Here's a piece courtesy of ARA Content on how to sell your home in a buyer's market:
Selling a home can be a daunting task for any homeowner, and in a “buyer’s market” the process can feel overwhelming. While many sellers think that homebuyers have the upper hand, with a little patience and a few helpful tips from GMAC Real Estate, you can successfully sell your home.
The Price Is Right
The number one factor in the sale of your home and one of the most critical elements of the sales process is setting the asking price. While you want to get the most appreciation from the sale of your home, you also want to be realistic when setting your price.
“Sellers need to work with an experienced real estate professional who can help them establish a realistic value and price for their home”, said Lane Barnett, president and CEO of GMAC Real Estate franchise operations. “Setting a price that is unrealistic and too high can reduce agent and buyer interest, and can make other competing homes look like a better value.”
On the flip side, it’s critical to not underprice your home when looking to sell. Your real estate agent will research and provide you with data on current market conditions in your area.
Remodel
Remodeling is a great way to increase your home’s value in a more challenging market. Remodeling a kitchen or bathroom generally offers the highest percentage return on your initial investment according to numerous industry surveys. Another rule of thumb is to decorate your home so it appeals to the broadest number of potential buyers. Buyers generally prefer neutral, mainstream designs, so avoid bold colors or patterns or out of date designs that can make it harder to sell. New paint, a nicely mowed lawn and attractive landscaping can go a long way in enhancing your home's curb appeal.
Identify Potential Problems
Hire a home inspector to help you identify any potential problems before you put your house on the market. Also, make sure your home complies with all local housing codes.
Presentation Is Key
The presentation of your home when you are listing it plays an important role in attracting a buyer. As with choosing an asking price, look at the condition of your home through a buyer’s perspective.
“Sellers need to understand the importance of how their home looks to prospective buyers and really need to put themselves into the shoes of the buying public,” said Barnett. “Potential buyers will examine every nook and cranny of your house as they begin to think about making a purchase.”
Overall Marketing
Your real estate agent will prepare your listing for the multiple listing service as well as create an advertisement for the Internet and any materials that will be made available to those who visit your house. More and more, the first impression of your home that many potential buyers have comes from it being seen by buyers using the Internet. It is important to offer a wide variety of photos of both the inside and outside of your home. 360 degree virtual tours of your home are another popular choice to consider. Also, the description of your house needs to be accurate and complete to grab the attention of the potential homebuyer.
When selling your home, remember that an experienced real estate professional can not only help you sell your home for the highest price, but also in the shortest time. Your agent should serve as your trusted advisor, your skilled negotiator and your marketing coordinator every step of the way. From pricing to closing day, these professionals can make you a pro at selling in a buyer’s market. For more information or to find a realtor in your area, go to http://www.gmacrealestate.com.
The information presented here is pretty good, even if it is mostly real estate sales common sense painted with a very broad brush. However, it's not the content of the article you're quoting, but its source, that causes me to question its authenticity and reliability. Just a tiny bit of Google research shows that ARA Content is a subdivision of ARAnet Inc. which is basically a marketing agency that takes corporate marketing propaganda and repackages it as "news". The fact that the article heavily promotes using an "experienced real estate professional", and GMAC in particular, is a red flag to me that what is being presented is not necessarily in the readers best interest. Again, some of the information contained within the article itself is good, solid, common sense advice that can help a new seller better market their house. But all of that advice can be found in much greater depth in many other columns from far more reputable sources than the ARA Content website.
Sorry for the rant.
Posted by: GeekMan | August 02, 2007 at 12:14 AM
GeekMan --
I select from the hundreds of the ARA Content articles which I think are low on the promotion scale and high on the value to the reader scale. This one made the cut since I belive the information is good and there's only a bit of a GMAC mention.
Posted by: FMF | August 02, 2007 at 07:44 AM
We operate a home selling site and have seen a huge increase in the number of motivated sellers in the past few months. With how many homes are on the market right now so many are having a hard time selling their homes, and are going to great lengths to sell their homes. Hopefully the market will turn around next spring as predicted so sellers have an easier time in 2008!
Posted by: TSmith | August 02, 2007 at 10:17 AM