By Lawrance Morrissey
If you've watched the news recently, you know that the real estate market has suffered lately. You've probably heard that foreclosures are at an all-time high... prices are falling... and homes are getting harder to sell, putting the economy in danger because of high-risk loans now in default.
While it is a fact that the real estate market is not as strong as it was a few years ago, one must remember that real estate is a local phenomenon. What's happening in Florida and Arizona is not necessarily what's happening here in central Indiana, for example. Home prices here are not falling dramatically because they have never risen dramatically. What's happening in some areas of the country is simply a market correction.
Here in central Indiana, we do currently have high inventory, a high rate of foreclosures (nothing new here) and a slightly weakened market, however we have seen nothing extreme. What does this mean to you as a buyer and a seller? As a buyer, mostly good things, especially if you don't have a house to sell! You'll have a lot of homes to choose from and will most likely be able to negotiate a great price. As a seller, you have to be more patient as selling your home may take longer and you might not get top dollar.
Regardless of the market conditions, there are two secrets to selling any home, no matter what price range, condition or location the home is in: 1) Price the home correctly 2) Expose it to buyers. We teach you how to do both of these in our monthly seminar.
In a weaker market, one more technique becomes increasingly important - preparing your home to sell! Because buyers have more homes to choose from, the condition of your home becomes much more important. Prospective buyers get much more selective, simply because they can! If buyers don't find a clean, updated home in great condition, they will very quickly move on to another home unless they can't pass up a rock-bottom price.
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One of our ByOwner Pros, Mary Abella, ASP with A Little Bit of Red Interior Re-design, stages homes to sell. She says that the investment in staging is always less than your first price reduction. What can you do on your own to prepare your home? We'll just focus on a few of the most important areas:
Curb Appeal. Make sure your lawn is cut and in great shape. Plant some flowers and be sure to trim the grass at sidewalks and near flower beds. Don't forget fresh mulch. Invest in a fresh welcome mat and seasonal wreath for the front door.
Fresh paint and updated colors. Nothing pays better than painting your home. If necessary, spend a few hours painting the house trim, your front door and shutters. The first priority on the interior would be your entry and family room. Kitchen and baths are next. Go to a paint store or a few model homes to get some ideas for the newest "in" colors.
De-Clutter. In our seminar we teach that the average homeowner needs to remove 1/3 of their furniture and possessions. You're moving so you'll have to pack anyway, so why not do some of it now and make your home look better and larger? Don't forget your closets. Remove all the magnets and artwork from your refrigerator and all but what you use on a daily basis from your kitchen counters - and yes, that's almost everything.
Clean, clean again and clean some more. There is no such thing as "too clean." Make sure your windows are sparkling! New towels, bath mat and a sparkling new toilet seat do wonders for a bathroom. Get your carpet professionally cleaned. Not only will they look better but it will make your home smell better.
In closing, today's real estate market is affecting both buyers and sellers, but we feel that the only thing scary about the central Indiana housing market is the thought of having to pay real estate commissions! Call today and we'll help you join our growing list of satisfied clients who are buying and selling just fine in the current "tough" market conditions.
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