We have talked to sellers who want to sell their house. All too often, they base their asking price on yesterday’s market. Yesterday’s market of escalating property values is over. You have heard the reports on television, in the newspapers, and on the Internet. We are in one of the worst markets in history. We have read a report that things haven’t been this bad since the Great Depression. Keep in mind the first buyers want to buy your house at the best price from the start. So here is what you can do to make sure your house doesn’t sit on the market for months:
Tip #1 – Be sensible about your asking price
Have at least three local real estate agents prepare a comparative marketing analysis. It will list the asking and selling price for home in your area. It will also list the size and amenities. If there is a small supply of similar houses, price your house for what others are asking. If there is a large supply, then you want to read the next step. Seek to generate greater interest in your house. Set your price 10% less than what others are buy houses in st louis for. If you do this, it raises your chances of receiving several offers on your property. If you must drop your price after it has been on the market for a while, make one large price cut instead of smaller cuts.
Selling your house on your own is a tremendous undertaking. It becomes even more challenging when the real estate market is more favorable to buyers like now. You must have the experience and the patience to weather the storm. Therefore, if you feel that you are unable to sell your house yourself, adhere to this next tip:
Tip #2 – Seek an experienced real estate agent
Selling today during this economic climate will require a great deal of marketing effort. Seek an experienced real estate agent to help you. You do not want to deal with an unseasoned agent. You want one who has been through downturns and understands what is required to close the deal. All too often, an agent will list your property without having your interests in mind.The first impression is important, especially when it comes to selling your house. You house must have curb appeal to lure potential buyers. Make sure you take the time to clean, paint, and landscape. You only have ONE chance to make a first impression. Adhere to this tip to make a difference when your prospects enter the house:
Tip #3 – Stage your house for a good first impression
In this housing market, you must use all of the tools at your disposal. Hire a stager. Staging services have become popular with the rise in the number of house-selling shows on cable television. A stager will help to organize your house to make it more attractive. They will move your house away from the “lived in” look. They will get rid of the clutter, rearrange your furniture, and give definition to each room of the house. They will also provide you with alluring paint options. Stagers may charge a little as $200 for a consultation. A full blown staging plan may cost $1,000, but it is well worth it to help you receive peace of mind.
As was stated in the previous tip, you must use everything at your disposal to get your property sold.
Tip #4 – Money talks
Throw a little at prospects to catch their attention. Don’t waste your time giving away cars or trips. You may look desperate. Offer to pay a portion or all of the buyer’s closing costs. Or offer real estate agents and people who may refer prospects to you $1,000 if they send someone to you who eventually buys the property. Remember, there is probably a great deal of competition in the form of listings. Give people an incentive to buy your house or refer someone who will.
We have talked to many sellers over the past few months. The majority of them are “upside down”. Being upside down means the person owes more on the house than what it’s worth. So what do you do?
Tip #5 – How to handle being “upside down”
If you are upside down, you have options. They may not help you sell you receive money when you sell, but they will help you to receive peace of mind: Sell the house on terms – You may sell your house via some form of installment sale (subject to the existing loan, land contract, or wrap around mortgage). You may also sell your house via a rent to own contract. Each method has their advantages and disadvantages. Ask the lender to allow a “short sale” – A short sale is a sale that results in the lender receiving less than what is owed on the mortgage. Short sales have grown in popularity but keep in mind that they are difficult to do. You need an experienced person to talk to the lender. Also, nine times out of ten the lender will NOT allow the seller to receive money at the closing table. Just think, why would the lender want to allow you to receive money when they are discounting the loan. Rent the house and weather the storm – You may decide to move out and move a tenant in. Charge the tenant a rent rate that is close to the monthly payment of your mortgage. If you have to lower the rent and pay a little yourself, it is well worth it.