Real Estate Article: Getting that Extra Edge in a Buyer’s Market
05/19/2006

The Chino Valley Valley real estate market has been slowing down for quite some time now. With well over 300 listings in the unsold inventory index and only about 1/5 of the homes actually selling, the current market appears to be leaning towards a buyer’s market. As a buyer, the market is flooded with listings and this a perfect time for you to find that home you’ve been looking for. As for sellers, achieving a successful sale won’t be nearly as easy as it once was, you'll need to find that special something to set you above your competitors. The secret to getting that extra edge lies within the way you present your property.  
             With so many homes to choose from, what do you think makes a buyer pick your home? It is the feeling that they get when they are inside, the feeling that tells them, "This home is perfect for me." When there are over 300 homes to choose from, a buyer isn’t looking for a home with potential or a home that just needs a bit of work, they are looking for something perfect for them just the way it is. If you want your home to be in that top 20 percent, then you’ve got to recognize the potential and act on it. You need to get that bit of work done for them. Most of the homes that are actually sold in our current market are ones that already have many upgrades and are decorated to maximize its aesthetic value so ideally, you would want to achieve those standards for your property. If you already have many upgrades, then make sure your property is beautifully decorated. If your property lacks upgrades, then add them to the extent of you budget. Do whatever you can to improve your property’s appeal. 
             I stress the importance of upgrades for a number of reasons. As I mentioned before, buyers are going to be pickier since they have such a large number of homes to choose form. Another important reason is because most buyers are already going to have a huge loan to purchase a home and they most likely won’t have the means to fund additional upgrades. Most of the down payments on purchases range from very low percentages to 100% financing. Without substantial equity, they would need to wait quite some time before they are able to add their desired upgrades. It would be much more convenient if they could just purchase the whole package without having worry about future upgrades. In the current market, your chances of making your money back from investing on upgrades are very high and it is even possible to get more.    If you don't have the time or budget to add upgrades then I suggest you compete in terms of price. A common misconception that most sellers have is that if another similar property can sell for a certain price, then they can sell for that price too. People think that just because two homes are similar in size, they should be able to sell for the same price but they forget to take into account the upgrades and amenities that could also affect a property's selling price. You need to make sure your asking price is an accurate reflection of your property's features. In fact, you might want to list your property for a below market asking price just to attract potential buyers. You should also keep in mind that the current median prices are comprised of sales from the best homes out of the 300+ available listings. Unless your property is on par with the top available homes, the median price does not serve as an accurate tool for comparison.

             To sum it all up, in order to get that extra edge over your competitors, you need to do everything you can to improve your property's appeal. This means making all repairs, adding as many upgrades as possible, and redecorating to maximize aesthetic value. If you don't have the time or the money to do so, you need to adjust your property's asking price so that you can at least appeal to buyers in terms of price.

Close Window

Serving Areas: San Bernardino County (California), Riverside County (California), Los Angeles County (California)
Serving Cities: Chino Hills, Chino, Eastvale (Corona), Walnut, Diamond Bar, West Covina, Rowland Heights.
#1 Realtor, Chino Hills #1 Realtor, Chino Valley Local Top Agent, Chino Hills Real Estate Specialist,
Chino Hills Real Estate Professional Realtor.