
Marketing
Marketing is a big fancy word that sounds complicated. So, let's reduce it to one component: advertising.
If you are going to sell your house in 90 days or less, you have to advertise it heavily. If your real estate agent is not willing to advertise your property, fire him and hire somebody who will. Simple as that.
The reason to advertise? Advertising is the tool that creates interest in your house and drives people to inquire about your property. The more who inquire, the better your chances of selling.
Here's a special hint to all those people who are trying to sell a condo in a 55+ or 62+ retirement community. Don't put all your eggs in the on-line advertising basket. While it may be true that some 85% of buyers search for their home using an internet search of some kind, elderly people are probably not so internet savvy. They probably still rely on such quaint media as newspapers, real estate magazines, mailers and other forms of print media. So use 'em!
Price
Okay, here's the hard thing. Here in Tampa Bay and in many other markets across the country, real estate prices are still falling. Repeat: prices are still falling. The St. Pete Times just published an article about these falling prices today (November 10, 2010). Among other things, the paper said prices here are at about the same level as they were in 2002. So, determine your property's value in 2002 and you have a pretty good idea about its value today.
What does this mean to you as a seller?
Simply this: IN A FALLING MARKET, THE LONGER YOUR PROPERTY IS ON THE MARKET THE LESS IT WILL SELL FOR!
So, to overcome this problem you have give your property a bargain price right from the beginning. Otherwise, it is not going to sell.
Remember this as well. If you overprice your house and get lucky and find a buyer, the chances are that the overpriced house will not pass the appraisal. If the house does not appraise for the contract amount, your deal falls apart. So what good did it do you to put the high price on it?
Overpricing a home in a falling market means you will always be trying to lower the price in an effort to catch-up to steadily falling values. Most sellers can't -- or won't -- reduce prices fast enough to keep up with the falling market prices. So, they are constantly playing catch-up -- and that is a losing proposition.
So, give your property a bargain price right from the git-go, sell the place fast and move on. Sure, you may feel like you got a haircut when selling, but when you buy your next house you'll probably scalp that seller. After all, what goes around comes around.
Conclusion
So, if you have had your house on the market for over 90 days it is probably because you are not making it available enough ... it is under-marketed ... or it is over-priced. Any one of these is enough to keep it from selling. Do your analysis and determine which it is. Then, correct the problem or problems.
Happy Selling!
-30-
Real estate agents want to sell each listing in 90 days or less. If you want to sell in 90 days or less in this depressed market, there are three (3) tactical steps to which you must conform:
1. Availability
2. Marketing
3. Price
Availability
Availability means your property is available to be seen whenever a buyer wants to see it. That usually means that you or your real estate agent must be willing to show the property when most buyers are off work and able to look.
So, you must be willing to show the house on weekends. You must be willing to show the house on weekdays after 5:00 PM when people get off work. You must be willing to show the house on holidays. In other words, you have to be willing to show it when a prospective buyer wants to see it. This may be inconvenient sometimes, but you have to do it if you want to sell.
Marketing
Marketing is a big fancy word that sounds complicated. So, let's reduce it to one component: advertising.
If you are going to sell your house in 90 days or less, you have to advertise it heavily. If your real estate agent is not willing to advertise your property, fire him and hire somebody who will. Simple as that.
The reason to advertise? Advertising is the tool that creates interest in your house and drives people to inquire about your property. The more who inquire, the better your chances of selling.
Here's a special hint to all those people who are trying to sell a condo in a 55+ or 62+ retirement community. Don't put all your eggs in the on-line advertising basket. While it may be true that some 85% of buyers search for their home using an internet search of some kind, elderly people are probably not so internet savvy. They probably still rely on such quaint media as newspapers, real estate magazines, mailers and other forms of print media. So use 'em!
Price
Okay, here's the hard thing. Here in Tampa Bay and in many other markets across the country, real estate prices are still falling. Repeat: prices are still falling. The St. Pete Times just published an article about these falling prices today (November 10, 2010). Among other things, the paper said prices here are at about the same level as they were in 2002. So, determine your property's value in 2002 and you have a pretty good idea about its value today.
What does this mean to you as a seller?
Simply this: IN A FALLING MARKET, THE LONGER YOUR PROPERTY IS ON THE MARKET THE LESS IT WILL SELL FOR!
So, to overcome this problem you have give your property a bargain price right from the beginning. Otherwise, it is not going to sell.
Remember this as well. If you overprice your house and get lucky and find a buyer, the chances are that the overpriced house will not pass the appraisal. If the house does not appraise for the contract amount, your deal falls apart. So what good did it do you to put the high price on it?
Overpricing a home in a falling market means you will always be trying to lower the price in an effort to catch-up to steadily falling values. Most sellers can't -- or won't -- reduce prices fast enough to keep up with the falling market prices. So, they are constantly playing catch-up -- and that is a losing proposition.
So, give your property a bargain price right from the git-go, sell the place fast and move on. Sure, you may feel like you got a haircut when selling, but when you buy your next house you'll probably scalp that seller. After all, what goes around comes around.
Conclusion
So, if you have had your house on the market for over 90 days it is probably because you are not making it available enough ... it is under-marketed ... or it is over-priced. Any one of these is enough to keep it from selling. Do your analysis and determine which it is. Then, correct the problem or problems.
Happy Selling!
-30-
posted by Terry Ward at 11:34 AM
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