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Selling Your Home In A Soft Market

Jun 28, 2008
The red hot housing market has turned quite cool over the last year in many parts of the country. With so many homes on the market and little demand, real estate prices have stagnated or worse - dropped substantially.

It used to be a seller's market with many homes ending in fierce and profitable bidding wars, but with the current real estate slump, many homes are sitting on the market unsold for months at a time. Many of these homes have extremely high mortgages that require monthly payments making many owners extremely anxious to sell. If you are an anxious seller, you could easily drop the price of your home- which would make it more attractive, however your losses may prove to costly- so what is a seller to do? Here are some tips that will not only help you sell your home quicker, but also save you some money in the long run.

Sell Your Property on Your Own

Real estate agents can be quite costly - charging 6% commission which in this market can be the difference between breaking even or losing money. If your home is worth $300,000, choosing to sell your home on your own can save you $18,000. This money can be used to market and advertise your home and also add improvements to it to make it more attractive. You can also choose to use this money to lower the price- passing on the savings to the buyer instead of handing it over to your real estate agent.

It should also be noted that the internet has made it much easier to sell your home on your own. For sale by owner (FSBO) sites have cropped up all over the internet and there are plenty of sites that draw tens of thousands of eyeballs, increasing the chances that your FSBO listing will be seen by the masses.

Increase Your Curb Appeal

It is extremely important that your home stands out and looks attractive to home buyers. One way to accomplish this goal is to increase your home's curb appeal. Increasing your home's curb appeal is quite easy and can be done on a small budget. Usually curb appeal entails manicuring the lawn, painting the garage door, replacing any old windows and doors. By making the view of your home from the curb extremely attractive, you increase the chances of making a good impression on the buyer. In many circumstances, you only have a few minutes to make a good impression on a visiting buyer, with curb appeal, you can maximize this impression.

Offer Incentives

Another strategy to entice buyers to purchase your home is to offer incentives. An incentive can be a promise to pay for new appliances, add a pool or include furniture or special fixtures to the price of a home. You can also offer to pay half the closing costs as an extra incentive.

By following the above tips, you can beat the competition and find a buyer for your home- even in this soft market.
About the Author
Connie Barker is the owner of several financial websites dealing with Bad Credit and High Risk Loans
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