 Sellers: How to Compete for Buyers with Murrieta Foreclosures
Category: Real Estate Trends
Published: Tuesday, May 05, 2009
Record numbers of Murrieta foreclosures, Temecula foreclosures, Winchester bank homes and other Riverside County foreclosures can hurt a traditional seller's chances of finding the right buyer. After all, you don't want to give your property away at bank owned basement pricing, and you have worked hard to keep your home looking its best over the years. Or have you? Before listing your home for sale in an area heavy with bank owned properties, try these strategies for increasing the value of your home:
Maximize curb appeal
This means making sure your front yard landscaping is neat and trimmed and the exterior paint on your home is in good condition, at a minimum. Many new home buyers are afraid of the maintenance issues associated with Murrieta and Temecula bank homes and will often bypass homes with dead lawns or cracked paint. By keeping your lawn green and planting a few dollars worth of seasonal color plants like petunias, known for their resistance to heat and drought, you brighten the appearance of your home and immediately help your home stand out from the crowd of foreclosures with their withered plants and brown lawns.
In addition, your paint does not have to be new, but you should take care to freshen any cracked or chipped areas. Wooden fascia boards or trim can particularly impact your home's curb appeal so make sure the trim is fresh and in an eye catching color that compliments your siding or stucco finish. Go neutral
Buyers often envision their personal furniture and belongings in a home before they commit to buying. As such, that lime green kitchen you adore might be a turn off for buyers who don't share your "eclectic" design taste and your midnight blue master bedroom might be a bit dismal for the less passionate home owner. Even though you have enjoyed these colorful design choices over the years, taking a few weeks and spending a few dollars to paint your walls a more neutral shade of white or light tan can greatly increase your chances of making the sale.
Likewise, other dramatic design options such as colorful tile, sculpted carpet or designer light fixtures might actually be a detriment to selling your home if the potential buyers do not share your exquisite taste. If the items cannot be easily removed or replaced before the sale, listen intently to buyer's reactions and offer to credit back the amount necessary to make the change after escrow has closed if you sense they dislike the items. Be realistic about the market
Yes, we know your home is worth a fortune. Yes, we know you have upgraded many of the fixtures and amenities over the years. Yes, we know that your children were raised in this house and you have countless memories that cannot be replaced. But we also know, and so do you, that the market is not perfect for sellers right now. If you absolutely must sell right now, you need to be realistic about the home values in your area.
Homes that are priced according to previous high values will have a difficult time appraising for current financing levels, and buyers with cash will want even greater discounts to make sure they get the most for their money. If you have a lot of foreclosures on your street or in your neighborhood, you will need to be even more realistic about your pricing. Work with your real estate professional to determine an appropriate sale price and if don't have to sell right now, consider waiting even a few months to take advantage of rising home values.
Oak Tree Realty Group Murrieta specializes in Temecula bank owned homes, Murrieta bank homes, Winchester foreclosures and Menifee REOs. Whether you are buying or selling, we can help with all your southwest Riverside County real estate needs. Contact an Oak Tree Realty Group Murrieta foreclosure specialists today at 1-877-226-4800.
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