Sunday, March 1, 2009

Things to Keep in Mind when Selling Your Home in 2009

by Lionel Creech

Selling your home in 2009 will be no easy feat after real estate markets have plunged anywhere for 20-50 percent depending on your location in the United States. It is important to keep a positive attitude and take every step necessary to make your house appealing to buyers. In many cases and according to date, it seems that sellers have just given up trying to sell. To put the situation in perspective, housing prices have fallen from their 2006 peak approximately 23%, while sales volumes have declined 31% according to NAR data. Approximately 45% of all sales today are foreclosure related. The market is basically stagnant with too few buyers willing to meet current price levels. Another grim statistic is that 70% of all mortgage applications are for refinance.

However, in a declining market, there are still simple strategies that can help entice buyers and keep you on top. It is commonplace now to see more than 5 homes for sale on the same street yet this can be advantageous. Neighbors should work with each other in order to coordinate open houses and to show how friendly your neighborhood relationship is. Presenting your house in top shape is rule number one if you want to even consider selling your house. Invite other guests over to see the layout and presentation of the house and you should receive compliments and positive reactions. Invite several agents over to complete a comparative market analysis (CMA). This will help you get an idea of pricing and marketing strategies which the agents will implement during the selling process. It is also crucial to accept reality. The housing market is tough so you need to educate yourself on surrounding house prices, find out the average number of days on the market, and keep up to date on ads and your schedule.

Finally take your time and do not be driven by greed. Make sure you read all the documents and fully understand them. A mistake in the documents and the warranties they contain could seriously affect your finances. You can always go through a lawyer to ensure a clean deal. Focus on your efforts and what you can control and give your house the best presentation possible.


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