I have met with a number of potential home sellers recently that are worried that “right now just doesn’t seem like the right time to sell.” There is a lot of worry about trying to compete with foreclosed and distressed properties here in Northwest Arkansas and around the country. I have even heard and read statements by real estate professionals saying “you should wait until the market picks up or has less competition before you put your home up for sale.” While I understand the thinking behind these statements, I emphatically disagree 100%.
Now is the time to sell your home, at least, here in Benton and Washington Counties. Why do I say that? Well, I’ll tell you. Let’s first examine the typical buyer mentality in our market, then we will talk about why it’s a good time to sell your home.
There is no doubt, buyer’s are out for blood. The media surrounding the industry has buyers thinking that we may not be bottomed out yet and buyers should make low offers and ask for lots of concessions. As a real estate professional, I feel this is partially our fault because we need to educate home buyers as to the real situation. The fact is, if you keep traipsing through the valley you may find yourself climbing the next hill before you know it. Home prices are stable for conventional homes in good condition. There is even some evidence that our market has begun it’s upward swing. That means the bottom is gone. Buyers are going to realize this sooner than later.
Now. In cities around America and Northwest Arkansas there are now lots of these things we call foreclosed properties, short sales, and REO’s. One of the top Google searches in our area is currently ‘foreclosed properties in (your city)’. These properties are a completely different animal than conventional real estate. Many of them have hidden title flaws, mechanics liens, outstanding mortgages, you name it; not to mention the fact that most of them are in need of major rehabilitation just to be livable. On top of that, these properties are typically very difficult to finance. So, if you are a conventional home seller, don’t worry about foreclosures as competition. Any property, properly priced and well marketed, will sell. The length of time it takes to sell really only depends on one thing, price. If you want too much for your property, it will either not sell or take much longer to sell than if it were priced at market value.
So its really fairly simple, price your property with the market, make sure the home shows well (your realtor and stager can help with that), and expect your home to sell in a reasonable amount of time. It isn’t rocket science, but if you don’t use a professional to market your home properly, you will find it is just another needle in the haystack. An experienced professional can provide sound marketing, staging, and negotiating advice as well as emotional support in the sale of the single largest asset most people ever own.
