Home Selling in a Buyers Market
Bellingham WA - In the busy real estate markets between 2003 to 2005 the number of homes on the market was only a two-to-three month supply. In 2008 and 2009 the supply increased by more than three times to a 10 month supply of homes for sale. That means it’s currently going to take much longer to sell your Bellingham home. However, there are some ideas to help increase your chances in this tough Whatcom County real estate market.
In tough markets like this home sellers will sometimes request their real estate agent to perform marketing tasks that have proven to be very ineffective over time, but makes the seller feel better. I’d rather show them effective marketing tools and concentrate on the ones that bring the highest results instead of throwing money in a hole with very low return.
The internet is of course the number one marketing vehicle today. The real estate yard sign along with fliers are still very effective. Using today’s social media along with communicating with local Realtors is very effective as well. Holding a couple open houses is also a great tool to market your home.
I don’t do much advertising at all in the local newspaper, real estate books or magazines because of the shelf life. The internet is 24/7, much more effective and the cost is so much more affordable than the print media. The print media has more to do with satisfying a sellers emotional need than with the real world of marketing real estate today.
I have friends of mine in the Tacoma, WA real estate market that have had an open house every weekend for the last 4 months and every weekend they’re hoping this time will be the charm for their 4-bedroom house.
They remodeled the kitchen, painted the house, built a new deck and put on a new roof. But after more than six months on the market, they still don’t have a buyer.
Not to get their price or as much interest in their house was disheartening to them.
That’s a feeling shared by many homeowners these days - who not only find themselves in a buyer’s market - but a buyer’s market short on buyers, thanks to the credit crunch.
Lenders have really tightened up their lending requirements and this is where sellers have to become more imaginative and creative. Some new homes builders are offering appliance upgrades, fences, paying for closing costs, or a free vacation with the purchase of one of their homes.
As a professional Realtor, my advice is to skip the gimmicks. To really get a house sold today the most important thing is to make sure the price is right … right away.
In a down market like this it’s very important to price at or just below the market as soon as the house goes up for sale. As a home seller, you don’t want to price above a market that is moving down, you’ll end up getting much less in the end.
Prices are changing quite rapidly and sellers think that their house is still worth what it was 3-4 years ago.
Beside price, the best way to sell your home in a down market is to:
Jerry Campbell - Muljat Group - Bellingham WA - Bellingham Homes For Sale