Slow Market Sales Tactics

When a property is listed for sale with a Realtor a listing contract is signed. This contract has a start and end date. If the property is unsold by the end of the contract the listing is said to have expired.

So far in 2008, in an area which includes Nelson, Nelson rural, Kaslo and Salmo, there have been 240 expired listings compared with a total of 171 expired listings for all of 2007. Over the past 7 days alone there have been 64 listings expire.

Some of these expired contracts will be re-listed however some Sellers will decide to take their property off of the market permanently. Seller fatigue being the term used to describe how Sellers are feeling after being unsuccessful in selling their homes. Being a Seller myself I understand the emotional roller coaster that causes this fatigue.

No matter what the market conditions the best that you can hope to do as a Seller is sell for fair market value. To do this requires constantly reevaluating market conditions and revisiting price. The current economic uncertainty has certainly slowed the activity in the real estate market however properties do continue to sell.

Properties that are selling have successful achieved the following two things:

1. Priced it Right - For a property to sell right now it must be the most well priced home on the market. There can be no question as to the value. In short when it is viewed by prospective Buyers it should appear to be a deal.
2. Be Prepared - Have all of the maintenance issues looked after, hire a home stager, have information regarding utilities available and be mentally prepared to negotiate.

In 2008 Buyers have more to choose from and can take their time before deciding to place an offer. Sellers must be aware of the competition and be ready to compete to successfully sell in this Buyers Market.