Saturday, August 18, 2007

Doctor! Doctor! Give Me the News! I’ve got a Bad Case of Real Estate Blues

Have you ever noticed how people out there want a quick fix for everything? Think about how many informercials and products out there guarantee quick and easy weight loss. Consider those who took Fen-Phen or have tried the new Alli fat-blocking product. Trading a heart attack or serious gastro-intestinal problems for a healthy weight, isn’t a good tradeoff. Talk to an educated professional dietician and you will begin to understand there is no magic involved to long term weight loss. Good old fashioned hard work is the secret to success.

Similarly, there is no pill to kill the ills of the real estate market woes. Sell quick schemes and guaranteed sales programs are no replacement for preparation. Consult with a professional Realtor and there will be no gimmicks to replace the good old fashioned hard work that will get your home sold. Partnering with a highly qualified professional to price and prepare your home for sale is essential in this changing market.

If a real estate offer seems too good to be true, you need to look it over carefully and examine that fine print. A claim of “sold in 120 days or I will buy it” doesn’t look so great when you will be selling it to the agent for 80% of the appraised value of the home and the selection of the appraiser is at the sole discretion of the real
estate firm. A company that offers to buy your home directly and will close in days for cash has a certain appeal to those desperate to sell. Again, peruse that fine print very carefully as the fees may be surprising and not such a great deal to the average seller.

The best option is to skip the magic pill mentality and roll up your sleeves! If you really want to sell your home in this market, here is a simple 3 step approach to kick the real estate blues:

Step 1: Partner Up! It is imperative to team up with a professional agent to get your home ready and priced right. Find someone who lists and sells homes in your community. Don’t choose your best friend from college who just got their license or the wife of your coworker who lives on the other side of the Mississippi. Pricing is critical and understanding the marketplace can vary from neighborhood to neighborhood. Sure, your brother-in-law’s mom who lives and works mostly in Wisconsin may have a Minnesota real estate license, but does she really know anything about Forest Lake?

The selling process still will take time. In the Twin Cities north metro and Anoka County, homes are taking an average of 120 days to sell. Unprepared homes and improperly priced properties can sit for well over a year on the market.

Step 2: Fix everything! Yes, EVERYTHING! The 20 year old roof. The dripping faucets. The missing doors. The dingy carpeting. The outdated wallpaper. Everything needs to be repaired and replaced.

When a buyer has 20-50 homes that they can purchase, if you want them to consider yours, you need to remove every potential deterrent to writing an offer.

Curb Appeal is a Must! Your home must look AWESOME from the street!

Step 3: Pricing is Critical! The most important decision you will make in the process of selling your home will be determining the original list price. If you are too high, you will lose potential clients and increase your time on the market. Pricing a home correctly from the get-go is essential. If your real estate agent shows you sales comparisons from 3 months ago but you insist on using last year’s refinance appraisal, you are not working on the same team.

Most real estate markets have changed since the beginning of 2007. Changes include the amount of foreclosures in the community, new developments that are offering crazy incentives and fewer approved sub-prime buyers, have affected the marketplace drastically. Find a professional Realtor that knows your community and listen to their educated pricing opinion. It might be a bitter pill to swallow but to sell your home; you need to hear the truth.

More Articles to Get YOUR Home SOLD:Top 10 Ideas to Get Your Home Ready to SELL!
What is your Realtor’s List-to-sales Ratio?
Looking "HOT" From the Street—Tips for Curb Appeal
Does "Minnesota Nice" Affect the Real Estate Market? Yeah! You Betcha!

If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007