By now, everybody in the United States knows that the country is in the middle of a major correction in the real estate market and the city of El Paso is no different. With news of price reductions in all major news channels, home sellers that have to sell expect the worst.
Most real estate markets have price reductions unlike we've seen in many, many years. Many times home buyers are seeing "instant equity" the day of their closing because houses are priced way below appraised value. Even with these changes in this market, home sellers still need to sell and home buyers still need to buy.
What to do? The more prepared home sellers are the better their outcomes. With literally thousands of homes for sale in El Paso County, the home seller must do everything possible to have their home stand out amongst a sea of MLS listings.
Whereas location, location, location used to be the single most important criteria for home buyers, the presentation of the home at the initial showing has taken over as the most important item:
- Is the entrance to the front door free of debris from yesterdays sand storm?
- Does the inside of the house need paint? Upon entering does the house look clean?
- Was there a pet living inside the house? Does the house smell clean?
I can't tell you how many times my home buyers ask to see a house that is not in the area that they initially were looking at. Either because they drove by a house that "looked nice on the outside" or they saw a set of very nice photographs online along with virtual tours and great listing information. And yes, I end up selling them the better looking home.
Ultimatelly, what's going on inside the home buyer's mind is, "If I buy this house, what's in it for me?" Check with your listing agent and ask if he or she has any other ideas to placing your home listing in front of more home buyers and then, listen to his advise. It may cost you just a few hundred dollars to paint the inside of your home now but, it is almost guaranteed that you'll make up for it in thousands of dollars at closing.
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