So you want to sell your house?

So you want to sell your house but aren't sure if you can compete against all the short sales & bank owned properties in your neighborhood? Currently over half of the properties on the market are distressed sales. So it is no wonder that prices have seen such a drastic drop over the last couple of years. Experts believe that we are nearing the bottom of the market in some areas. Only time will tell.

Regardless of the market, here are some tips to help you get your home sold quickly...

Price the Home Correctly: It used to be location, location, location. In today's market however, it is all about the price. Sellers need to be realistic about today’s volatile market. It doesn't matter that your home might have every possible upgrade known to man, or an oversized lot, or a custom paint job. You are still competing against the short sales & bank owned homes in your neighborhood; some of which are trashed or don’t even have a kitchen! It doesn't matter what the neighbor's home next door (which is identical to yours) sold for 3 months ago. In this market, the last month’s sales are what are determining the current price for your home. Ask your REALTOR to show you ALL the recent sales activity in your neighborhood. Ask yourself if the price that the market says your home is worth is what you are willing to accept.

If you cannot afford to sell it for what the current market price is then you basically have two options. You can either stay in the home and continue to make your monthly mortgage payments while waiting for the market to improve, or wost case you may have to consider a short sale yourself. The bottom line is that you need to do what is right for your family and your pocketbook.

Market the Home Aggressively: Have your REALTOR take many, many, many photos of your home. Over 75% of all home buyers today start looking on line for their next home before their REALTOR even takes them out to see the homes in person. If your listing doesn't have many photos highlighting the features of your home, then many buyers will skip over your listing and won’t even bother looking at your home in person. Make sure your REALTOR uploads your home's listings on as many websites as possible with as many photos as possible. Ask for a virtual tour on your listing. Consider buying a personalized domain name with your home's address on it for marketing purposes. The website address can be linked to your listing page on the web, it can be placed on a sign rider on your property for drive by marketing, and it can be added to flyers and other marketing materials.

Keep the Home in Move in Ready Condition: Many foreclosed homes have typically been trashed by the previous owners. Most homes are in need of some repair or renovation after having been left vacant. Unfortunately not all lenders take the time to do a thorough cleaning of the home before they put it on the market. It can easily cost a buyer thousands of dollars and a lot of elbow grease to get a distressed home looking like they want it to.

Make Sure the Home has Good Curb Appeal: Make sure the landscaping looks good, the windows are clean, & the front of the house looks fresh. You want the buyers to stop and come in and take a look around. I cannot even remember the number of times I have pulled up curbside to a home on the market with my buyers and then have them tell me they have changed their minds and do not like the way the home looks afterall. First impressions are CRUCIAL.

Depending on your budget, you may want to replace the carpeting or paint the interior to spruce up the home in order to maxime the final sale price. Try looking at the home with an impartial critical eye. Imagine what positives & negatives a potential buyer may see as they walk throughout your home. Declutter your home to create the appearance of more space. When your home is on the market, buyers may stop by at any time - generally from 8 A.M. to 8 P.M. Make sure you make all the beds, tidy up all the rooms, and most importantly clean the kitchen everyday before leaving the home in the mornings.

Close Quickly: Offer a quick closing; most buyers are looking to close as quickly as possible. Distressed properties can take many months to reach a closing date (sometimes up to 3 months just to get an answer from the bank on your offer, then another month or so to close). Sellers should be prepared to offer a 30-day closing date to attract buyers who want to move quickly.

Qualify The Buyers First: Make sure that your buyer is pre-approved for the loan amount necessary to finance the purchase of your home. Do not accept any contracts from buyers that have not even taken the time to pre-qualify for a mortgage. You would just be wasting your time. review the LSR-Loan Status Report that they should have submitted with their offer. Review the Lender Pre-Qualification section at the bottom of the form. All 4 questions should be checked off with "Yes". The Lender's information should be legible and the loan officer should have signed & dated it.

So there you go. I hope this information was helpful. Please email me at freddieram@blueskyaz.com or call me at 623-330-9552 if you have any questions about buying or selling a home.