Sellers, it is time to polish your presentation if you intend to sell your residential property in today's changing market. With increasing inventories of unsold homes and the softening of real estate activity in many areas, you will probably be facing greater competition in the marketplace. Knowing what buyers want will greatly improve your chances of making a profitable sale.
Buyers want reasonable asking prices. Gone are the days of multiple offers on overpriced homes, with desperate buyers waiving appraisals, contingencies and inspections in an attempt to win a bidding war. Get professional opinions of the current market value of your home before establishing your asking price. Ask your real estate agent to conduct a comparative market analysis (CMA), evaluating the selling price of nearby properties with similar features and square footage. Also keep in mind that just because the house next door to yours got one price, this does not necessarily mean that there is another buyer out there willing to pay the same for your home. If your agent agrees it is necessary, hire an independent appraiser to establish an objective opinion of value.
Buyers want quality and dependability. With economic conditions in transition, homebuyers are looking for home construction, features and finishing that can withstand the test of time. Classic designs that have proven their popularity tend to be more in demand when market conditions are unpredictable. For example, bamboo and oak flooring and custom-designed kitchen cabinets made of durable fine woods add significantly to a home's buyer appeal. Neutral wall colors sell better than trendy designer tints or wild wallpaper, because buyers find it easier to visualize their furniture against a neutral backdrop.
Buyers want amenities that offer comfort and convenience. Homes that provide ways to pamper the homeowner are exceptionally attractive. Examples include master suites with his and her bathrooms (or at least his and her sinks), soaking tubs and rainforest showers, private exercise rooms and well-organized walk-in closets. Buyers appreciate homes that have high-speed Internet wiring and multiple phone lines for personal computers and home offices. Amenities that set your home apart from the ordinary will catch the attention of buyers.
Buyers want to work with savvy sellers. During the past several years, homebuyers were at a disadvantage in the hot seller's markets that dominated Rio Rancho's real estate climate. They had to study local market conditions, pay attention to economic trends, watch the mortgage interest rates and work intensively with their real estate agents to beat the competition for homes. Such well-informed buyers will not be eager to purchase property from a seller who is out of touch. They will prefer to work with sellers who know what their home is worth, list a property in top showing condition and are willing to give concessions to the buyer when negotiating the terms of the purchase agreement.
Ask your agent for feedback from buyers who visit your home. Selling your home could require you to invest in upgrades or cosmetic improvements such as new carpet, paint, lighting fixtures or hardware. Your real estate agent may suggest deep cleaning, home staging or replacing window coverings. It might take more effort than you anticipated, but placing your home above the competition will help secure the sale.
Author Bio:
Sean Remington is president of Sean Remington & Associates, an Albuquerque, New Mexico realtor. Sean was voted Albuquerque Metropolitan Board of REALTORS(r) "2005 Rookie of the Year" and is a REMAX Platinum Club Member along with a Committee Ambassador - Albuquerque Economic Development. To learn more about Albuquerque Real Estate, point your browser to www.nmhomesonline.com.
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