Selling Your Home in Today’s Market

Turn on the radio, or any cable news show, pick up the paper, and you will see headlines about the current real estate market. Is it rebounding? What does the foreclosure mess mean for those trying to buy or sell a home? The scenarios go on and on. It can leave you wondering when will be the right time to sell your Smith Mountain Lake home. Talk to a local real estate agent, and they can give you the real picture for your area. Selling your home in today’s market doesn’t mean you have to give your house away. It just means you have to know what to expect.




First and foremost, find out the actual market value of your home. Your agent can help you do a Market Analysis of your home. You may have to let go of any preconceived number you have in your head. Or, you may be pleasantly surprised as well! Understanding what your home is worth will help you make the right decision on the asking price.



The Price Must Be Right

Setting the right price makes all the difference in how quickly your home will sell. It is the gateway through which all buyers will pass. I have seen experienced real estate agents setting prices high, because they are afraid of a low ball offer – this helps no one! If the price is set too high, you will often have buyers looking, but walking away to buy a home that has more for the money. Sellers must be competitive in their pricing.



What should you do if you get a ridiculously low offer? As hard as it is to do, bite your tongue and respond with a reasonable counter offer. While it can feel very insulting, don’t let your emotions play into the negotiations. There have been times when a low offer still turned into a viable sale. You have nothing to lose by giving a counter offer.



To Repair or Not to Repair

This may seem like common sense, but if you are asking if you should repair it, you probably need to repair it. While a having fixer-upper was just fine before, now those homes are competing with short sales and bank owned properties. Do what you can to make your home move-in ready. It will pay off.



Lastly, be flexible and be ready! Making sure your home is ready to show at any time is really important. With the internet, buyers can see homes at the click of a mouse. This really helps cut back on “Looky Lous”. Most people who are taking the time to come see your home truly are potential buyers, so keep your home ready to show!

If you have a question about selling your Smith Mountain Lake home, call Vicki Millehan! She is your local real estate resource and a long-time resident of the area!