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advice for sellers in a slow real estate market

Mar 2, 2008
The first part of this decade was glorious for home sellers. Just stick up a sign on your home and get an offer. Well, things have changed and so must your approach. Here are some advice that will help.

1. When selling your home, it is important to understand the difference between home values and prices. The value is something determined by the appraisal. The price is what you can get for it.

2. Buyers are always going to offer less than the asking price, so make sure to list a sales price that is higher than what you want. This gives you wiggle room to negotiate and avoids a situation where you are trapped by your initial asking price.

3. When you decide to sell your home, giving the kitchen the once over is a good first step. Kitchens are unique in our daily lives. For some reason, we always seem to congregate there. Buyers know this and will be focusing on the condition of yours.

4. Whether buying or selling real estate, it helps to be flexible when it comes to negotiation. One mistake for sale by owners make is to pick a fixed position. If there is a roadblock in negotiations, try to think outside of the box to solve it.

5. Some offers for your home are better than others. A contingent sale is a bad one. The potential buyer makes their offer contingent on selling their own home first. Avoid these like the plague.

6. When searching for homes, buyers focus on those they can see. Regardless of where or how you market, you must include home photographs in your marketing material.

7. When showing your home, you need to have a friend watch your pet. You also need to go through the home and remove all pet odors, hair and so on. Once you sell the property, you can buy another one with a bigger yard for your little one.

8. If your home has been on the market for several months and has not sold, you can bet it is for one of 3 reasons. It is priced too high, it doesn't show well, or you haven't brought it to the attention of enough buyers.

9. The true price of a home is the market price. The market price is not the asking price, the appraised price and so on. It is what the seller and buyer agree it is. If you are selling, do not hamstring yourself with anything other than that.

10. Many people work so hard to get an offer on their home that they do not know what to do once they get one. Your choices are to accept it, reject it or make a counter offer.

If you are a seller, the real estate news probably sounds pretty grim. It really isn't. There is always a market for sellers and buyers. You just need to put your nose to the grindstone a bit. Since most people don't, you'll have an advantage and get that sale.
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