Tips on How to Sell Your Home in a Down Market

By shaye • June 6th, 2010

The first step in selling your home is to determine the value of your property: You need to know how much the property is worth on the open market. You can get this information about the price in your area by entering your zip code information in an online database, or you can hire an appraiser. Please realize that often Real Estate Appraisers may value a house under its true market value, due to established formulas and practices. Remember when you market your home; it is worth only what someone is willing to pay for it. It should be in the best physical condition possible.

Timing: If you can choose when you put your house on the market then you are

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going to want to start the selling process when the demand is the greatest. In New Jersey and the Northeast, this is generally in the spring market. This will assure the best possible price on your home.

Pre-inspect the home: it is in your best interest to have your home inspected prior to placing it on the market. By inspecting before it goes on the market, you can attend to any repair items at a lower price due to the fact you have the opportunity to shop around. It is not uncommon for a home buyer to ask for twice the repair cost in a credit. The home inspector makes recommendations that help you sell the home. The buyer will have a greater degree of confidence in the home if it is already inspected and can Email questions to the inspector about the home. You may get a higher price on the home if it is presented in the best condition. Pre-surveyed homes post your report online after the deficiencies are corrected.

Preparing your home: Presentation is everything in real estate sales. Home buyers are attracted to clean, spacious, and attractive houses. Home staging services can help market your home and maximize your profits. A home stager will recommend how to brighten-up the house and reorganize the furniture to enhance the beauty of the home. Typically every $500 dollars spent on staging returns over 300 percent when the home is sold. The faster you sell your home, the more profit you make. If you what to sell your home for the top price-stage it.

Home Warranty: The sale of the home can be expedited by supplying a home warranty at closing. Pre-surveyed home packages will supply the buyer of your home a one year appliance warranty. This gives reassurance to the buyer and may help you sell your own home. When buyers purchase a home, the last thing they have money for is unexpected appliance and system failures. This policy eliminates their concerns. This can be one of the best ways to market your home.

Financing: Most sellers assume the home buyer has been through the process and knows the steps in buying a home. The fact is most buyers haven’t and with the most recent financial issues, it is critical to align yourself with a local mortgage company first. A broker can estimate the closing costs for your home and give you strategic financing tips for marketing. Financing can sell a home just as quickly as good staging. Mortgage brokers often have clients that are approved but have yet to find a home; this is a great way to tap into their client list to find a qualified buyer.

Know who you are marketing to: If your going to market your home take an honest assessment of your home and determine who is most likely to be your buyer. Is it an investor, first- time buyer, executive, or empty-nester? Once you have pinned down the buyer, market to them heavily.

Closing: When an acceptable offer is made by a buyer, take the offer to your lawyer and have a deal completed. If you don’t like the offer, don’t just say no. Always make a counter offer. If you can’t come down in price at all, offer to leave all the rugs or the washer/dryer. What have you got to lose?

Craig Lewis is a certified home inspector and owner of LH Inspections in central New Jersey. Craig is the creator of an innovative online real estate sales tool, to help his clients sell pre-inspected homes in the central NJ area.


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