How To Sell Your Home in This Economy:

What a difference a few months make. In most parts of the country, the days of putting your home up for sale at a ridiculously high price and waiting for competing offers to pour in are gone. Sellers have been trying to stick it to buyers and now they can’t do that.

Where the market has cooled, owners actually have to work at selling their property. So how do you deal with this new reality?

The key is realistic pricing. In the recent hot market, it was very forgiving when a house was not priced right. A trained chimp could put a property on the market and it would sell. Not anymore.

Deciding to buy a house is easy when you know the value is going to skyrocket. Now buyers are taking the time to figure out the true value of the property.  When they sense that the price is right, or even a bit below market value they’re going to jump all over it.

How to set the asking price

We recommend listing your home at or below the competitive market price. If similar houses similar are priced at $300,000, list yours for $295,000 to generate an extra level of interest. We can guarantee you’re going to get a stream of people through the door, and you may even end up with more money because you’ll get into a competitive bidding situation.

You also need to be ready to respond quickly to changing market conditions. The market today is not kind to someone who waits too long to lower the selling price. We see buyers walking away from houses selling for $650,000 because the seller won’t come down a couple of thousand dollars — an insignificant amount considering the overall transaction. A drop in price means a great deal right now.

Perks can help

Buyers are not only price-sensitive, they also think in terms of the monthly payment. By offering to pay the closing costs or some of the points on the buyer’s loan, you can lower their monthly payment without lowering your asking price.  With so many buyers strapped for cash today, that’s a big differential. It can be the difference between getting a home sold now and waiting months.

Looks are more important than ever

In a buyer’s market, putting the best face on your house is more important than ever. Buyers can afford to be pickier. If there’s something they don’t like about the house, they are more likely to just move on to the next one.

In places where sales have cooled and the inventory of houses on the market is high, “curb appeal” is critical.  You need to make sure your house is inviting to someone driving by and really pops off the page in online photos. Remember, the Internet is where most buyers will begin searching for houses to tour.

So how do you give your home a bit more pizzazz without going broke? Look at your landscaping. Does it need to be spruced up a bit? Maybe some new sod, some well-placed shrubs, or some summer flowers can enhance that first impression.

Here are a few other exterior improvements you might want to consider: fresh paint, a new front door, or a new walkway.   Something as simple as replacing the door knob with a newer, sturdier model gives the buyer an impression of a much more solid home.

Make the inside sparkle

You also want to freshen up the inside of your house. Clean the carpets; if they’re old and worn, consider replacing them. Wood floors should be polished or refinished if necessary. Worn vinyl flooring, especially in the kitchen and bathrooms, should be replaced.
Make sure everything works — doors should close easily and hinges shouldn’t squeak and don’t underestimate the value of a fresh coat of white paint.

You might also consider a minor bathroom upgrade or kitchen remodel. Today’s buyers are focused on these two rooms.  In the kitchen, consider replacing faucets and countertops and replacing or refacing cabinet doors. In the bathroom you can replace broken tile, install new faucets and upgrade the shower head.

Those are the type of things that just for a very minor investment can make a big difference in terms of what prospective buyers see when they come into your home. Remember, fixing up doesn't mean covering up. You need to disclose any problems that you know about.

So remember the rules: Clean up, fix up and don't get greedy. Do all that and you've got the best shot at selling your house as quickly as possible for its maximum potential.