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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current market, it certainly will not hurt to make sure that there is fresh paint and that anything which is worn or outdated has been replaced and updated.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 necessary.

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 to read Flexibility is the key in selling homes today.



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