Selling Your Home against the Competition of Foreclosures and Short Sales

Realtor  ~  Lake Havasu City Real Estate

Distressed sales now make up almost half of all home sales across the nation and many home sellers are finding themselves competing with the discounted prices that come with foreclosed properties and short sales.  Therefore, I would like to offer some tips and advice to help the traditional home seller out and attract buyers that will help them compete against these discounted properties.

Keep the home in tip-top shape.  Most foreclosed homes are in desperate need of repair or renovation.  Typically, the homeowner takes many valuable items from the home, such as light fixtures, appliances or anything of value.  And, if the home sits vacant for any length of time, there is a high chance of the home being vandalized.  This can cost new owners thousands of dollars to get the home in livable condition again.  Traditional home sellers can stage their home to make it look move-in ready.  Keep the entire house and closets very clean and clutter-free.  This will make the home feel more spacious.  If you have old carpet, appliances, lighting fixtures or anything else that is really outdated, you should consider updating them.  Also, consider giving the interior and exterior of the home a fresh coat of paint.  Sellers can also make their home stand out from others by landscaping their yards with beautiful curb appeal. 

The price is right.  Price the home correctly and according to today's market, not based on what your neighbor may have gotten three or four years ago.  Your real estate agent will be able to determine the proper price for your home in the current market or you can hire a licensed home appraiser to set an accurate price based on recent sales activity in the area.

Marketing is key.  Marketing your home more effectively is key in today's real estate market.  Traditional home sellers have unlimited marketing access, even more so than distressed properties.  Traditional home sellers can market their homes in a number of ways, including the Multiple Listing Service (MLS), popular websites, blogs, etc.  These homes will reach a larger audience of buyers than foreclosures will.

Say yes to quick closings.  There is an advantage to quick closings, so offer this to buyers.  Many buyers want to close and move in quickly and they can only do this if the property is move-in ready.  Traditional home sellers have the upper hand here.  Be prepared to offer a 30-day closing date.  This will help attract buyers who want to move quickly.

These tips should get you on the right path to getting your home ready to go against the competition of foreclosures and short sales. Just remember to consult with your real estate agent on any questions you may have that was not covered here in my blog.

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