Selling properties in down markets can present challenges for sellers in terms of pricing and time, but there are steps sellers can take to improve their results. Working with a seasoned real estate professional like Mike Kobeissi is the first, best step in dealing with unfavorable market conditions. Making practical decisions based on the circumstances can save money over the long run.
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Calculate Holding Costs
Although real estate prices may be falling in your area, holding on to homes for long periods of time can also have associated costs that make selling quickly more advantageous. This is true when dealing with vacant rental properties or vacation homes. If mortgage payments are becoming untenable for sellers, a quick sale may be painful but the right decision. Evaluating holding costs is a best practice made easier with the help of a professional such as Kobeissi. An objective analysis can help save sellers’ money.
Offering buyers concessions is another way for sellers to get their home sold quicker. Whether it’s repairs and maintenance or offering to pay for all the closing costs, making the deal more attractive for buyers is important for success. Kobeissi is effective at negotiating repairs, maintenance, and other concessions, to keep buyers engaged in transactions. He also knows contractors and tradesmen capable of handling repairs cost-effectively.
Remain Patient & Practical
Every seller’s financial situation is different, which translates to varying outcomes when selling in down markets. Sometimes it makes financial sense to sell quickly, while other times it’s advisable to leave homes on the market for longer. A combination of patience and practical action is needed to get the optimal results when selling. While it can be difficult to wait or take a loss on a home, working with an experienced professional like Kobeissi can make selling easier.
Staging homes to optimize lighting and floorspace can change the way your home shows to buyers. It may be worthwhile to work with a professional interior designer to stage homes effectively. Kobeissi can offer guidance on how to stage homes and make them more presentable. The importance of curb appeal cannot be understated when there is fierce competition in the marketplace.
Mike Kobeissi is an experienced broker and realtor specializing in buying and selling La Canada properties and the surrounding Foothills. Down markets are challenges for sellers, but with the right guidance, it’s possible to negotiate favorable sale prices and generate value for all stakeholders in property transactions.