For most of us, real estate selling is the last thing that comes to mind during times when the market is moribund. Even for those who know how to play their cards right, getting the best deal from potential home buyers is considered wishful thinking. The price levels in the real estate market, especially for detached family units, are still low. In a recent market report released by Merrill Lynch, there are now an estimated 2.2 million units of condos and single homes that are on sale. This is about 1 million more units being sold under normal conditions in the real estate market.
If you are planning to sell your property, it is important that you carefully consider your asking price. Real estate experts consider the price as the single most crucial element in the entire selling process. You must be very aggressive in as far as pricing is concerned and you must be able to give incentives to be able to get the attention of a lot of buyers.
In general terms, these experts raise a valid point. However, the task of selling is easier said than done. Under prevailing conditions in the market, you have to think outside of the box and consider other intangibles to be able to move forward. Suffice it to say, selling properties in an over-stocked market is possible and you increase your chances of clinching a good deal if you consider some of the best practices for an effective real estate selling.
* Choose the Right Broker
You need all the help that you can get in order to make a good deal under the present condition in the market. One of your major concerns is getting the services of a professional and competent broker. It is important for you to be able to get lead information on real estate agents who are actively involved in the listing and selling in your locality. A good and reliable broker must be able to give you fairly good presentation to assess the value of your property as well as the relevant figures about the proposed sale and the game plan in marketing the property.
* Know and Understand the Market Conditions
One of your most important responsibilities as a seller is to keep abreast of the current trends and indicators in the real estate market. You need to have a keen sense of understanding of leading, concurrent and lagging indicators in order for you to get the proper timing in selling your real estate property. You must also be able to get the feel of variables which bear great impact in making a good deal in a predominantly depressed market. For instance, you may sweeten the deal by adding incentive for specific upgrades or repairs at the buyer’s option. Your real estate broker must also be able to give you updated details of current sales of real estate properties in your area as well as other properties which are similar to the one you are planning to sell.
* Be Flexible and Use Figures to Your Advantage
You can add some incentives to whet the interest of the buyer and effectively seal the deal. You can resolve issues involving the price of the real estate property by offering to share part of the closing cost. This can be a good proposition if the buyer is insisting on price reduction which is very likely under a buyer’s market. Most mortgage plans allow about 3 to 6% of the closing cost as seller contribution.
Sometimes, you have to go the extra mile just for you to clinch the sale. A simple accommodation on the amount of earnest deposit can go a long way in making the buyer agree to your terms of the sale. This is purely a judgment call and if you have a prospective buyer who has a pre-approved loan and seem to exhibit a strong interest in the real estate property, then it might be wise for you to reduce the deposit in order to bring in the sale.