2009 was no doubt a difficult year for many. For most people, “foreclosure,” “short sale” and “distressed” were phrases heard every day. This is not just a bad market we’re in; it is THE market of today. This is something that won’t change overnight.
With buyers carrying more leverage than sellers, sellers have to be more objective and realistic about setting up their goals.
Don’t price with a buffer. With so many distressed properties and motivated sellers, simply pricing high “hoping” that an offer will come in won’t happen. Reduced traffic will mean longer market times and a lower probability that an offer will be produced. Price it right the first time and reserve the option to say no to an offer later if you feel it’s too low.
Clean and effectively staged homes resonate with buyers. They aren’t looking to purchase the van Gogh or the massive flat screen in the living room. If anything, expensive items in the home could convince buyers to negotiate hard. They’re looking for more value with their purchase. Highlighting space, light and natural elements are strongly favorable.
Buyers are extending their stay in homes and not hopping around every couple of years as before. Focus on long-term factors: the new school in the area, accessibility to transportation and local shopping, zoning / building restrictions (if you are showcasing a view), or high association reserves.
Keep rehabbing to the utter minimum. Most projects will result in very low dollars recouped, if at all.
Although you don’t have to, but it wouldn’t hurt to shovel the snow, or do some landscaping on the vacant home on the block, especially if it’s next door.
Continually stay up to date on current trends, and market data to see what’s working and what isn’t.
Sherwin is a REALTOR® in the Chicago & Suburban area with @properties. Questions can be forwarded to Sherwin Sucaldito
”Looking Forward” by Sherwin Sucaldito is licensed under a Creative Commons Attribution-No Derivative Works 3.0 United States License.
Based on a work at Realty Evolved
One thought on “Looking Forward”
Foreclosures really made a bad 2009 for too many owners… Now things can stay the same, unfortunately