Listing Your Vernon North Okanagan Property
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2008/09/04 Originally published in the Vernon Morning Star.
We have just come through a few years of a marketplace with a shortage of available homes. Not often during that period did we see much of a selection for buyers to choose from. Over this last few months there has been a significant increase in that inventory. When compared with the same year to date period in 2005 the increase is some 16+ per cent. The market remains excellent and is still very busy, but there are clearly more choices for buyers.
This change means increased competition for sellers. Presently, if sellers sincerely mean to sell, they will need to set their price at close to market value. It is no longer wise to offer it at an overly optimistic asking price. The reason for this is that buyers will make their offers on the houses they like that are priced the most fairly. All buyers naturally want the best deal they can get, no matter what the existing market conditions are. Sellers often think that buyers will make an offer even if the buyer sees the listing as overpriced. But, this is seldom the case. Buyers usually just pass by overpriced listings and give their attention only to the well priced ones. Best to get your realtor's opinion on the proper asking prices.
As important as pricing is the presentation of the home. On a more competitive market a seller has an increased need to have the home show as well as it can. If it fails to do that, buyers can and will choose another property, now that there actually is something of a selection of alternative homes to choose from.
The removal of excess belongings is important. They should be sold, donated or given away and the remainder should be stored elsewhere. Good storage units are available and affordable. Everything in the home should be scrubbed and cleaned. Places like window frames and sills, baseboards, shower stalls and toilet bases should not be overlooked. A fresh coat of paint in an up to date neutral color is also a good idea.
For the best possible dollar, sellers should consider home staging. This involves positioning furniture, removing personal pictures and memorabilia, displaying the right art, and the like. Its a process meant to help the home be appealing to a broader number of people and to make the home show better than its' competitors. Many realtors can give valuable advice in this regard. There are even professional home stagers that can be hired for fees in the range of $90.00 to $300.00. If a seller can get extra dollars (sometimes thousands) on their sale price then this service can be a bargain. Presenting a home for sale properly can result in a faster, easier sale.
Jane Field works with the Jane Field & Louisa Cochrane of RE/MAX Vernon. Jane has over 30 years experience in the Real Estate business. To suggest topics for future articles or to ask Jane questions, email her or call 503-3755.
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