Selling your Home? Homework is the Key
For homeowners around the country who need or want to sell their home,
there is a distinct sense of despair. Home prices are lower than they
have been in years. Buyers are sitting back to wait and see if they will
drop further. While now certainly isn't the best time for a homeowner to
try to sell their property for those that have no other choice for a
variety of reasons, it is important to know that there are things that
can be done to boost the chances of selling.
The first step is to make sure that you have done your homework. Home sellers
who want to make sure their home does not sit on the market for months
must make sure they have educated themselves about the local market.
They need to know how many comparable homes are for sale in the local
area and what those homes are listed at. Frequently, homeowners tend to
delude themselves about what they can sell their home for. While this
may be an eye-opening experience, it is a necessity. Make sure the
research is locale specific. The real estate market is quite fluid
around the country. While one area on the West coast might be
experiencing serious price drops there could be another area that is
actually seeing a rise in prices. Knowing local real estate market
conditions can really pay off.
It is also important to keep in mind that first impressions really are
everything when it comes to selling a home in today's market. There are
more options on the table than ever before for buyers. As a result, it
is not unusual for buyers to look at several homes in a single day. They
usually begin to form an opinion about whether they like the house
within just a few seconds. Those few seconds can be critical so you must
make sure they count.
Although it really does not pay to give your home a complete remodel in
the current market, it certainly will not hurt to make sure that there
is fresh paint and that anything which is worn or outdated has been
replaced and updated. This is particularly true in terms of fixtures,
appliances and carpeting.
With so much competition on the market today, it is also important to
make sure that buyers have an incentive to consider your property. Given
the fact that interest rates are so low, and are expected to drop even
further, many home buyers with excellent credit may not have any
difficulty obtaining a home mortgage loan. Coming up with the closing
costs could be another story; however, which is why many savvy
homeowners are offering to pay the closing costs for buyers. Other
possible incentive ideas you might consider include offering appliances
to stay with the home, a budget for making renovations and offering a
bonus to a sales agent who closes the deal by a specific date. The
latter can be particularly helpful to homeowners who simply must sell
their home in order to relocate by a particular time.
In other cases, owners are looking at ways they can encourage buyers to
purchase their properties through a lease to own option. This can be
ideal for buyers who have the money to pay a monthly note but who cannot
obtain financing for whatever reason. This type of arrangement makes it
possible for the owner to have money coming in every month and for the
buyer to move into a home that might otherwise be unavailable to them.
In most cases a deposit or down payment is made, but this is not always
The exact amount can vary based upon the negotiations made between the
parties involved. Generally, a specific amount of the lease or rent
money that is paid every month will go toward the home's purchase price.
When there is a lease to own option, the buyer has a specific period of
time in which they can decide whether they want to purchase the
property. The buyer is not obligated to purchase the property, they only
have the option to buy it if they wish. In exchange for this type of
arrangement, the owner agrees to not sell the home to anyone else during
that time period.
It is yet to be seen whether this year will prove to be a rebound for
the real estate market, but until it does turn around, if you are
selling your home, keeping these
tactics in mind could prove to be just what you need. You may also want
Flexibility is the key in selling homes today.