Selling Home in a Tough Market

A friend of mine is selling her mother's home in North Jersey.  The home is out of my sales area, but  she asked for my advise on how to sell a condominium in a community in which there are many similar properties for sale.

My advise to her was that the home must look better than the others on the market and be priced a little lower than the competition.  If that is the case, as long as her agent markets the property correctly, it should sell.

 Desirable homes are selling if priced correctly, but sellers are frequently reluctant to price the home at a competitive level.  In a declining market, looking at the prices at which homes sold for few months ago is not enough. The seller should ask to see comparables of similar homes on the market.  If there are ten similar homes on the market and only two or three can be expected to sell within the next couple of months,  the homeowner should price his home at the low end of the competition. Buyers put a high value on updated kitchens and baths, so if a property has not been updated, the seller should price his property below others that have been.

How the home is presented can make a difference. Many buyers react emotionally to the ambiance of a property. They have a hard time visualizing what a property would look like if changes were made or what their furnishings would look like in the home.  Decluttering and neutralizing a property can make a difference.  Most Realtors can make suggestions on cost effective ways to improve the appeal of a property.

 My friend's mother's home is likely to be decorated in a manner attractive to older people.  The  buyer is likely to be a younger person or couple with "Pottery Barn" taste.  Simplifying the decor and adding a few trendy accessories can make a difference.

Some agents are skilled in staging and others work with professional stagers to make a home that is for sale attractive to the likely buyer.  When choosing a realtor, ask what they will do to help you present your property in a way that will make it most attractive to buyers.