Short sales and foreclosures have driven down property price in a downward spiral. If you live in one of the neighborhoods which have a lot of short sale and/or foreclosure activities, chances are the value of your home may be adversely impacted, especially if you also need to put up your property for sale.
Fortunately there are different ways to minimize your loss. First and foremost, keep your property in top shape inside and out. Clear out clutters around the house. Steam clean carpets and give your walls a fresh coat of paint. Repair wood rots around window trims, clear weeds, trim the lawn and replant shrubs wherever necessary. Staging is particularly popular in a buyer’s market to transform the house into a model home. For sellers who are willing to investing some money, installing hardwood on the main level and giving a face-lift to the kitchen and bathrooms may yield great returns. If you are willing to go the extra mile, consider hiring a home inspector. It typically costs $300-400 for a house that is around $400,000. Many homebuyers, especially first-time buyers, may not have the experience or desire to fix up a property. They would prefer to buy something in a move-in condition with minor repair requirements. In addition, property that is well maintained generally give purchaser the impression that the place has been well kept and therefore causes minimal concern.
Second, put your house in the best light possible. In addition to doing the basics such as opening the drapes and turning on the lights, have the music on doing the open house to create a cozy environment.
Finally, be educated about the overall market condition, average days properties stay on market, competing properties in the neighborhood and the fair market value of your home. Listing the property above market price might potentially cost you more if it becomes stale. Have your agent follow up with visitors to obtain feedback and gauge interest. Proper communications can often turn prospects into real buyers.