Wakefield Reutlinger Realtors July 2009 Newsletter

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REAL ESTATE

A Publication of Wakefield, Reutlinger and Company/Realtors

ALL THE WAY HOME...

425-0225

AND COMPANY/REALTORS

Insider

How Does a Seller Get an Offer in a Buyer’s Market?

Vol. 1 No. 19 July 2009

Wakefield,Reutlinger

Source: Greater Louisville MLS.

LOUISVILLE

W R r e a l t o r s. c o m

Buyers have been quick to see the change in thereal estate market moving in their favor. In a buyers’market there is an abundance of homes on themarket for sale, but not as many qualified buyersshopping for homes. Many sellers, however, have been slower to understand the new market dynamics.Most think they have the best house in theneighborhood and that it will sell quickly. Intoday’s housing market sellers are finding their houses sit on the market much longer than theyever have. So, how can they get their house sold?And how can they get the most money for their house?In any market condition there are always peoplewho are ready, willing and able to buy. If you area seller in today’s buyers’ market, it means your house has to stand out among other homes for salein your area. There are three ways you can makeyour house more attractive to buyers.

Prepare your house to be in turnkey condition.

This means that when a buyer looks at it, they willfeel they can just move into it without having to fixa thing. In a seller’s market you can get away withwalls that need painting or carpet that needs to bereplaced. But now, buyers are picky about thedetails because if yours doesn’t suit them, theyhave many more choices. Buyers in today’s marketwill only consider a home that needs work if theycan get a great deal on it. In order to get the mostfor your house, you need to look at it critically andmake all necessary repairs. Clear clutter and extrafurniture. Clean the outside and inside thoroughly.Make sure the landscaping is well maintained.

Set the price realistically based on what today’smarket will bear.

Forget about what your neighbor sold his house for last year. Setting your price right will catch buyers’ attention. If you set ittoo high, buyers will not even look at it. And, it isnot advisable to set the price high with the expecta-tion to lower it if it doesn’t sell. The longer ahouse sits on the market, the less desirable it be-comes in the eyes of buyers.

Sweeten the deal.

For example, you could offer to buy down the buyer’s interest rate (subject to theunderwriter’s approval); pay some or all of their closing costs; pay one year of their homeowners’association fees; pay for a swim or tennis clubmembership. You could also throw in the flat-screen TV, washer and dryer or a gift certificate toa furniture store. The less money a buyer has toshell out, the higher the perceived value.

Real

state

Update

E

$29,999 or under 335 416$30,000-39,999 129 127$40,000-49,999 162 120$50,000-59,999 147 162$60,000-69,999 189 150$70,000-79,999 217 162$80,000-89,999 263 233$90,000-99,999 318 213$100,000-119,999 678 576$120,000-139,999 744 531$140,000-159,999 613 430$160,000-179,999 386 353$180,000-199,999 333 273$200,000-249,999 542 429$250,000-299,999 335 249$300,000-399,999 340 237$400,000-499,999 137 93$500,000 or over 17295

Price Jan 1-June 30,08 Jan 1-June 30,09

Year to Date

Sales by Price RangeGreater Louisville AreaSingle Family Residential & Condo

Jan 1-June 30,08 Jan 1-June 30,09Houses Sold 6040 4849Average Selling Price $168,136 $154,886Median Selling Price $135,000 $129,900

Year to Date

Residential Sales StatsSingle Family Residential & Condo

WRrealtors.com

Ranked Top SpotFor Business

The results from Market-Watch’s 2nd ranking of the bestU.S. metro areas for business places Louisville in the top 50.Ranked in the 32nd spot,Louisville was one of the cites,for various reasons, that madesome of the biggest moves.This years ranking looked atseveral small-business categories.As with last year, the rankingsare purely result-oriented andare based on available data in 8categories from variousgovernment agencies andfinancial organizations, aswell as two business publica-tions, Fortune and Forbes. No subjective criteria such as“quality of life” were included.

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