5 Ways to Increase the Chances of Selling Your Santa Barbara Home in Today’s Market
If you are in a situation where you need to think about selling your Santa Barbara home in today's market, here are 5 rules I think that could be of help.
1) Be honest with your price. The most common mistake in a down market is to set your price based on yesterday's market. Generally the first batch
of buyers you get in the first 10 days will tend to pay the best price. If you don't attract any of them, you are potentially in for a long haul with a slower market. If there is a lot of inventory in your area then you need to create a buzz. If you end up not getting an offer in the first 2-3 weeks and you feel that it is because of price, do a large price reduction instead of setting out on a path of baby steps in price reductions.
2) Use a qualified realtor. Doing things on your own such as a FSBO is very hard in a slower market. You will have to work a lot harder than you can imagine to market your home these days. Also, hire a Realtor with some experience and not someone who just got into the business. You should use an agent with a track record in a slower market.
3) Stage your home to sell. Get rid of clutter, pictures of grandparents and your latest trip to the sea and sand. Create glam and a focal point in each room. Paint your home with a fresh coat and choose neutral colors as well as spacious colors.
4) Offer incentives for the buyer. We know about all the issues with financing these days. There are also plenty of horror stories for well qualified people. Make your home more affordable for a first-time buyer with offering to pay all closing costs for example. A $3,000 hit at close of escrow looks a lot nicer than no one knocking on the door and then having to contemplate a $35,000 price reduction.
5) If you are under water on your mortgage, look for options. If a family issue or a job is compelling you to move, you don't have a ton of options. If it is a job for example, then ask your new employer to help with your loan and sale. Another option is to become a landlord. Our rental market in Santa Barbara is strong and maybe the best option is to wait out the slump as a landlord.