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Written by Gaurav Bhola, MSM on October 25, 2008
Home sellers are in flux these days as they face declining home realty prices, stagnating real estate market, increased competition in the form of more homes for sale, and wary home buyers.
Statistics released in July saw a drop of 16.3% in 12 months, according to the Standard & Poor’s/Case- Shiller 20-city housing index, prices will be recovering well into the next decade.
There are some steps you can take to make sure your house is the most competitive on the market. These steps require some detective work, leg work, and muscle. Here are the things you can do:
Step 1: Curb Appeal
Put your best foot forward by cleaning your house from top to bottom, every crevice, nook and cranny. Avoid being a pack rat, dispose of clutter, have a garage sale if necessary. You have to do what is takes to distinguish yourself from the local herd by repainting, landscaping, among other creative steps. Increase your curb appeal.
Step 2: Determine your Real Estate Home Value
In these economic times, home buying has become a spectator sport, as majority of home buyers spectate on the sidelines, waiting for residential real estate prices to drop further. Houses for sale by owner crowd the real estate property listings along with builder homes.
Herein, in the overcrowded property for sale market you will have to realistically assess your home’s value. The level of urgency to sell and your financial situation will dictate the sale price of your home.
You will have to do some detective work to find the value of your home. First, log onto the internet and visit your county’s property appraiser’s website. The property appraiser will list the market value of your home; the appraiser values your home for the collection of real estate taxes or property taxes.
Also, you can check what are the prices of homes similar to yours, sold for in your neighborhood. From this you can get a general assessment of what home buyers are willing to pay for your type of home.
By following these steps you can help ensure your home for sale pricing is in alignment with the market.
Step 3: Marketing Strategy
What can you do to distinguish yourself from the home for sale pack? How serious are you in doing what it takes to sell your house?
Well, you have to develop a marketing plan, nothing difficult but something that reflects some effort on your part.
List your home with a local realtor; a real estate agent can help you in optimize your marketing plan. The realtor will place your home on the MLS listing; it is the most comprehensive real estate listing in the nation, accessible to all realtors.
Also, your real estate agent can help you advertise in the local paper and place your house on popular internet listings. An experienced and market savvy real estate agent can make the process simple and speed up the sale of your home.
Step 4: Making the Deal Happen
Now is the time to get down to the nitty gritty, you have a buyer for the home, an offer has been made, and it is time to negotiate. The real estate agent can guide you during the negotiation, they are an invaluable resource. Remember, the realtor will work with you to get the best possible price for your home.
Once you agree to accept the offer, it is time to seal the deal. Make sure all deadlines are met with regards to buyer visits, home inspections, deposits, and other items. Be prepared for any renegotiation.
At the closing, arrive prepared with proper documents to seal the deal. Your home is now officially sold.