According to Broderick Perkins, “new home sales are down more than 12 percent, and resale home sales down even more - 27 percent.” The end of the tax credit also means home sales have slowed.
The metropolitan D.C. area is an economic oasis, with an unemployment rate of 6.2 percent (under the national average 9.6) but we're not exempt from the difficulty of the current buyers' market. Even with interest rates at record-setting lows (less than 4.3 percent) buyers still have their pick of many unsold houses.
That means sellers should contribute everything they can to better their odds of attracting a buyer. Here are some practical things you can do:
Don't set your price too high. Setting a hefty price will keep many potential buyers from even considering your home. High-tagged homes take too long to sell so sellers usually end up having to drop the price anyway.
Polish up your home. A clean home has better odds of selling no matter what the market. Make it feel warm and ready to move in. Presentation is crucial—a few aesthetics can make thousands of dollars of difference.
Be hospitable (don't push). When the selling pressure's on, people turn off. On the other hand, a welcoming, relaxed environment will help people imagine that they really are at home. Be conversational and offer to answer questions.
Don't sell window shoppers. Recongnize that visitors who aren't channelled through a real estate agent are likely just browsing the market. Perhaps they are months away from wanting to buy, they have to sell their home first, or they lack the necessary purchasing power. Separate the serious buyers from the tourists.
Know the fine print. Both in signing a real estate listing contract with an agent, or in signing on a house, know the legal details. Things like zoning laws, resale fees and other hidden conditions can cause trouble if unnoticed.
