Our professed goal at TheRichmondSite.com is to provide you - the real estate consumer - with as much knowledge as possible so that when you decide to purchase or sell real estate you come to the process informed and prepared.

The Real Estate Market Has Changed

Last year, it seemed that all you had to do to sell your home was to stick a "For Sale" sign in the yard and it was gone in a week. If you were in the market to buy a home, you had to come prepared to decide quickly, often on a property that was less than perfect,while competing with other offers. And anyone could make a living selling real estate regardless of professional knowledge and experience in the field.

Those days are gone! Everyone engaged in real estate - buyers, sellers and real estate agents are now forced to confront a new reality. What surprises me time and again is how many people are still living in a state of denial.

Here, I will address market conditions from the seller's point of view, simply because this area is the most challenging at present.

Regardless of the market conditions you must always ask yourself this question: How do you convince a ready, willing and able buyer to make an acceptable offer on your home?

Last year, the answer to this question was - "not much". Now the answer is much more challenging. The number of homes on the market has grown to levels we haven't seen in a decade. To aggravate the situation, potential buyers have become much more savvy and discriminating consumers not to mention scarce. It seems that many buyers are waiting - waiting for home prices and interest rates to come down, waiting for that perfect home that fits all of their needs and wants and waiting for the right "deal".

The competition for ready, willing and able buyers is fierce.

A good indication of overall market conditions is the incentives offered to Realtors and buyers. Just look at the incentives for real estate agents - everything from "Realtor Open Houses" with elaborate luncheons to increased commissions to shopping sprees at your favorite upscale shopping malls to vacations.

And the incentives offered to buyers are even more compelling. Thousands of dollars in closing costs, redecorating allowances and prepaid expenses on resale homes and new construction alike in addition to across-the board price reductions.

What do you do now? How do you compete?

Make sure that your home is in top condition before you list it for sale.
Make sure that your home is as clean, as neat and as uncluttered as possible. Clean your home from top to bottom, including all the windows and appliances. Clear out your closets and all the "stuff" that we all have in our spare bedrooms. Steam-clean all the carpets. And make sure that your home is free of odors.

Improve the curb appeal of your home.
Mulch the flower beds, keep the lawn manicured and the hedges and trees trimmed. It's also a good idea to take a very critical look at the exterior of your home. Keep the gutters clean and repair or touch up any damaged or worn paint and siding on your home.

In short, you never get a second chance to make a good first impression!

If you want to be even more proactive - here's a great idea. Order a pre-listing whole house inspection. A good home inspector will find things that you either don't know about or that you wouldn't have noticed. Repair all the defects noted in the inspection report, and make both the report and the invoices for work done available to prospective buyers. Just leave it on the dining room table together with the other listing materials for all to see.

Price It Right

First, a few very direct words on the difference between "value" and "price". Far too many people make the mistake of getting emotionally invested in the real estate that they own. You may place a certain "value" on your home because of the memories that you associate with it - it's the home you grew up in, it's the home where your children took their first steps. Buyers don't care! Homeowners don't determine the sale price and neither do Realtors. The market determines the price at which your home will ultimately sell. Period.

For your home to sell quickly in the current market, you must at least be competitive with similar homes in your neighborhood.

Be prepared to list your home and to offer buyer incentives that match or beat your competition.
Be prepared to receive and to consider offers below your asking price.
Be prepared to reduce the listing price two weeks into the listing period.

This is what we call in the trade a "motivated seller" - a seller who is realistic and flexible, eager to move on to the next stage in their life.

Promote your Property

You want to expose your property to as many potential buyers as possible in as many effective ways as possible. Where do over 70% of buyers start their search for a new home? The Internet. Buyers need to be able to find your listing. It has to stand out - over and above all others - through the use of virtual tours, still photography, web site placement, etc. In addition, stop and think for a moment about who your most likely buyer would be and how best to reach them. Networking through the Broker community and promotion to relocation departments of major corporations might just be the key to selling your home.

Chicken or Egg?

If you're not a first-time home buyer you're most likely selling your current home and purchasing a new one at the same time. Which should you do first? It's all an issue of timing, taking the current market conditions and your particular situation into account. The last thing you want is:

To lose a contract on your next dream home because you couldn't sell your current home in time or for the amount that you needed or

To sell your current home without securing your next home and be forced to move twice or

Get stuck paying two mortgages.


So, how do you accomplish all this without surrendering your sanity? Secure the representation of a a Realtor who knows what they're doing and is also willing to tell you the truth. Promising you the sun, the moon and the stars in order to secure your listing is something that we will not do. This will only waste your time, my efforts and money and set you up for a very disappointing experience.

A knowledgeable Realtor will be able to tell you what you need to do to prepare your home for sale. They will also guide you through your pricing policy and strategies to ensure that your home sells as quickly and for the most money as possible. If you're purchasing and selling a home at the same time, a good Realtor can coordinate both transactions and, through effective contract writing, ensure that you won't be left homeless or be forced to give up your next home, etc.

Get the truth
Get professional advise and guidance and
Get your home sold with TheRichmondSite.com.

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