Selling your home in today’s market

We’ve all heard how it’s a buyer’s market today, which is very true. If you want to sell your home this summer, we’ll need to deploy strategies that you may not have thought about in several years.

The first hurdle is deciding if you have the stomach and will to work with today’s buyer. Thanks to the Internet, buyers are better informed about market trends, available homes, and home values. If they purchased a home during the long-running seller’s market, they still remember the stress and frustration of buying quickly based on skyrocketing prices rather than real value. Today they have time to look at value and they’re using it.

Buyers are looking for a nice home they can purchase at a fair price. A few are looking for distress sales where a low-ball offer might get accepted but this is rare and it’s easy to reject an insulting offer. Most buyers just want to get the deal done quickly and with minimal stress.

Third, with plenty of homes from which to choose, the typical buyer gives more consideration to homes that are move-in-ready vs. homes that need updating. Buyers typically look at the kitchens and bathrooms as indicators of value. They want a home that makes them feel comfortable during family dinners and while entertaining. Think about it for a moment … a nice home with an updated kitchen and fresh bathrooms makes you feel better than the same home that’s still in the ‘80s. Feeling good equates to value.

Our job, as seller and Realtor, is to offer the home in a way that appeals to a broad market of highly selective buyers. We have access to the same information that the buyers see. We need to analyze this information, identify what makes your property truly special, and deliver a value statement, or marketing message, that gets your home on the must-see long-list. A strong value statement, including price and lifestyle, compels prospective buyers to see your home. A nice home with updated kitchen and bathrooms helps them feel good when they visit. Getting on the must-see long-list and feeling good in your home are two important steps to getting an offer.

Creating a value statement for your home is nothing new. However, in today’s market buyers easily get overwhelmed with the number of available homes and the lack of competition from other buyers. The enormous amount of information provided over the Internet makes it easy for buyers to focus on price and location rather than the values delivered by the neighborhood and lifestyle. Our job is to differentiate your home from the masses by showing the total value.

So let’s get to the strategy. First, determine if you want to sell, how quickly you want to sell, and if you’re willing to sell at today’s market value. Overpriced homes with several price reductions give the impression that you really don’t want to sell. It’s easy for prospective buyers to keep these homes off their must-see list. Remember, buyers want a nice home at a fair price with minimal negotiation and a smooth escrow process.

Next, take a good, objective look at your home. What updating is needed prior to offering it on the market? Can you re-coup this investment? What is your competition based on location, age, amenities and price range? If you can get your home market-ready before offering it on the market, you’ll stand a better chance of attracting potential buyers during the first critical sixty days.

After you’ve updated your home and priced it competitively, create a marketing message that compels buyers to look at your home by highlighting what makes your home special. Most marketing messages talk about the number of bedrooms and bathrooms. While this may be important, it’s far from compelling. Let’s highlight the long evenings on your shaded, private patio. Or the pleasure of entertaining with your kitchen that’s right off the main living area. What about the pride you feel when guests comment on the comfort of staying overnight in your guest room complete with an awesome guest bath? Maybe you live on a quiet street in an established neighborhood that’s also close to shopping. These are the true values of home ownership.

There’s an old adage … sell the sizzle, not the steak. This is a must in today’s market. The good news is that a large portion of your competition is still marketing as if they’re in a seller’s market. They’re not going to “give their home away” nor show weakness by catering to the buyer. Let’s try another strategy. Take care of the necessary updates, price your home competitively based on what’s selling in the market, and cater to the buyer’s need for value. We can get it done this summer if you’re ready.

So tell me … what makes your home sizzle?