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Sellers need to know what buyers want

By Justin Hunter

If you own a sales business, what is the first thing you have to establish? Exactly, your target audience and what they want. Any business, now matter how glamorous the package is, will not succeed unless they are selling something their target audience wants or needs.

This is even more important in the real estate industry, where one buyer is often your whole business. All you have to do is sell one product; your home. And the best way to go about accomplishing this is to determine exactly what your buyer wants and/or needs.

Sean Remington attempts to remedy the seller’s distress, especially in the current buyer’s market in his article, “How to Improve Your Odds when Selling Your Home,” which was posted on ezinearticles.com.

“Sellers, it is time to polish your presentation if you intend to sell your residential property in today’s changing market. With increasing inventories of unsold homes and the softening of real estate activity in many areas, you will probably be facing greater competition in the marketplace. Knowing what buyers want will greatly improve your chances of making a profitable sale.”

The first and probably most important thing to understand is that buyers want reasonable asking prices. It sounds obvious but it is amazing to go on a MLS web site or see a “for sale” sign with an asking price that even you know is overpriced.

Sellers, admit it, we are in a buyer’s market and you home has lost a little value. If you cannot succumb to listing your price for lower than you intended, then maybe you should wait a year or two for the market to bounce back before attempting to sell.

“Get professional opinions of the current market value of your home before establishing your asking price. Ask your real estate agent to conduct a comparative market analysis (CMA), evaluating the selling price of nearby properties with similar features and square footage.”

You also need to remember that comparing your neighbor’s house value to yours is a tool and not a definite solution. You neighbor’s house may sell for $10,000 more or less within a day of each sale. “If your agent agrees it is necessary, hire an independent appraiser to establish an objective opinion of value.”

You need to recognize what it is about your home that buyers will be attracted to.

“Buyers want quality and dependability. With economic conditions in transition, homebuyers are looking for home construction, features and finishing that can withstand the test of time. Classic designs that have proven their popularity tend to be more in demand when market conditions are unpredictable.”

For example, bamboo or oak flooring and custom-designed wooden kitchen cabinets add significant appeal value to the buyer (although your home’s actual value may not change).

Buyers desire comfort and convenience, so amenities that cater to this are always an added bonus.
“Examples include master suites with his and her bathrooms (or at least his and her sinks), soaking tubs and rainforest showers, private exercise rooms and well-organized walk-in closets.”

The last thing that will help you sell your property is to be in the know. Buyers became tired of being bossed around during the housing boom from 2000 to 2005 when sellers basically dictate how much they wanted for a property and when. Now it’s the buyer’s turn and they want the seller to be knowledgeable and to actually try to sell the property. Facts about the property and overall real estate market landscape will convey to the buyer that you value their time and potential business.

You know what they want, now give it to them. Many sellers have been complaining about how difficult it is to sell a property these days but that is just because it has been a seller’s market for so long and they are rusty.

Get back to the basics and actually try to sell.

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