It seems like I write an article like this every few months now, but it's still important information. As home prices fall and the inventory of houses on the market continues to grow, it becomes harder and harder to sell a house.
It's gotten so bad that many people are even deciding to wait, sometimes choosing to rent out their home instead of selling. I don't blame those people. In fact, I encourage them. This market is a competition - a fierce competition - a contact sport - and anyone who isn't suited up to play should stay home. We already have almost 5 million resale homes on the market right now (not even counting For Sale By Owners) and at current rates, it would take a year to sell off that inventory even if no other new homes went up for sale. We don't need more homes on the market right now if we can help it.
Still here? Good. So, how do you sell your house in this market? There are, as always, the classic tips that must be followed. De-personalize and de-clutter your home. Focus on curb appeal. Perform necessary repairs and renovations. And, of course, hire a good Realtor.
Then comes the hard part. You have to look at your home from a completely unbiased perspective. It's difficult to do. In fact, it's nearly impossible, but in order to compete you need to be able to price your house competitively. Go out and look at other homes on the market. Remember that you can't just look at what is available through other real estate agents anymore. That's only part of the market that you're competing with. You also have to look at foreclosure properties, short sales, FSBOs, HUD homes - everything! This is your competition. These are the prices you have to beat.
Now compare your home to the ones you looked at. Try to do a fair and unbiased comparison (this is the part your Realtor needs to be good at) and then determine a realistic and competitive price. Here's a hint: as car dealerships and furniture salesmen will tell you, a competitive price is a price that's a little bit below everyone else's price. If that price isn't one you're comfortable with, it might not be the best time for you to sell. If you have to sell, you may just have to bite the bullet because a higher price is going to mean a home on the market for months that will likely not sell at all.
Location, location, location may be the most important factor in determining the price of a home, but the price itself is what determines whether a home sells or not. Price your home competitively and you have a shot. List your home at a higher price and you'll become one more home among 5 million that are waiting to be sold. The choice is yours - suit up or stay home.
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