Sell homes in a cooling market - for home sellers

**stevenl** · 12-20-2010, 02:00 PM

Real estate market in many areas in the US are still depressed. It has been tough to sell homes so there are many homes on the market. The job market is not good so people are reluctant to make major investment such as buying homes.

Here are some simple suggestions for home sellers:

1. Willing to be flexible - Buyers have the advantage, for now at least, so sellers have to be flexible in negotiating the price, closing date, etc.

2. Seriously consider the first offer even if it's not ideal. Don't turn it down flat; show willingness to negotiate.

3. Offer incentives such as helping buyers with closing costs, home improvement, home warranties, etc.

4. Impress buyers with home staging.

5. Get involved with marketing - there are many online marketing available such as craig's list, which can really draw the attention of home buyers.

6. Offer higher commissions to your realtor to give him/her an extra boost of motivation.

**Chrisopher Moltisanti** · 12-20-2010, 02:55 PM

Some good ideas there. Here are some more:

First and foremost: ENSURE your house is priced correctly. No Realtor in the world is going to market an over-priced home.

Depending on how bad you have to sell, get involved in marketing your home to the hilt on every website you can think of. Zillow, Craigs List, all of them.

Make sure your house is available for showings. None of this "appointment only" nonsense.
Or "only during noon to 3pm every other Sunday and the second Tuesday of each week" crap. -it's a joke.

ENSURE your house is spotless (including the appliances!), well lit! and nobody...is...going....to trip...on the pavement or carpeting! You'd be surprised how slippery wet, moss-covered slate is! Rid the house of any odors! Onion, garlic, MOLD, musty damp smells, especially....in....the...basement! You don't rid the house of odors,
in today's times, you're finished. Buyers can spend $10k less for a house, just down the street from your home that doesn't have odors in it that don't disappear in 24hrs.

ENSURE appliances work and banisters are secured to the wall.

Most importantly, I'll say it again: Price your home correctly. How? Well, if you owe $176K on your house and it's 2200 square feet and six homes sold in your area, with an average of 2300 square feet, in the last six months for an average selling price of $125k, guess what the correct listing price is going to be?

If after ninety days, your house hadn't one offer. It's one of four things then:
1) The price -I told you...
2) The location -is the neighborhood in a downward spiral of insanity? Like South Philly? Still...Or have all the businesses moved out? Any IBM or HP or large company nearby?
3) The condition -You don't have the time or money or energy to clean it up.
4) Any combination of the three

Can't let your house go for 1/10th of what you paid? In the same boat 80% of home owners are in right now? Call the bank, work a deal if you can get someone on the phone.
Rent it out with a lease option or rent with option to buy.

Good luck and we're all counting on you.

CM

**thomasrobert** · 12-22-2010, 02:13 AM

Real estate market in many areas in the US are still depressed. It has been tough to sell homes so there are many homes on the market.
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Thomas

**thomasrobert** · 12-22-2010, 02:14 AM

As a result there are more homes on the market, sellers are waiting longer.
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Thomas

**stevenl** · 12-22-2010, 06:55 AM

Originally Posted by thomasrobert

As a result there are more homes on the market, sellers are waiting longer.

Absolutely!

Sellers need to be realistic about the current market. If they have the time to wait for offers, that would be the best. If not, then they can't be picky. They have to know the "bottom line" and be prepared to sell at that level.

If sellers are desperate to sell, the few groups that are willing to buy houses are the investors. They give low offers but if homes are in relatively good conditions, the investors can save money from not doing rehabs and they just may buy close to the "bottom line".

**SEOArbiter** · 12-22-2010, 02:35 PM

Utilize the web for all of its marketing potential for your listings.

**dorothy.hill37** · 12-29-2010, 07:26 AM

Originally Posted by SEOArbiter

Utilize the web for all of its marketing potential for your listings.

Absolutely. Even when the market is down, you can use the power of web and make things easier for you.

As Thomas rightly said, there are more sellers in the market than buyers - this is the reason market is so downtrodden. But I'm sure things will improve soon.

To sell house quick, you may work with reputed quick home buyers in your region.

**stevenl** · 01-01-2011, 11:34 AM

A few more suggestions, which are not ground-breaking but can be helpful:

1. Let your relatives and friends know that you're selling the home. Maybe someone will be interested.

2. Let your neighbor know and possibly offer money for referrals.

3. Post an ad on Craig's List. I've mentioned this in other posts, the second largest group of people visiting Craig's List is related to real estate.

4. Look for buyer classified ads in local newspapers or maybe place your ad there.

5. Contact cash buyers. They will buy homes at low prices, but if you're desperate...

**Mold Testing Guy** · 01-31-2011, 06:12 AM

By proving your home doesn't have potentially hazardous mold present may assist in selling your home. I would recommend having a mold test done and providing the buyers with these documents.