Managing seller expectations in this buyer’s market

You wouldn’t think so given all the snow and bitter cold but it is time for sellers in Illinois to get ready; the spring housing market is coming.

And there’s good reason to believe more buyers will be looking in 2011.

Buyers can afford more home with low mortgage interest rates and lower home prices. There’s a lot of pent-up demand from buyers who put their plans for a bigger home or relocating on hold during the recession. Plus any uptick in mortgage rates could spur action earlier in the year as buyers try to grab the lower rates for their move while they last.

Setting the right price remains one of the most important issues for sellers in this market. REALTORS® know if you want to sell, the price must be compelling and based on current market conditions in the local area, which vary widely from one neighborhood to the next.

Here are several tips from Illinois REALTORS® for managing the seller expectations in this buyer’s market, from the January Illinois REALTOR® Magazine.

  • Educate your sellers on the fine points of the current market, including how many homes are listed for sale, how long they’ve been on the market, how many price reductions they’ve experienced, and other valuable pieces of information.
  • Highlight the home’s value and the strategies that you will use to get it sold.
  • During the listing period, stay in close contact (via phone,e-mail, mail and in person) with the sellers, letting them know about any activity that’s taken place (or, the lack thereof) and feedback you’re hearing from buyers and agents.
  • Know the markets that you’re working in. If someone says “Well, this guy just got $675,000 for his home” and you know that the price was more like $575,000, be able to recite the accurate figures off the top of your head.
  • If the home doesn’t sell within the expected time frame, consider upping its curb appeal and/or staging the interior to make it more appealing. Oftentimes a seller will get a significant return on investment for taking steps to make the home more attractive on the inside and out.
  • When pricing,don’t just look at closed sales. Instead, look at the current competition on the market. For an effective reality check, invite the seller to visit those other homes by driving by, or even going inside.
This entry was posted in Housing Market, Illinois REALTOR® Magazine and tagged , , by Ann Londrigan. Bookmark the permalink.

About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR’s Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

2 thoughts on “Managing seller expectations in this buyer’s market

  1. The problem with most sellers in my market is with a near 30% decline in home sale prices the sellers are either upside down on the mortgages or their break even sales number leaves little to no room for negotiating with agressive home buyers. We all know that this is a buyer market at least in my market place. The market inventories are through the roof allowing the buyer to get the price they want with very little need for negotiating. If the buyer doesn’t get the price they want they move on to another property.

    Short Sales and Foreclosures continue to increase and now that the government is allowing appraisals of these distressed properties to be figured into CMA’s only futhers this vicious sprialing down cycle of home values. Sometime has got to give, the job market must dramatically improve and the only way that will happen is when Uncle Sam along with state government provides the needed incentives to bring back companies that have taken their business overseas to decrease the expensives and improve their profits. It’s all about the money folks!

    Sincerely,

    John Disera ABR, SFR, e-Pro
    Spring Realty Inc.

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