It’s no surprise to anyone that we are in a Buyer’s Market. I have been really concerned with the lack of showings that my client’s properties have been receiving, there is no doubt. But what about those that are being shown occasionally? How can I help my client’s just get an offer?
1. Price It Right!
In this market you have to be priced at the lower end of your realistic price range. In addition to be one of the lowest price homes in your immediate market, you must offer more than the competition for less. You may ask, “what do you mean more for less?” Maybe you leave the refrigerator instead of taking it, or better yet, in new construction you buy one! Basically you want to be able to have the best home on the market in your price range.
2. Prepare For Showings
Begin preparing for client showings a minimum of 2 weeks before you list the property. Having your North Georgia Mountain Cabin ready for a viewing is crucial for an offer to come in. In a market where less than 10% of the homes are even receiving an offer, you do not want to give them any reason not to want to do so.
If you are marketing a newly constructed home or cabin, make sure that the cabin is completed and that all the construction debris has been cleaned up inside as well as outside, especially outside because curb appeal really goes a long way. I have recently had some clients that finished the outside of their cabin 100% before they began finishing the inside.
3. Be Flexible About Showings
If you are living in the home or cabin you are marketing, make it as convenient as possible for the clients and customers of the North Georgia Mountain Real Estate Agent to show your property. I can say from experience that in an area where we have so many Cabin Rentals, it can sometimes be challenging to show property due to occupancy,especially if your customer or client gives little or no warning that they would like to go and view properties. Bottom line, sacrifice if necessary to make sure that each and every opportunity to view your property is awarded.
4. Anticipate An Offer
Make sure that you and your Realtor have a game plan together for the offer when it does come. I have recently even prepared Reverse Contracts for my clients. A reverse contract is simply just that, a contract in reverse where the Seller makes an offer to a potential Buyer. Sometimes this is what is needed in order to encourage the customer or client into an agreement. You can also just know what your bottom dollar will be, but always be prepared to even negotiate that price in a Buyer’s Market.
5. Don’t Refuse To Drop The Price
Pricing your North Georgia Mountain Cabin or Home from the start is so very important, otherwise you will be chasing and staying outside the market instead of being in the market. Pricing a property high “just to see what it might bring,” is something you may do in a Seller’s Market and NOT something you do in a Buyer’s Market.
Occasionally I miss the mark and may price a property too high, or I simply decide to take an overpriced listing, usually against my better judgment. When either of these two scenario’s occur, I try to follow a simple plan that I learned through extensive training with Keller Williams Realty. That is, if a property sits for over 30 days with less than 10 showings, then you are simply priced to high. On the other hand, if you have more than 10 showings, but you have not received an offer, you again are priced too high. Remember…Don’t refuse to lower your price!
If I can help you in buying or selling a North Georgia Mountain Cabin, Home or Acreage, please give me a call (706.633.8186) or send me an email at ChadL@KW.com. I would absolutely be grateful just for the opportunity to talk with you about all of your needs.
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