We are going to simplify it down to just 3 rules for sellers who want to sell their property, particularly in a soft real estate market.
Rule #1: PRICE is everything. Let me repeat that, PRICE IS EVERYTHING. It’s not about location, location, location because even unfavorable locations will sell when they are priced appropriately. We are not advocating that you give your property away but chances are, if your are not receiving offers, it is because you have not priced your house properly for its location or its condition or both. Think about how many times an item in a retail store goes on sale and shoppers just can’t resist because it’s priced so attractively. In minutes the shelf is empty! So when buyers scramble to buy an attractively priced house, the result is multiple offers! Now a home seller is likely to get their asking price and maybe even a little more. It works like a charm and more sellers should try it! It does not have the same effect if the price starts too high and is reduced numerous times before getting down to an attractive price.
Rule #2: PRESENTATION must be taken seriously. Make the most of the real estate you are offering for sale. If something is broken, repair it. If it is dirty, clean it. If you are selling a 2 room bungalow make it the best looking bungalow buyers have ever seen!
Rule #3: PATIENCE is crucial. Only in the best real estate conditions do properties fly off the market and sell for inflated prices. If you are lucky enough to sell in a market like this, congratulations! But this is not the norm so if you are forced to sell your house in a buyer’s market, it will require you to display a little patience.
To get the most money for your property these rules are a must. If you can’t adhere to all 3 rules of selling your property: Price, Presentation, & Patience, see RULE #1 and prepare to adjust your price downward accordingly.