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Friday, March 29, 2024

On the House – Make your home competitive in a slow market

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Gary-LeavenworthIf you have your home for sale during a slow selling period, you must do everything possible to make your home more appealing than others currently for sale. Here are some specific suggestions.

Appearance… Look at your home as if you were a fussy buyer. Do you get the impression that your house has been well cared for and consistently maintained? Does it look sharp inside and out? Have you put away your summer belonging to show a prospective buyer that your property is well care for? Be willing to spend some money on your home to give it great “eye appeal.”

Pricing… Although the asking price may have been correct when you originally listed your home, it may be worth less in a falling market. Naturally you want to compare your home to the homes that sold within the past six months, but those were spring and summer sales which are not the same as fourth quarter values. A price reduction is always painful for every seller, but it may be necessary to cut your asking price in order to encourage more showings.

Timing a price reduction also affects the competitiveness of your property. Will your price reduction lead or follow the market? If five similar homes on the market are all priced below yours, you will not gain anything by reducing your price to be even with the others. Will your price reduction put your home in front of a different group of buyers? Because buyers want a deal in a slow market, your price must get ahead of competitors so that your home is perceived as being the best buy around. And if you don’t reduce it enough to place yourself in front of a new audience, you are most likely just giving away your negotiating power.

Incentives… Should you offer additional incentives that may attract buyer attention? You could offer to pay the buyer’s closing cost. This could be particularly helpful to a first time buyer with little cash. How about offering to pay the first three mortgage payments for your buyer? If he or she has a house to sell, this offer may provide the incentive to buy your home knowing that no double payments will be necessary for three months after closing.

Advice: Your Realtor® knows the market and is aware of the tactics being used by other sellers. His or her advice can be particularly meaningful when there are many listings and few buyers. Rely on the knowledge and experience of your Realtor® to guide you through a slow market.

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Gary Leavenworth
Gary Leavenworthhttp://www.garyleavenworth.com/
Gary Leavenworth is a senior Realtor associate and team leader of the national award winning Leavenworth Team of Coldwell Banker Realty and has been serving Naperville’s real estate needs since 1982 with a career volume of over $400 million in closed sales!  If you have a real estate question, email Gary at gary@garyleavenworth.com or call/text him directly at 630.885.1565.

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