Thread: Creative Ideas for Selling your House

Assuming you were selling your home on your own, there may be many factors involved. We put together a complete step-by-step that might provide some useful tips: http://www.macombcondoguide.com/going_alone.htm

It's a tough market out there!
Deana

Deana,
Thank you very much for the info and link.
I really appreciate it. There is lots of good info in this article.

Steve

Dear Steve,

I just want to add to Deana's comment. I think that pricing is the number one tool you have in this market. I live in Cape Coral, FL, and we try to price our listings 10% below market value. Why? because our market is still dropping about 5% - 10% every month. If you don't get ahead of the drop, you will miss it and have to chase the market. That is the worst mistake. If you do not want to go that low, then don't sell. It is very simple. The sooner we get "unmotivated" sellers off the market, the sooner we can start our correction. We have so many "motivated" sellers that have to sell-- It would be great to reduce the inventory for them. So my point: If you have to sell then sell, if you don't then don't try.

We've had some success selling homes via auction, rather than guessing at pricing let the market tell you what it's worth. Try looking at eztopdollarsale.com, there is some good info there.

What about terms?
Lots of foreigners, coming here with their strongs currencies, willing to buy and guess what? No more motgage for them because no FICO (Duh...), no local credit history, no american return or whatever...
These guys can pay, they just can't get mortgage...
If you're the bank for them, you may sell...

There are several factors you need to take into account when listing and ulimatly selling a home. The first is know what your home is worth. What I mean by that is have your agent provide you with an in depth market analysis with a list of closed sales comparables not active listings in your area. If they are unable to provide this either move on to the next agent or get an appraisl of your home. The cost is $350 +/- but you know hard and fast what your home is worth. That way you sort through the agents that are trying to blow sunshine up your butt to get the listing just to tell you in 3 weeks that you shoud lower your price to stay ahead of the market. Bad Approach. If you know the bottom line before you get emotionaly attached to your agent it makes it easier to find out what they are going to do to sell your home. They shoud have an huge bag of tricks to market your home not one. You have to ask your self how did agents sell homes in the 80's when rates were sooo high, with marketing tricks. I am not saying that lowering the price of your home is not an option but it should be a last ditch option unless you cannot wait and you need to sell your home like yesterday.

Here is what happens when agents only advise their clients to lower their price. They create their own worst nightmare. Agents and homeowners within that neighborhood get hit the hardest. The home is sold in an arms lenght transaction now for below market value so other agents tell their client to,lower just to keep up with the jones's soon before you know what happened houses that are listed with agents under normal transactions are selling below REO's and forclosures and you have total break down of value in that neighborhood. If you think I am lying I can send you proof of this exact scenario happening in temecula california right now. Then agents complain cause they are out of a job and the forclosure rates go up.

In closing yes lowering your price is a tool to consider but please use it sparingly. Think of it like a loaded gun. Yes it does what you wanted it to but how many people do you hurt when it goes off. unless you have no other option don't go that route. I strongly suggest you get an appraisal to find out what your house is really worth so you have a solid foundation to market your house.

Manuel

here in upstate NY, proces are falling. They are falling because Agents are getting nervous and telling Clients to drop their prices. It is even worse for those that hold out, don't drop their price and ultimately the listing runs out. Chances are a new Agent gets involved. What is the first thing out of his mouth? Yup, you guessed it! He tells the homeowner that they need to drop their price and that's wht the house did not sell in the first place. Another reason is that 40-50% of the people that got mortgages in the last 5 years, can't qualify for the same program today. On top of that, 20-25% of the mortgages in the last few years were 100% mortgages. Now these groups of Borrowers can not get a mortgage and houses are selling as a result.
One of the fatest growing "temporary" solutuion to the above problems is the Lease With Option. Hook up a house that isn't selling with a Borrower who can not borrow (at this time-maybe in a year or two). This keeps the prices up by getting exces inventory off the market.
E-mail me and I will give you some great web sites to go to

I don't think you need to be creative about it. Just make the effort to de-clutter, bring in all the neutral colors for carpets, walls and curtains, just a splash of somehting bright on the walls and that'll do it.

yes it is great to de-clutter. Paint some neutreal colors also is smart. New carpeting-who can argue? BUT the fact remains houses are not selling. There are more and more houses stayinmg on the market longer and longer. Nobody can accurately forecast how many houses will be going into foreclosure. JUST TODAY I read an economic piece that quotes the head of PIMCO Funds, the largest bond funds in the country, stating that houses will drop 10% in the near future and this will be the greates loss of equity in this country since the Depression. Since the Depression!
No, you need more than carpets and paint to sell your house today in MANY, not all, areas of the country.
The object for all in the real estate industry is to get houses off the market as quickly and as economically feasable as possibe.
I repeat, the Lease With Option is the solution.
I do these for a living and I can tell you it is a great tool for many, again, not all, people.
If anyone needs advice as to what I am talking about, call me at 518-433-0922. I will be glad to help you.