by Angela Brown

Created on: October 28, 2008

Selling Your House After The Real Estate Crash

A recent report by Merrill Lynch indicates that a record 2.2 million single-family homes and condos are now on the market. That's almost 1 million above normal levels, and house prices have dropped throughout much of the country. In most areas, it is officially a buyer's market.

Good news for buyers, of course. But not necessarily bad news for sellers. If you have to sell now, you can still get a good price for your home if you keep a couple of things in mind.

Be Realistic
The goal here is to accept that while you may not get top dollar for your home, you'll get the best price possible if you put out a good product at the right price. Sure, your neighbor made a killing when they sold three years ago. Of course you think your house is just as good, perhaps even better. Humility is key here. Accept that you can only get what the market can bear. Don't involve your ego. Don't put a price on your memories. See things for what the are, and accept it.

Be The Best You Can Be
In a buyer's market, your house MUST be move-in ready. Period. Paint dingy walls with a nice neutral shade. Replace dirty carpet. Make sure all of those "little" things you've been meaning to do get DONE. Clean from top to bottom, and clean well. Get rid of clutter. Scale back furniture to maximize room sizes. You are much more likely to find a buyer if you leave nothing to chance. Give them every reason to say yes!

Spy On The Competition
Your home has to be better than the competition. Get on the Internet and look at listings in your neighborhood. Check out the photos. Visit every Open House that you possibly can in your area. Pay attention to what those homes are offering compared to yours. What do you have to do to make a buyer choose your house over the others?

Price It Right!
Today's buyers are super-savvy. They've gone to home value web sites. They've done all the research on your neighborhood. They know what they should be paying for your house. And in a buyer's market especially, you need to set an aggressive price. The general guideline is to ask only 3 to 5% more than you realistically expect to get for your property. Pricing your home right the first time is absolutely essential. The right price helps you attract more prospective buyers, discourages lowball offers, and saves negotiating time.

Sweeten The Deal
Offer to pay the buyer's discount points so that they can get a lower loan rate. Better yet, offer to pay a portion or all of their closing costs. Be flexible about the move-in date. Purchase a home warranty. Offer to pay for replacement carpet in an outdated gameroom. Any incentive you offer can only work in your favor. You can even offer realtor incentives, such as a $1,000 bonus to the realtor who finds you a buyer by a certain date.

Above all, don't get discouraged! Consult with a great Realtor in your area for help with everything from analyzing the current market value of your home to securing the right financing for your next one.

Learn more about this author, Angela Brown.
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