Sunday, May 20, 2007

Moving Your Home In A Buyer’s Market

By: Hal James

Whether you like it or not, the real estate market has ground to a slow trot. Selling a home can be difficult and requires you to return to the time-tested basics of selling a home. Here are some keys to remember and use.

1. When you are selling your home, allow it to be shown at a moment's notice. Qualified buyers aren't "a dime a dozen."

2. It is important to remember that a home can only support the value of homes around it. When making home upgrades, make sure you do not spend more than you will recover when you sell it.

3. If you have a limited budget for sprucing up your home, consider devoting a good chunk of it to getting your kitchen in top shape. Consider replacing appliances and fixtures. Whatever steps you take, just make sure your kitchen is in top shape.

4. When selling your home, be realistic about your asking price. You can check public record at the courthouse, or in many cases on-line, for the amounts of recent sales in your neighborhood.

5. When analyzing homes for sale in an area, it is important to focus on the correct numbers. Typically, you want to throw out any home that has a distinctly higher or lower price than the other homes unless there is something unique about it.

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. Most states require real estate contracts to be in writing to be enforceable. The buyer invests time and thought in the process of committing his offer to paper. When you receive his written offer, you know ALL the items the buyer is trying to "nibble" from you.

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 ask escrow officers for advice or help. Don’t expect any! Escrow companies are supposed to be neutral third parties. They handle the paperwork, not negotiations or problems.

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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