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| Selling in a Slow Market |
Has the housing bubble burst or just deflated a bit? According to the American Board of Realtors, national housing starts are down 8% over last year. California prices are stagnant or dropping and even high-demand locations like Phoenix and Tampa are cooling off. Closer to home, Capital District homes are taking longer to sell, although values are generally holding steady. Last summer’s hot market is gone.
For buyers this is good news. For sellers the job has just gotten much harder. It’s important to remember that houses are still selling. It just takes more time, and sellers have to remain flexible and optimistic.
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| Realistic Expectations |
| Selling a house in this market demands an accurate, market-wise price. Make sure you know what comparable properties are selling for (not the asking price) and reasons why some are higher or lower than others. Pricing below the market will help, but is no guarantee of a quick sale. Hiring a professional appraiser is your best bet.
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| Curb Appeal |
| Emotion sells houses, and nothing works on emotions like great curb appeal. Clean up, landscape, paint, repair anything dark, dingy or broken, and do what you can to keep the neighbors’ places looking good too. If you have a driveway, a quick seal coat will make it shine and add a touch of class. For threadbare yards, have some sod installed too. |
| Condition is Everything |
Well, actually, location is everything, but you can’t move your house. Make sure the inside is equally spruced-up. Paint, wash, dust, clean out the closets, and ensure that all your systems (electrical, plumbing, heating and air conditioning) work perfectly. Hire a home inspector to identify and point out problems you may have missed, then hire a handyman to correct them. Finally, hire a home staging service to update the look of your furnishings and knickknacks.
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| Extra Time |
| Houses on the market for too long go “stale” and lose appeal. Be ready for this with a fallback plan – reduced price, seller concessions or additional marketing. One classified in the Sunday paper won’t do it. You need exposure and pictures, print and online media, great signage, and a willingness to spend money to make money.
Jeff Klein is a professional writer in Saratoga Springs.
He can be reached at www.preciseprose.com
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Selling in A Slow Market
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