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Tips For Home Sellers – How to Compete Effectively Against Foreclosures and Short Sales
Selling a home in today’s real estate market can be an eye-opening experience for many sellers. Many recognize the changing real estate landscape, but because their home is clearly the “best in the neighborhood,” short sales and foreclosure sales are often dismissed as irrelevant. This perception is particularly true in areas where short sales and foreclosures represent a high proportion of overall home sales.
In order to effectively compete with this trend, it is critical to understand how these types of transactions affect local real estate markets. Zillow.com recently released the results of its research into the percentage of foreclosure home sales and the associated “foreclosure discount” in different real estate markets across the country. This research illustrates the point that foreclosure home sales actually create two separate markets and that home buyers tend to demand a discount above the physical damage often seen in these homes. All data was from the 3rd quarter of 2009:
Foreclosure Sales – Metro Area Foreclosure Discount as a % of All Sales:
Pittsburgh, PA 59% 10%
Cincinnati, OH 39% 15%
Columbus, OH 38% 19%
Minneapolis-St. Paul, MN 34% 26%
Phoenix, AZ 29% 58%
Denver, CO 27% 25%
Los Angeles, CA 27% 39%
Kansas City, MO 25% 29%
Riverside, CA 25% 66%
San Diego, CA 24% 39%
San Francisco, CA 24% 39%
Las Vegas, NV 23% 74%
Washington, DC 21% 21%
Sacramento, CA 19% 50%
Seattle, WA 19% 17%
Portland, OR 18% 18%
Based on their survey results, Zillow reports an average “foreclosure discount” of approximately 28%, which is an important factor for other home sellers to consider. For example, in the Denver real estate market, where the foreclosure discount is reported at 27%, this $146,000 foreclosure sale down the street might suggest that a similar, clean, well-maintained, problem-free home in the same area could fetch as much as $200,000. There is not much we can do to change the fact that these types of real estate transactions are influencing many real estate markets across the country; what we can do is recognize the problem and figure out how to successfully market and sell homes in this environment. Here are some common sense tips for home sellers who want to successfully compete against foreclosures and short sales:
· First, price your home competitively. This does not necessarily mean that the foreclosure sale is the best compensation for your home, but it should be considered.
· Present your home in perfect condition. Foreclosures and short sales tend to be relatively difficult; People who lose their homes often neglect routine maintenance for quite some time before they lose their homes. Your home must clearly outperform the competition in this area. Doing this will go a long way in beating the “foreclosure discount.”
· Hire a real estate agent who will go out into the competitive market. Just putting a sign in the yard and flyers in a box won’t cut it. In order to stand out and differentiate your home from subpar competition like foreclosures and short sales, your marketing efforts should include a strong online focus with quality details, i.e. virtual tours , lots of great photos, improved listings, detailed descriptions, etc. . Make it clear to potential buyers that there is a difference in quality.
· Offer minor incentives that highlight some of the benefits your home offers. Foreclosures and short sales tend to pose a higher risk to the buyer because these homes have not been taken care of, may have been vacant and abandoned for a long time, and may even be difficult to thoroughly inspect because public services are closed. Offering things like a home warranty, pre-sale inspection report, etc. can draw attention to the fact that your home is a better value because it represents higher quality and less risk.
· Make sure you can provide a reasonably quick close. Particularly with short sales, time can be a deal killer for many home buyers. Waiting for a response from the bank – sometimes for months – is frustrating for many potential home buyers and makes these types of sales challenging. With the federal tax credit deadline approaching, time will become more and more of an issue, and it’s an area where you can easily excel.
Here are just a few tips on how home sellers can effectively compete with foreclosures and short sales. The main goal should be to create a separation in the points of interest that matter to homebuyers and to market these differences in the most effective way. Understanding the effect these types of transactions have on the residential resale market in your area will allow you to properly plan your home selling strategy and overcome the dreaded “Foreclosure Discount”!
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