Selling A House In A Down Market

jntprkns | Jul 8, 2010 |

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Are you one of the people with a home to sell, wondering what this economy is going to do to your investment? With the recent unstable economy, home prices have been hit pretty hard, across the country. Not all areas are suffering the way some are, but even in locatios where homes are selling the prices are not climbing back to the highs we all saw a couple years ago. Selling a house fast is high on the wish list of many people who, because they need to sell their home, are unable to move, switch jobs, or just free up equity.

Yet homes are selling. There are just certain steps that home sellers need to take to sell a home fast in a down market environment. A good real estate agent will help in some of these areas, but many real estate agents haven't been through this type of recession before. Make sure you have someone who is realistic, understands your goal of selling fast, and has good ideas about how to make that happen.

Something agents may or may not tell you is that the number one factor in selling a home is price. Many sellers are still pricing their home at the highs of a few years ago, unwilling to face the fact that that train has left the station. As a result, their home sits on the market, and with every passing month, gets harder and harder to sell. Pricing your home at the current market price is the best way to get offers and hopefully as sale.

Making sure that cosmetic changes are fixed up is another key. In a buyer's market, buyers are used to thining that they can get exactly what they want, because prices are low. Why would they buy a house that needs paint, when for the same price the next house they look at is in updated condition? If you can spend alittle money to freshen up paint, remove wallpaper, or clear out clutter, that can improve the presentation of your home and won't be too big of an investment.

Finally, do everything you can to get the word out. Just listing a home on the multiple listing service and putting an ad in the paper is not enough. Many listings through real estate offices automatically go on the Web as well. But who will find that webpage with your home on it? Be sure your home listing is also in Craigslist, on fliers, that plenty of photos are included, and that open houses are scheduled. Tell everyone you know. Email the link to your email list of friends and ask them to pass it along. Ask at work if you can post a flier somewhere. To sell your home fast, you'll need to help your agent market your property.

You can sell a house in a down market if you adapt to the new realities of price, buyer expectation, and Web 2.0 markting styles.