Everyone knows that we are and have been; in a buyers' market. This mentality can be really challenging to people who want to sell their home. Low ball offers, buyers who won't budge and a feeling of entitlement to a cheap price. What is a seller to do? Let's start by looking at the attributes of a Buyers' market.
Attributes of a Ridgewood Buyers' market
Overpriced homes and excess inventory! There are more buyers than sellers in Ridgewood, NJ. Homes are not selling because the prices are perceived to be too high. Since homes are not selling the inventory of available homes swells. Sellers are stuck with the pricing of the past and are forced to negotiate if they want to sell their property.
Mortgage Approvals are tough to come by. The flow of money slows down. Banks make qualifying for a mortgage more difficult. Folks need an increased credit score and more of a down payment to qualify. Cash buyers have an inside track to purchasing a Ridgewood property.
eBay Mentality. Buyers are looking for a great deal (eBay). Trying to "steal" a home is not uncommon. Late night television infomercials tell folks to offer 25% less than the asking price no matter what. Don't forget the buyers uncle or relative that hasn't purchased a home in 25 years who is now their "expert". Buyers feel they have the upper hand, if you won't deal with them, they feel that they can buy a different house.
Make your own Ridgewood Sellers' Market!
Price it Right! Consult with your Ridgewood Realtor and price your home correctly. Be honest, look at homes that really are like your home. Find a full time agent who has been selling homes in the past two years. An honest agent will tell you the truth, not just what you want to hear. The right price will cause demand for your home. It is not necessarily true that every home will sell for 20% less than the asking price. Ridgewood homes that are priced right will have a lot of showings. The more showings you receive, the better your chance of getting an offer that you are happy with.
Clean up in Real Estate! Clean the kitchen, the bathrooms, and your living room. Remove the excess clutter. Since you are planning on moving anyway, start to box up any items that you don't use in your day to day living. A fresh coat of paint will go a long way towards selling your home. Make sure that all your light bulbs work, repair dripping faucets. Anything that you can do to give the appearance of a well kept home is of the utmost importance.
Don't be home for Showings! If you can, don't be home for showings. Buyers want to visualize themselves in your Ridgewood home. If you are there, it can make them feel uncomfortable. You want to encourage buyers to feel free to move about your home. Another negative side effect is that they may begin asking you personal questions.
Potential personal questions people may ask.
Why are you moving?
Where are you moving?
Have you already bought another home?
A comfortable buyer will linger in your home. Lingering is good, lingerers make offers. If they rush in and rush out, chances are your home isn't for them.
Capitalize on your Smarts! First, you picked the right agent for marketing and negotiating on your behalf. You've taken the steps necessary to make your home appealing. Now you get to enjoy the fruits of your labor. Once two buyers are interested in the same property you have now successfully created your own Sellers' Market. When both buyers perceive the value in the home, an increased offer will be on the horizon.
Get Educated. Get Empowered.
For more information on this or any other topic, call Sal Poliandro, Broker Associate, Realtor, Marketing Advisor,
Short Sale Specialist and CDPE, Certified Distressed Property Expert
ePRO, SRES at 201-957-7650, visit our website: www.BCHomeTeam.com
Follow me on Twitter: @salanddawn
Sal can be reached by snail mail at RE/MAX Properties 82 East Allendale Road Suite 4B Saddle River, NJ 07458