Friday, April 13, 2012

10 Tips for Selling Your Home in a Tough Market

Homeowners who are looking to sell their homes in this troubling housing market may find themselves facing a very steep challenge; potential buyers are vastly outnumbered by motivated sellers. With more homes on the market than interested buyers, sellers are forced to do everything within their power to get their home sold. Here are ten ways to boost your home’s desirability and help it sell.

  1. Shop the Competition – Before listing your home, look around at comparable homes in your neighborhood that are currently on the market. Be sure to look at them objectively; if there are things you think that those sellers are doing wrong, take note so you can avoid repeating it.
  2. Don’t Price Yourself Out of the Market – It can be very difficult for homeowners to realize that the sentimental value of their home doesn’t necessarily translate to a higher selling price. Pricing your home fairly and being realistic is very important in securing a buyer.
  3. Upgrade as Much as Possible – Research the upgrades that can translate into a higher selling price in your area, and make any improvements that your budget will allow. Be sure to look into what upgrades help a home in your area sell, though; you want to avoid spending money that ultimately won’t increase the value of your house.
  4. Offer to Pay Closing Costs – Letting your seller’s agent know that you’d consider paying the closing costs can help a deal go through more easily, and can also motivate a buyer to pay a bit more than they would have if these perks were not included.
  5. Court First-Time Buyers – First-time buyers are often persuaded by the inclusion of appliances, such as refrigerators or washers and dryers; most young buyers don’t yet own these items and may not have room for them in their purchasing budget.
  6. Don’t Neglect the Curb Appeal – The first impression that potential buyers will have of your home is its exterior; be sure that you make all of the improvements you can, both with the exterior of the house and with the landscaping, to boost your curb appeal. It often doesn’t matter how beautiful a home is inside if the exterior is neglected; potential buyers will carry their perceptions throughout the tour of your house.
  7. Make Cosmetic Allowances – If part of your reason for selling is to help ease a financial burden, it may not be feasible to make expensive home improvements. Making cosmetic allowances for things like new paint or flooring can help sway buyers who are on the fence.
  8. De-Personalize Your Home – Though it can be very difficult, it’s important to strip your home of as many personalized touches as possible when you’re trying to sell. Potential buyers need to be able to project their own lives into the home, which is difficult to do when there are pictures of your family scattered throughout; neutral color palettes and minimal personalization help them do see themselves living there more easily.
  9. Eliminate Pet Problems – For sellers with indoor pets, it’s absolutely necessary to keep any litter boxes odor free and surfaces clear of pet hair. Those with possessive or territorial dogs should look into boarding during viewings. Potential buyers who are intimidated by pets aren’t likely to stick around long enough to give your home the consideration it deserves.
  10. Be Patient, But Not Unrealistic – While you may not want to accept the first offer that comes along if it’s far below your asking price, it’s very important to be reasonable. Counter-offers should be fair and realistic, taking into account the poor market and unstable economy.

Understanding the current market is important when deciding to list your home for sale. Patience can be a key factor as well. It may take a while for the right buyer to discover your home in the midst of a flooded home market.

Taken From DoorFly

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