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Sunday, Jul. 26, 2009

Sellers: ‘Adjust to the realitiest’

Anyone selling a house anytime should have it in the best condition possible, set a decent sale price and make sure it has good curb appeal.

But in the current real estate downturn, with houses staying on the market longer and more houses available for buyers to choose from, sellers need to pay particular attention to the details.

“Right now for the sellers, the best advice is to price it right from the very beginning,” said Elaine Lee, senior vice president of residential sales for Fickling & Co. in Warner Robins. “A lot of sellers will try to put it on the market higher, and in today’s market it has got to be priced right. When it is, you get the showings right away.”

John Conn, with Conn Realty in Gray, agrees. A house priced too high, he said, “takes much longer to sell and usually won’t bring as good a price as had you priced it appropriately in the first place.”

But there has been some “downward pressure” on home prices lately, Conn said. “People who bought a home three years ago and paid full price won’t command the same price now.”

For example, one Jones County owner bought his home three years ago for $187,500, Conn said, and recently two similar-sized houses in the same subdivision sold between $162,000 and $165,000.

“So, it’s very, very difficult,” Conn said.

And while prices may be down some from a couple of years ago, serious sellers shouldn’t think things will get better anytime soon, said Guy Gunn, senior vice president with Fickling & Co. in Macon.

“If our prices are lower, they are not much lower,” Gunn said. “Neither do I think they are going to be bouncing back in the next several months. ... If you need to sell, you need to adjust to the realities of the market.”

This is not the time for homeowners to put their house up for sale just to test the market, but a serious seller should clean up the clutter and be ready to have an agent show it when they have a potential buyer.

“Decluttering a house and having it in good condition by making minor repairs ... certainly sends the signal that it’s been taken care of overall,” said Dale Washburn, principal broker at Washburn & Associates in Macon.

But the biggest issue “at the top of the list” in the current market is price, Washburn said. “It’s a buyer’s market.”

And since most sellers are also buying another home, and if they are able to buy at a good price, sellers should be willing to “concede some on their price,” Washburn said.

“But sometimes people are not that motivated to sell, and in that case by all means, don’t be pressed to sell at a lower price,” he said. “Wait, take your time. But the buying public is expecting to buy at a good price.

“We certainly don’t suggest that the seller should give the house away” he said, “but it is wise for a seller to be fully aware of what their value is.”