Strategies For Selling In A Slow Market

The housing market is driven by a number of things such as, economic factors and supply and demand. Right now in Denver we have a little more supply then demand. We are staring to enter into a balanced market for homes under 500,000. For a balanced market to exist there needs to be six months of inventory, currently we are at 5.7 months. This is reassuring for most sellers. Although, 70 percent of the sellers out there right now are short sale and foreclosures. Homes priced 700,000 or above, there are 33 months of inventory. This number is scary!

During a hot selling market there are less homes available then qualified buyers. This is a sellers dream! Homes sell faster which enables sellers to get a higher price for their home. But, for this market that we are currently in, I will give you some helpful hints to get your home sold.

• Consider getting professional assistance. In a slower market as a seller it is crucial that you have a Realtor helping you out. We have the experience, skills, equipment, connections, and ability to market your home far better then you do. I don't want to be discouraging but we have the ability to give your home the exposure it needs. This is crucial when it comes to selling your home. The benefit right now in a market like this as a seller, brokers are competing for the best commission.


• Be realistic with your home sales expectations. With the number of homes on the market, buyers have the ability to be choosy. They are looking at numerous homes that compete with you. This may lead to you not getting the price you want or need.


• Market value is determined by the buyers. When a broker gives you a range on what they think your home can sell for, it's what the buyers have paid for similar homes in the last six months. Market value might not be what you need to get out of your house. This is when you really need to sit down an assess if you can sell your home right now. I know as brokers we are telling our sellers unless you really need to sell, don't sell right now.


• Get your home ready to sell. Your home needs to look the best it ever has! I can't reiterate this enough. Your home is competing with numerous homes, you need to stand out and be the best. Please see other blog entries for helpful hints.


• Make sure you are serious and motivated to sell your home. You have to take away the sentimental value of your home and look at this like a business transaction. This is no longer your home if you are putting it on the market. This will help when offers come in.


• Usually the first offer in a market like this is the best offer. It's usually the cleanest, best, and most likely to close.