I'm about to let the cat out of the bag. Here's the answer to selling in a buyer's market - understanding that it's a Price War and a Beauty Contest!
There it is. It's really that simple. Your house must show beautifully and be priced the lowest in your neighborhood.
Now, I know what you're asking. If it's that simple, why are houses languishing on the market? There are really only two possible answers to this question.
1. The house is priced too high for its condition and/or location. This typically happens when a seller anticipates that a buyer will offer a low price for his home, so instead of pricing it at fair market value, he over compensates by building
Wiggle Room into his list price.
2. The house does not show well. When preparing your house to be put on the market, your goal should be to make it look like a new home builder's model home. However, some sellers decide that they don't want to invest any time or money into improving the home. They just want to put it on the market and sell it. The problem here is that there are a lot of homes available for buyers to consider and if your home doesn't show beautifully, the odds are that there is another home in the neighborhood or community that does - and they'll buy that one instead.
So there it is - the big secret to selling your home in this market.
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Wishing you sunshine everyday and the home of your dreams,
Jeri