Selling Your House In A Down Economy

Challenging economic conditions means that the real estate market is ideal for buyers but a graveyard for sellers hoping for a good deal. The housing market in the United States is at its lowest ebb in almost three decades. The Mortgage Bankers Association states that in 2011, 8 million Americans were at least one month behind with their mortgage payments with 5 million of these homeowners two months behind. With huge numbers of houses up for the sale, prices are falling rapidly and sellers are caught in a trap. Below are some tips for selling your home in a down economy for a reasonable price.

Find A Great Realtor

Although you can try and sell the property yourself, it is asking an awful lot to list your house and do all the ground work without real knowledge of the industry. Despite the fact that a realtor will cost you from 3-6% of the selling price, their expertise could easily make up that difference. Find a local agency that’s familiar with your neighborhood including knowledge of comparable properties in the area, school systems etc. Check the realtor’s sales history over the last few years. You want a successful realtor that is not too busy to give your property his full attention.

Marketing Plan

Your real estate agent is responsible for producing a marketing plan but it is your duty to familiarize yourself with the plan as it’s an essential element of driving traffic and getting more people to view your home. Your property must be visible on top internet sites such as realtor.com. The best realtors have their own website so make sure your property is on display there too.

Preparation

This is your chance to shine. Walk through the home with your agent and he should be able to point out things that may turn off potential buyers. The good news is that preparation work for your home can be performed on a relatively tight budget. Take care of the property’s exterior first with neatly trimmed hedges and colorful flowers always a plus. Repair any bricks or handrails that are loose and also ensure the roof is in perfect condition.

Ensure all walls are painted and carpets are professionally cleaned. Remove all odors to leave a fresh smell and move around furniture to make the living space look as large as possible. If you can’t make your property look immaculate by the time the first viewers arrive, your home will remain unsold.

Price

Look at the active listings, pending listings and recent sold statistics of homes that can reasonably be compared to yours. However, be wary when looking at selling prices as those sales could have taken place a few months ago. Economic conditions can change very quickly so you may have to adjust prices to suit the existing market. Pay special attention to listed prices as this is your competition.

Once you have followed the above steps, you need to be quick to follow-up on inquiries. Your realtor generally handles follow-up activity including emails or phone calls from interested parties. Hopefully, you will receive plenty of interest thus enhancing the possibility of receiving a fair price for your home.