Selling In a Down Market

Posted By David Whitton @ Sep 20th 2011 4:04pm In: Selling Salem Oregon Real Estate

Yes, there are still qualified buyers out there, but the supply of Salem OR homes for sale is far greater than the demand for them, and today’s buyers can afford to be very selective. Your house may have excellent curb appeal and be beautifully staged, but if you really want to sell in this market, you must be realistic, flexible, and creative when it comes to pricing, availability, flexibility, and motivating the buyer to purchase your property.

sold signPRICING:

A few years ago, you probably could have sold your home for what you think it is worth today--or even more--but that is most likely no longer the case. Of course, the thought of taking a loss is a bitter pill for you to swallow, but if that’s what the recent sales in your neighborhood indicate, you may have no choice. It is important that you and your Realtor, after reviewing comparables, be objective and set a realistic price that will draw buyers. Keep in mind that the buyer is looking for the best possible deal and will avoid even looking at an overpriced house.

AVAILABILTY/FLEXIBILITY:

  • Exposure and showings. Since so many potential buyers go first to the internet to scout out homes, make sure that your Realtor has your listing on his website. Also make certain that your Salem OR home is always available (and ready to tour) for showings. A Realtor’s lockbox is a good way to ensure unrestricted entry for agents.
  • Closing dates: Again, you need to be as accommodating as possible. Many buyers want a closing date as quickly as possible, and it is helpful if you are prepared to at least consider such a request.
  • Negotiating terms of the contract: If you have a solid offer from a qualified buyer, resist the temptation to quibble over relatively unimportant matters. If refusing to leave the drapes or an appliance is going to kill the deal, you may well regret your inflexibility later.
  • Timeliness: In the current market conditions, you no longer have the freedom to take a few days to think about an offer made on your Salem OR home. Buyers will expect a response (preferably one with few, if any, counters) within 24 hours. Waiting longer than that too often results in a withdrawal of the offer.

INCENTIVES:

Today’s sellers are turning more and more to finding ways to create interest in their property and motivate hesitant buyers. Since builders of new homes offer such incentives, it is becoming commonplace for other sellers to do the same. Examples of incentives include:

  • Paying points will reduce the buyer’s upfront cost and appeals to the cash-conscious.
  • Buying down the interest rate: Offering to pay discount points to lower the buyer’s interest rate will make your home more affordable, and thus more appealing.
  • Paying for some or all closing costs: By doing this you are once again decreasing the amount of upfront cash needed by a buyer. You can specify the amount you will contribute or the items you will cover.
  • Offering upgrades: Rather than replacing the carpet or appliances ahead of the sale, you can allow the buyer to choose colors, designs, etc., and decorate in their own taste. Other upgrades can apply to bathroom fixtures or landscaping.
  • Providing a home warranty: If you are competing with newer properties, a home warranty will give the buyer some insurance against costly repairs during the first year or two. Such an offering is relatively inexpensive but is appealing to a concerned consumer.

Note: if you do offer incentives of any kind, make sure that they are included in your real estate listing.

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Dewey and Dave Whitton are Salem’s Relocation Experts and understand that moving is both an exciting and stressful process. That’s why they do everything in their power not only to help you find the perfect home but also make you feel right at home.

Dewey and Dave assist buyers looking for Salem Oregon real estate for sale and aggressively market Salem Oregon homes for sale. Be sure to Download your free guide to Salem and learn everything you need to know about making Salem, Oregon, your new hometown. 



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