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Selling property in a falling market, how to get the most out of your investment.

There are several strategic things you can do to sell your home in today’s falling real estate market. The first and most important decision is to seek out and hire an experienced, market aggressive realtor. A high-energy, dynamic individual, with enthusiasm and proven reputation. Request realtor referrals from family and friends and contact the three individuals. Ask each of these realtors to come to your property, have each of them put together a marketing evaluation and his/her specific action plan as to what he/she will do to sell your home.

The market evaluations you receive should compare your home with at least three currently active competitive listings, three recent competitive sales and possibly three competitive and now inactive listings, which didn’t sell. Once you’ve vetted all three choices, choose with the realtor whose combination of experience, proven performance and action-plan for your home is the most comprehensive. If your property appeals to overseas buyers, ensure your agent understands how to deal with foreign marketing and tax compliance in your area. Be careful not to confuse impressive with unattainable.List your home with your chosen realtor for a 60 day trial, before you commit to a long term contract. Every time the home is shown to prospective buyers, ensure the realtor informs you in advance and also gives you a feedback as to the viewer’s reaction to the home. Be actively involved in how your home is being represented and do everything you can to make your home’s first impression be unforgettable. 

The second key decision in a waning market sales strategy is to price your home correctly. Yes, we all need and want the best price, as in the highest price, but be realistic. A home priced too high will only waste valuable time, energy and money as you listing stalls and you wait out any profits that you might have seen by acting quickly in the correct price range. Based on your understanding of the competition, is the pricing realistic? This is particularly important in a market where prices are falling. If you must sell, price yourself at the bottom of the scale. Remember, If you are selling and buying at the same time as in trading up, the buyer’s market which demands you sell 10 per cent less also allows you to turn around and buy for 10 per cent less.

Key strategy three is to ensure that your listing receives maximum exposure and is advertised in such a way that elevates your home/property and makes it stand out above all others. Your realtors action plan should include a cost effective marketing plan that includes a detailed website listing and full content listing brochure for buyer inquiries. Both should containing professional photographs and be available in both printed hard copy and online formats. Online advertising should be just as stunning and used in as many social media channels as your realtor effectively manages. Paying extra for positioning on web pages as well as in publications can make sure you get top of the page insertion and noticed before your competition. Maximize exposure by placing your home’s listing on the MLS listing service and circulate your feature sheet to all competing real estate offices in your area. Remember that money spent on one large ad is not as cost effective as several smaller ads in multiple publications.

Make sure to supply your realtor with a complete and accurate description of your home/property and all of its stand out features. List every good point, every benefit, your property and your neighbourhood enjoys. Don’t be afraid of putting everything down, people want all information they can. Spell out all the conveniences, which make your location different. Things as proximity to hospitals, police station and the fire hall are important to people, and just might make the difference to tip the scales in favour of your home.Don’t be hesitant to list your home in a falling market, choose a highly qualified market aggressive realtor, accurately price your home and implement a solid marketing plan and it will conclude with a no-hassle sale even with the decline in sales across the province. People are still moving and homes are selling, make sure you are positioned correctly.

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