Competing with Short Sales and Bank-Owned Homes
It is no secret that the home selling market is flooded with short sales and bank owned homes, so the question is how to compete with these homes when it comes time to sell your home. Yes, it is a buyer's market as some might say but the need or desire to sell your home may still be inevitable.
If you are in this situation then you need to understand your area and the competition. Do you need to price your home the same as a short sale home or a bank owned home? The answer is not likely.
First of all most bank owned homes are in need of much TLC and not necessarily a good comparison to yours. Short sales take so long and often times are not only in disrepair but the wait as well as possible rejection by the bank often times makes many buyers not willing to deal with these homes.
While waiting on the bank's response just imagine how many homes the buyer will miss out on.
This brings us to a home like yours that is a mainstream sale! Mainstream being an operative word here, basically, not a short sale or bank owned home.
Most home buyers today are looking for mainstream homes for many reasons. The obvious wait time and frustration in short sales has driven home buyers away from dealing with this type of sale. The competition with cash buyers and investors on well maintained bank owned homes finds most mainstream buyers in an unlikely position to obtain the home.
Buyers have realized that a normal sale in which they can make a reasonable offer, get a response in a timely manner, have an inspection and actually ask for repairs to be done and expect to get the home in good condition is well worth it.
Competing with short sale homes and bank owned homes aren't that difficult. Real estate agents are on top of the market and will know your competition and how well things are selling for in your area. Be reasonable when it comes to pricing because you still need to appraise when it comes down to it. Obviously, making your home look nicer than most of the competition should be the easy part; let your pride in your home show. Take the advice from your seasoned agent on how to stage your home.
Do not get wrapped up in the fact that you think your home is worth more than what it is likely to sell in this market or you will waste a lot of time with little to no showings. You need traffic, traffic brings potential buyers.
Make sure your home has several shots or pictures of areas in and around your property that makes a buyer want to see more! Neutral tones and less furniture and belongings make your home feel more open and spacious.
You can price your home higher than your competition of short sales and bank owned - just not so far out of reach that you are not going to get potential buyers interested in your home. Homes of all price ranges are selling in this market and yours can too.
Believe it or not, if you and your agent have done a good job, you are likely to sell your home very quickly in a market like this!
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