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What Matters When You Sell in Tough Times

Posted Friday, May 13, 2011

When it is time to sell your house due to the need to relocate, downsizing or simply needing a bigger place, the seller should always consider what state the housing economy is in at that time. Unfortunately some sellers may not have the luxury of waiting around until the housing market improves and they are the ones that are usually forced to make concessions that they would not normally have to make. Asking yourself the question, “when is the best time to sell my house ” requires some knowledge of whats going on around you. For instance if the housing market is in a bust and sales are reduced in many parts of the country an alternate plan of action may be needed. Realtors are usually wise as to what numbers reflect existing home sales and in fact would be only too happy to extend some friendly advice.

Because the housing market is in a slump you can expect competition to be fierce, simply because everyone wants to sell their property first. Be prepared to list your home at “just below” your competition. This will naturally require some research as to what they are doing, the time that you put into this research will pay off in the long run and will likely result in a quicker sale being realized. If your property has not received any bites within the first few weeks you should immediately re-evaluate your asking price. A property that sits too long will likely scare away buyers anyway as they may draw the conclusion that you are asking too much for your home. If you are still serious about peaking the interest of prospective buyers it may be necessary to slash your asking price by 10% to attract a new breed of buyer.

When you approach a Realtor with a question like, “help me sell my house please” in a tough economy you should be willing to accept advise from them, no matter how strange or far fetched it may seem. Don't be too hasty to brush off a lower bid for your home, especially if the buyer is serious. Always remember that a serious buyer may at least be willing to negotiate. If you are still having difficulty in selling your house and similar properties are being sold right next to yours, you may wish to consider a face-lift to your home. Something as simple as a paint job and some fancy footwork in the interior may be all the house is lacking to catch the eye of the right purchaser.