Tips for Selling Your Home in Today's Market

The media has been full of stories about the slowing housing market --and although this kind of market normalization is commonplace in the real estate industry, there is no question that in many parts of the country, houses are currently on the market a little longer and there is more competition for buyers.

Hire a Professional
If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on a MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community.

When selecting someone to represent you, interview at least three real estate professionals who are familiar with your area. Ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can they get for your home? What's the average time their listings have been on the market? They should be able to back up their answer with a Comparative Marketing Analysis and provide the names of two or three of their most recent sellers who you may contact for a reference.

Price It Right
A house priced at just below market value piques the interest of real estate professionals and buyers, while overpricing chases them away. If your home is priced too high, interested buyers may never even tour your listing. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people's interest later on. The longer the property is on the market, the fewer the prospects.

Get Your Home In Show-Condition
Get your home in tip-top shape before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter. Touch up the paint where needed. Clean the carpet. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price).

Curb Appeal
Don't overlook the outside of your property. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) And don't forget to put away bicycles; toys and other items that may make your property seem cluttered.

Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. If the buyer knows up front that there is an allowance for the worn carpet or paint, they may overlook those cosmetic flaws in order to choose their own color. You could pay for a professional home inspection or a home warranty -- and, depending on your market and budget, offer to pay some of the closing costs.

Don't be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper hand you'll need in today's competitive market.

Prudential Olympia, REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

The Buyer Magnet of 'Home Appeal'

The housing market has become much more competitive. Many communities are beginning to see homes remain longer on the market and the bargaining pendulum swing in favor of the buyer. This is called a buyer's market, as the number of available homes outnumbers the buyers. As a seller, your challenge is to turn a buyer's market to your advantage.

The right price is vital, because overpricing your home can cause you to eliminate potential buyers and lengthen the time that your home stays on the market. But equally important is making sure that you give your home a competitive edge by giving it creative eye appeal.

Many homeowners make the mistake believing they are selling "their home," but once on the market your home is actually a product. You need to create an environment the buyer can't resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself. This can be accomplished by making just a few improvements in your home's presentation. Here are some guidelines to make your property distinctive and memorable.

1. Eliminate clutter. Have you ever noticed how model homes are perfect with no mess, clutter, or mass of personal belongings heaped about? There should only be a few exquisite and well-placed accessories on tables, desks, chests, etc. Also, clear kitchen and bathroom counters and furniture of everything except decorative accessories. Put the personal things--cosmetics, toiletries, clothes, bills, papers, and homework--out of sight. Tuck wastebaskets under counters or inside cabinets. Clutter and personal belongings detract from the important features of the home.
2. Create a color theme. If you embark on any investment decorating, like painting, wallpaper, draperies or new furniture purchases, create a color theme that's consistent. Wall-to-wall carpeting should be the same throughout the house. Neutral colors are best to please all tastes.
3. Rearrange the furniture. Just the slightest readjustments can make a big difference. Pull the furniture from against the walls to create a more intimate setting. Move furniture from one room to another. That extra armchair in the living room may create a cozy sitting area in the guest bedroom.
4. Create custom spaces. Luxury master bathrooms, decorator kitchens, built-in cabinets, computer workstations, exercise rooms, and children's play areas are the kinds of features that generate sales appeal. Even if you don't have these specific custom spaces, you can fashion them or suggest the potential for creating them. Accessories, mirrors, plants and fluffy new towels can generate a feeling of luxury even in a plain-Jane bathroom. Turn an extra bedroom into an exercise room if you've got the equipment, or a loft space into a child's play area or hobby center.
5. Keep it clean and pristine. Dust, vacuum, mop and polish on a regular basis. You're not selling the furniture, but a high shine on wood furniture and floors can make a room sing. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine. Windows should sparkle. Keep yards and landscaping neat and attractive. Add color spots of flowers to perk up entryways and yards.
6. Consult with a professional. There are decorator professionals trained to "stage" a home for sale. They are able to offer an objective view of what buyers are looking for in your competitive market. Depending upon location, neighborhood, demographics and price range, the special touches that turn on buyers may range from splashy master bathrooms and gourmet kitchens to children's play areas or home offices.

You don't have to spend a great deal of money to give your property the competitive edge. Just try to imagine the kind of lifestyle your target buyer would enjoy, and use a few decorative touch-ups to create it.

Prudential Olympia, REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

Area Home Sales Slower

Home sales have flattened in the South Puget Sound, according to an analysis of Olympic MLS statistics reported in The Olympian newspaper.

June sales were about the same as last year, with 459 sold this year
compared to 461 last year. June sales could finish up about five percent as
additional closed sales get recorded, said Jerry Wilkins, manager of the listing service. Regardless, it wouldn't come close to the 23 percent increase in home sales that the Olympic MLS reported in May.

In February, the median price of a home was $248,475, compared with $199,000 the year before, according to the Olympic MLS data. Read more. And be sure to check out our current listings.