Proper pricing is key to achieving the highest and best price in the quickest timeframe. However, setting the right price is not always so easy in a soft market with a lot of inventory. There are many options for buyers which gives them the time and opportunity to be deliberate. In the past, pricing at a very competitive asking price or slightly below has sparked increased interest at the outset and even garnered multiple bids. Buyers in today’s market feel they must have a ‘deal’, so make sure to add room for negotiation to your pricing and absolutely do not overprice! Overpricing leads to under-selling. It is important to honestly discuss pricing and strategy with an experienced broker who has a track record in your area and has navigated challenging markets successfully.
First impressions matter. Top-notch staging, de-cluttering and even sometimes minor kitchen and bathroom upgrades will help you achieve the best possible sales price. Even priced appropriately, an apartment can sit on the market if it does not show well, especially in a buyer’s market. The investment in time and/or money up front will save you time and money in the sale of your property. Make sure you work with a broker who knows what it takes to appeal to the broadest audience and make your apartment stand out among the competition.
Be aware that in the current market, inbuilt flawed features that cannot be changed can have a significant negative impact on the value of the property. Examples include lack of views or light, a high maintenance, a low floor and/or limited building amenities. In a strong and competitive market, some of these flaws may be overlooked in exchange for other features, however in a softer market, they are harder to overcome. There are some ways to mitigate some of these through staging, painting, lighting and furniture placement. For others, make sure you are priced appropriately.
Choose a broker who understands how to create an effective marketing strategy that is tailored to your property. Be certain they understand the selling points and can customize an approach to appeal to the most suitable buyers.
Although it is a buyer’s market, there is an advantage for sellers as well. This market offers a wonderful opportunity to ‘trade up’ for a new home that is either larger or has upgraded features to that of your own such as better views, nicer amenities, or superior location. Buying and selling under the same market conditions can be beneficial as the reduced prices on the buy side often make up for the lower sale side.