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In real estate, a buyer’s market looks a little different than it does in other industries. You can’t just slash your prices and undercut the other guy, can you? A house is not a Twinkie in a drug store. You have a bottom dollar and you need to get every time. Here are some ways you can be competitive and get your price.
1. Explore every possible selling point. You’ve heard it before, location is everything but when you’ve got five other houses down the street for sale location is a moot point! You live in the best school district but so does everyone else within half a mile. Do you live in a historical home with a great story behind it? Is your house on a one-way street or at the end of a cul de sac so traffic is at a minimum? Do you have a pool or indoor Jacuzzi? Have a separate sign made and park it next to the agency’s sign. Any and all selling points need to be aggressively marketed.
2. Check your competition. While you might not want to ask to see your neighbor’s house, check for their home online and see what they have to offer that you don’t. See what you can do to meet the challenge and look at the price. Whose price is more reasonable per square foot? If you are fairly underpriced, your home will likely sell first or you may want to reconsider your price if it’s too low.
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4. Consider selling the house yourself. An all but blank for sale by owner sign will not cut it. Be upfront about your price because some buyers will associate you with someone who couldn’t get their outrageous asking price. If your price is reasonable they may view you in a different light. Since neither the buyer nor seller will pay that real estate commission that gives you the chance to offer your house at a lower price and not miss a beat. The buyer will be happy to save the commission for needed cash at closing. With so many homes for sale in the neighborhood, potential buyers will be driving by your home. Why pay for that advertising yourself if you don’t have to?3. Shop for an agent. If you were hiring someone to work for you, wouldn’t you interview them? Don’t make the mistake that an agent is an agent because they all want the same thing. Everyone has a first day on the job so ask an agency for a seasoned real estate agent. Then interview the agent by asking them a few simple questions. Start by asking them what they love about the house, what features of the home will make it sell, what needs to be changed and what homes are going for of that caliber. If the agent isn’t excited about your house or answers poorly in your opinion then move on.