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July
22, 2009
Tips & Trends
From
Rory S. Coakley on some of the latest real estate news and
happenings.
5 steps to a quick home sale
In
a hurry to sell your home? Here's how to make sure you snag
the best price in shortest
amount of time.
1. You have to seriously undercut the competition
Selling a home in a down market almost inevitably means
settling for a disappointing price. But to unload your home
fast, you're going to have to dip 10% to 15% below what
comparable homes in your neighborhood recently sold for.
You still may not be able to compete with foreclosures and
short sales, but at least you stand a chance of getting
buyers to notice your listing.
To prevent yourself from becoming overly attached to your
asking price, try to determine the lowest possible offer
you'd accept before your listing hits the market. That will
help remove your emotions from the negotiating process later
on, says Palm Beach realtor Heidi Cole.
2. Outside fixes have the biggest impact
Since your house won't be cheaper than the distressed property
down the block, it has to look far better. But you may not
have the time or money to redo the kitchen, so focus on
cosmetic improvements that will bring the most buyers to
your door.
Spending a grand can go a long way toward improving your
home's exterior, says staging expert Sandy Hare of Eugene,
Ore. Get the outside of your house power-washed, paint the
door, replace the knocker, and hire a gardener to give your
yard some TLC.
3. First-timers are your friend
The most efficient way to market your home is to target
the most likely buyers. First-timers bought over half the
homes purchased so far this year, thanks to a new federal
tax credit and the flexibility to buy without the burden
of selling another property (super-low mortgage rates don't
hurt either).
Be flexible about timing. Exterior work is cheaper in the
fall; interior renovation and decorating jobs January through
March.
The average age of the first-time buyer: 30. To boost your
chances of reaching the Gen-Y crowd, get yourself a snazzy
online presence (see No. 4) and spread the word about your
next open house through social networks like Facebook and
Twitter, says Warwick, R.I., realtor Ron Phipps.
4. Online tricks will make your home pop
Buyers are faced with thousands of listings. Help them find
yours by peppering your description with amenity keywords
like "deck," "pool," and "granite counters," says Heather
Fernandez of real estate search site Trulia.com.
Then make sure they like what they see by using a wide-angle
lens to make your rooms look bigger in pictures. And set
your home at the lowest end of its price range; a $299,000
home will seem expensive to a buyer in the $250,000 to $300,000
range, but a $301,000 home is a deal to someone looking
between $300,000 and $350,000.
5. Your secret weapon is a speedy deal
It can take months for banks to approve a deal for a short
sale or a foreclosed property. Make sure your agent lets
potential buyers know that you can close the deal within
a few weeks.
Another advantage you hold over distressed sellers: the
ability to be creative in negotiations. If a potential buyer
is wavering, offer to pay part or all of the closing costs
or cover a year's worth of association fees. At the very
least, consider throwing in some new appliances or a paint
job. After all, in this market no one is going to want a
home that doesn't seem like a bargain.
Source:
By Beth Braverman, Money Magazine staff reporter
If
you would like to suggest a topic for comment in one of
our future emailers, please let me know. You can always
reach me at rory@coakleyrealty.com
or by phone (301) 340-8700 ext. 101. I look forward to hearing
from you!
Rory
S. Coakley
Coakley Realty, Inc.
20 Courthouse Square - Suite 106
Rockville, MD 20850
www.coakleyrealty.com
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