June 4, 2010
You CAN Still Sell Your Home In A Falling Home Market
The seller's market is gone and now that it is time for the buyer's to rejoice, do you really want to sell in the first place? In the good old seller's market days, everybody and his brother put their houses up for sale even if they really didn't want to move, just to realize the profits their home has garnered over the years. That is no longer the case, and values are no longer increasing, but actually decreasing.
In the cases where there is no choice, such as a new job, or a major life change, go about the process of selling like a business, carefully and aggressively. If you have any decision making in the matter, delay selling as much as is possible. The real estate market is cyclical, and this cycle will have its course and eventually supply and prices will seek a new level.
The next decision to make is whether or not you should list with a real estate broker or sell it yourself. The services of a real estate agent realtor may seem very expensive, especially with inflated home prices. Commissions of five or six percent have been seen in the past, and brokers feel they earn it because they have to put so much work into a sale. If you are not going to be able to devote to the project a lot of time and attention, you may end up sitting on the house a great deal longer, which will cost you as much as the commission. Plus, in today's competitive real estate market, many realtors are open to negotiating their commissions.
Your choice of broker is critical. Search all the recent local home sales, and see which agents are responsible for most of them. Then see which ones have the shortest time between listing and closing.
After you found a star agent, stick to her like a tick. Call frequently to see what is happening with your home. Make sure yours is the home that is always uppermost in her mind. Make your house always available for viewing, or allow the agent to have a lock box. There is a great deal of inventory out there, and buyers are not going to go back to see the home that was not available when there are so many others to view.
Prepare, prepare, prepare. Do everything you can to make your house stand out in this market. Attend to any little issues, and even think about hiring a home inspector to make sure there are no hidden ones; you can be sure your buyer will hire one and if he finds something you didn't disclose, there goes the sale. Maintain the home spotless always. Make sure the house presents well even before a potential buyer walks into it by keeping the lawn mowed and trimmed, and making sure there are no unsightly problems on the outside. Buyers have been known to ask the real estate agent to drive right by a home that looks shabby from the outside.
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