THE TOP TEN TIPS FOR A SUCCESSFUL SALE

The summer of 2010 marked the fifth year of a buyers market on Hatteras Island. We are cautiously optimistic that it may have also marked a turning point in the real estate cycle for residential properties. The number of home sales increased, and the four-year decline in average selling prices came to a halt. This is certainly good news because, at a minimum, the data suggest that the islands real estate market is beginning to stabilize.

Even with this favorable development, it appears that it will be some time before market conditions once again favor sellers. We would like to offer the following ten observations and recommendations to assist property owners to increase the probability of selling their cottages and lots.

1. Owners are selling their properties in a market characterized by a wide gap between supply and demand. The significant disparity between supply and demand is resulting in a decline in selling prices.

2. In this type of market, price is a sellers most effective marketing tool.

3. No one knows the exact price point at which your property will sell.

4. The market will determine your selling price.

5. Sellers need to set a listing price that jumps off the page at prospective buyers and their agents.

6. There is no point in setting a high listing price and hoping that a buyer will respond to it.

7. In a declining market, the sooner you sell, the more money you will make, and the less money you will lose.

8. There is essentially nothing that you can do to speed up the sale of your property that will be more effective than reducing your price.

9. The best feedback that you will receive concerning the competitiveness of the price of your property is the number of times your property is being shown and the number of offers that you are receiving.

10. In todays market, the first offer that you receive will often be your best offer.

We fully understand that the message that we are communicating may not be what most sellers want to hear. It is, however, what property owners need to hear to be successful in the sale of their properties under current market conditions.

For the time being, we need to recognize that we are all in a new game and that the greatest success will be enjoyed by those who are aware of the new rules and choose to play by them.

We invite you to read the full text our report, Straight Talk for Sellers, by requesting a copy using the information request screen or by sending us an e-mail at hranicka@hatterasisland.com.