Certified Appraisals, Inc. Blog

Distressed Markets Giving Realtors New Selling Strategies
August 2nd, 2012 7:18 AM

With the rise of distressed sales and foreclosures, realtors have a new challenge: How to sell unsightly homes. When a home has been foreclosed, it may sit for a long period of time, thus being subject to deterioration. Today, vacant homes can be found even in the most desireable neighborhoods. When there is a home in disrepair, it can affect the value of the entire neighborhood. So how do realtors sell a home which may include broken windows, overgrown landscaping, or a host of other unsightly and undesireable issues? There are some new approaches that realtors are taking to deal with this increasing market segment.

Some realtors suggest that homeowners take matters into their own hands. If a homeowner is trying to sell their "good condition" home which is located next to or near an unsightly foreclosure, they can clean up the home themselves, making sure to talk to the owner of the foreclosure first. The unsightly appearance of a home in your neighborhood may affect sale values, and if you take on the responsibility yourself, everyone can benefit.

Realtors also have taken on the responsibility themselves. Some agents, in order to sell a distressed property, are hiring what are called "house-sitters." Some of these services will occasionally inspect properties and handle minor repairs to keep the home from deteriorating and keep it clean in preparation for showings. For some, the expense is worth it since most often a home will sell more quickly if it is properly maintained.

Another tactic may be to simply be honest about your listing. There are, in fact, investors and buyers out there who are willing to buy and are specifically looking for fixer-uppers. If you advertise honestly that the subject is in need of repairs and some TLC, you will attract potential buyers of these homes.

The market is definitely in a different place than it was a few years ago. Those who adapt to the changes will have more successes than if they just keep using the previously successful tactics.

Posted in:General
Posted by JOHN CORDASCO, SRA on August 2nd, 2012 7:18 AMPost a Comment

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