As you went out into the yard to pick up this newspaper, there was the “For Sale” sign in your front yard. You look at it and shake your head as you wonder if it will become a permanent part of your landscaping. You resist the temptation to see if the sign has grown roots as you walk back to your front door!
If this describes you, you have probably decided that the “self-proclaimed experts” in the media are right; the real estate market is terrible! After all, no one has bought your house! Yes, the real estate market has slowed, but homes are still selling all over the St. Louis region. Plus, despite what you hear in the media, many homes are selling relatively quickly! In March, the average home in St. Charles County sold in 90 days, which is an increase of only 8 days from the average in March of last year!
So, what separates the house that sells from your home with the sales sign that has grown roots in your front yard? In any market, it is all about the basics. No matter what the market is, location, condition and price determine how fast your home will sell! Now more than ever, it is important that you remember the basics! Now more than ever, it is vital that you have a Realtor beside you to help you market and sell your home!
Different neighborhoods have and will always command different prices depending on market conditions. Occasionally, changes in traffic patterns, development and other issues will change the value in a neighborhood. Your Realtor can help you determine the market price in your neighborhood. Since most of us can’t pick up our home and move it, we will talk more about condition and price.
One of the reasons that now is a great time to buy is that there are a lot of homes for potential buyers to choose from. Now more than ever, it is important to remember our mother’s advice when she told us to put on clean clothes or wash our hands because, “You never get a second chance to make a first impression.” You cannot count on a buyer’s ability to look beyond the clutter or the maintenance that needs to be done and see the “inner beauty” of your home! That won’t happen in any market and, particularly, when that buyer has a lot of homes to choose from.
Your Realtor will help you look at your home objectively through the eyes of a potential buyer. Needed maintenance should be completed before your home goes on the market. Moving is a great time to get rid of “stuff” that has been in your closets or in your kitchen cabinets unused or unworn for ages. To help your home make its best impression, clean house now rather than when it is time to move!
Your Realtor will also help you determine if your home needs more tender loving care before it goes on the market. It is important that your yard is neatly manicured, weeds pulled, dead plantings or branches removed, etc. If you don’t have the time, you may want to hire a teenager in the neighborhood or a service to keep up your yard while your home is on the market. Also, a fresh coat of paint is a great way to make your home shine. This is especially true if your tastes run towards the eccentric or non-traditional. Again, don’t expect potential buyers to share your tastes or realize how easy it would be to paint. It won’t happen!
It is important to remember that the market, not your Realtor or a potential buyer, determines the right sales price for your home. The value of your home is not based on how much you have spent on improvements, how much nicer your home is than the others in the neighborhood, how much you owe the bank, or how much you need to clear to afford your new home. Your Realtor will compare your home to others that have recently sold in your neighborhood to determine the right price.
Your Realtor has the knowledge and information to evaluate your home and arrive at the correct sales price. Unfortunately, in the current market, the right price might be less than you were hoping. Yes, you have the option of pricing your home higher than your Realtor suggests and reducing it later. Quite simply, that does not work! Many studies have shown that homeowners that try this strategy end up settling for less than they would have received if they had listened to their Realtor from the beginning.
The good news is that with few exceptions, most homeowners in this market can sell their home for more than they paid for it! Your home remains the best long-term investment available to your family. Plus, most of us will still need a place to live, so you will probably make up the price difference when you begin to look for your new home!
Remember, having a Realtor beside you is the only safe way to buy or sell a home. For more information on why 2008 is the Right Time for Real Estate, call your Realtor today and visit www.RightTimeForRealEstate.com.
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