Most of the places in the country are facing a Buyer's market*. There are just more houses than are buyers out there. As a result, the prices are typically lower. With the splashing news of subprime lenders going out of business, it makes buyers harder to qualify for loans. There are still 100% loans out there but the availability has significantly dropped. The adjustable rate mortgages were at one point "easier" to qualify because of the "lower" debt to income ratios are also adjusting "up". In short, the pool of available clients have definitely impacted Sellers of residential real estate.
Thus, it become even more crucial to work with a real estate expert who knows the market and knows how to move your property. Despite the current market conditions, there are still buyers out there.
Home Improvement shows such as Designed to Sell and Get It Sold are some examples of what a real estate expert may require you to do to sell in today's market. Some episodes require homeowners to go through extreme measures to update their properties. Moving walls, remodeling the entire kitchen and alot of elbow grease. These are some methods Sellers employ in order to achieve their goal: Move on. On the other hand, these shows did not portray the entire true picture of the real work that goes into the process. They get it done for very little money (some as low as $2000). Realistically, unless you have the time to find pennies on the dollar resources, it is very hard to achieve $2000 worth of work in the amount of "stuff" they do. But the concept holds true. Staging works.
Ask my real-life clients: The Milners. They worked tirelessly for two-full months to put their house on the market based on my recommendations. They are very capable homeonwers who could tile, paint and tear down arbor on their own. They definitely put their fair share of sweat equity. No doubt, the projects took them a little longer to complete than anticipated but in the end, they made their house the best in its price range and condition. I listed their house on Friday evening at 9pm and received an offer the very next day at 4:30pm (to the 1st family that viewed it).
Update: Guess where are the Milners now? Well, they are off to the next phase in their lives: help plant a church in a different state - with no house (or house payment) to sell in their minds.
In the Milners very own words:
"Loreena, you were so helpful in your advice on how to prepare and stage our home. We never dreamed it would sell the first weekend! You under-promised and over-delivered! You did your research, you made solid recommendations, you were thorough and well-prepared. You did what you said you would do and then went beyond - How can we thank you enough! You're wonderful!"
So, guess what? STAGING WORKS!!!!
A can a paint $22, Tiles in kitchen floor $500, Peace of Mind: Priceless.
Another proud story of extreme circumstances that deserve extreme measures.
