Home Selling Tips in a Down Economy

Selling a home can sometimes be frustrating, especially in a down economy. But it doesn’t have to be....

“If you’ve decided to sell your house during these tough economic times, take heart, it can be done. Although you can’t change the economic crisis our nation is currently in, you can be proactive and informed about what to expect so your house can stand out from the others on the market. When attempting to sell your house today, some of the most common obstacles you’ll face are: dropping home values, a record number of foreclosures, and a shortage of buyers due to the current credit crunch. At a time when you need every edge you can get, every little bit of extra effort helps.

Proper pricing is critical to selling your house in the kind of market we’re in. Although it might be difficult, this means pricing your home for what it’s worth and that isn’t necessarily the same price as what you paid for it or what you think it is worth. You’ll also want to check with your mortgage lender to determine your mortgage balance (if there is one). Then you can just subtract your asking price and closing costs from your mortgage balance to determine how much money you stand to make (or lose) on the sale of your home. If you’re hiring a real estate agent, they’ll be able to help you come up with an appropriate price for your house. If you’re not, check out the price listings for other comparable homes in your area, and consider your home’s appraised value.

Stage your home effectively. Sometimes the difference between getting an offer and not getting an offer depends upon the way you present your home to potential buyers. The basics of home staging are depersonalizing and de-cluttering: packing up personal photographs, family heirlooms, and everything else that might prevent buyers touring your home from imagining how it could be theirs. Focus on transforming your home back into a house; a product optimized for sale. For more help, hire a home staging expert.

Hire a Realtor and market your house as widely as possible: word of mouth, newspaper and local magazine ads, the internet, open house, flyers, etc. Remember that the more leads you get out of advertising, the more likely you’ll get the response you’ve been looking for.”

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