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Tips for Selling in a Down Market The home next door is in foreclosure.
The neighbors down the street just put
their house up for sale at a ridiculous
discount. And “For Sale” signs are pop-
ping up in lawns all over town.
The bright side of selling a home in a
down market is you can seek out a bar-
gain if you’re going to turn around and
purchase another home. Closing a sale,
however, can be a lesson in patience,
even if you do everything right.
Here are some tips when selling in this
market:
PRICE AGGRESSIVELY.
Even if you are fully aware that prices
have dropped, it can still come as a
shock when your real estate agent ad-
vises you to list at a low price. The real-
ity is that only 4-10% of homes on the
market nationwide sell in a given month
right now. With that in mind, you need
to ask for at least 1% less than compet-
ing homes.
STAGE LIKE A PRO.
You may not be able to compete with
prices of homes in foreclosure or short
sales, but you can outshine them when
it comes to appearance and condition of
your home.
Staging is no longer optional. It can be
an intense period of planting flowers,
painting and depersonalizing the house,
to getting rid of clutter and rearranging
rooms to highlight the best features.
GO ALL-OUT ONLINE.
With 90% of buyers starting their search
online, according to the National Associ-
ation of Realtors, you cannot just tease
and hope. Getting as much information
as possible online is essential, and the
more pictures the better.
It’s also important to remember that buy-
ers are using smartphones and apps to
review listings now as well.
BE FLEXIBLE WITH BUYERS.
The single biggest change in the real
estate market in this Great Recession is
tighter financing. Any perceived imper-
fection in a credit record can cause
problems.
If you’re about to accept an offer, make
sure you ask about the down payment
and the buyer’s financing status. Con-
sider accepting an all-cash offer, even if
it’s not the highest. And if your buyer
hits a roadblock, consider talking with
the lender to help structure a deal.
DON’T RUSH TO RENT.
The fallback for many homeowners who
can’t sell is to rent the property. But this
is a strategy that carries risk. With so
many foreclosures and underwater
houses on the market, there is a good
chance that any given house will be
worth less in a year than it is now.
Right Time to Upgrade?
I am frequently asked the question if now is a good time to “upgrade” properties. Most of the time, the decision is slowed by apprehen-sion of selling in a “soft” market. The truth of the matter is that there has not been a better time in the last 80 years.
Right now, there is a huge supply of homes and interest rates have stayed at historically low levels. By definition, we are in a buyer’s market. If a current homeowner sells their smaller house with a 5-10% lower price, it is more than made up by the 5-10% discount they get on a large home. Up-grading while the market rebounds is a great way to get a deal.
If you would like to learn more, please contact me.
August 2011
Current Listings Visit RogerHaag.com for more information on these and other listings.
4219 Heyward Lane
Washington Township
Sycamore Springs
4 Bedrooms, 4.5 Baths
$687,900
BLC# 21136314
10562 Milton Court
Fishers
Brooks Landing
5 Bedrooms, 4.5 Baths
$414,900
BLC# 21131352
11155 Timberview Drive
Fishers
Walnut Hills
4 Bedrooms, 2.5 Baths
$279,900
BLC# 21128076
18132 Kinder Oak Drive
Noblesville
Oakmont Glen
4 Bedrooms, 2.5 Baths
$239,900
BLC# 21133317
12797 Shepherds Way
Fishers
Avalon
4 Bedrooms, 2.5 Baths
$239,900
BLC# 21126616
12121 Cowboys Court
Fishers
The Bristols
4 Bedrooms, 3 Baths
$229,690
BLC# 21126919
5425 Kilmer Lane
Washingtown Township
Ivy Hills
5 Bedrooms, 3.5 Baths
$179,900
BLC# 21132028
5630 Kingsley Drive
Washington Township
Broad Ripple
3 Bedrooms, 1 Bath
$169,900
BLC# 21122884
1064 Bumblebee Way
Greenfield
Whitcomb Village
3 Bedrooms, 2 Baths
$129,900
BLC# 21131652
7725 Harbour Isle
Washington Township
Harbour Club condo
2 Bedrooms, 1.5 Baths
$89,900
BLC# 21115635
104 Knoll Court, Unit 104-A
Noblesville
The Bluffs condo
3 Bedrooms, 2 Baths
$88,900
BLC# 21117544
10930 Autumn Glen Drive
Warren Township
Autumn Glen – 55 and over
2 Bedrooms, 2 Baths
$45,900
BLC# 21108754
SOLD
Pending
Pending
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