The supply of villas for sale in and around the Orlando Real Estate market continues to grow. While many analysts predict the market has hit bottom and will rebound into 2009, others believe we’re still at least a year out. These are new challenges for home sellers, if you must sell now what can you do? When the competition is tough – strategy is in order. Following are a few proven strategies to help get your home sold in a buyer’s market:
Price: One of the largest keys to your success is pricing your Florida home right. In a buyer’s market the only thing that matters is what the buyer is willing to pay. Don’t price your house at what you think it is worth, price it right for the market. An over-priced listing will be ignored and may lose freshness and appeal over time. Some seller’s fear pricing too low and leaving money on the table – if your house is under priced it’s possible you’ll receive multiple offers that would drive it back up to fair market value.
Market Research: Get a comparable market analysis for your Orlando villa. You need to know about your competition and where the market has these products priced. Look at the most recent six month window of data, make adjustments for locations, age, sizes, upgrades, etc and come up with a range of values that makes sense based on this data. Also see if you can get a list of the most recent sales in your neighborhood in comparison to their original listing prices.
Internet Strategy: Most buyers search the Internet to research buying a home. Work with your Realtor to utilize Internet tools to your advantage.
First Impressions: Curb appeal is more important than you might think. Often times buyers don’t have the ability to visualize their new home through the clutter of yours. First impressions are key, if a buyer makes a connection on the first showing a home will often sell. So get your home into selling shape!
Pre-Sale Inspection: If your Orlando villa is older or in need of a few repairs you might want to consider having a pre-inspection done. Get proactive – have those repairs taken care of before you put your home on the market so you can say you have a clean inspection report. This can be a significant selling advantage, inspection items are often no fun for a buyer to deal with.
Flexibility: Be prepared to deal with anything. In this market buyers will probably expect to pay less than the asking price. They will show up armed with market data and their own comparable market analyses. Try to leave your emotion out of the picture, if a buyer is serious there may be a price they are willing to pay and you are willing to take. Don’t reject a first offer flat out, present a reasonable counter offer and let them know you are willing to work with them to close the gap. If the offer is way off base then ask your prospective buyer what data they used to determine their offer. Often times you can use this knowledge to explain why you feel the house is worth more (for example upgrades and finishes that their comps did not take into account).
British Homes Group can help! Contact us today for a comparable market analysis of your Orlando Villa.
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