How to Sell a Home during Hard Times

The economy has an enormous effect on real estate.  You can extremely feel this especially when you’re selling your home.  The simple reason for this is competition.  Ever since the economic recession began, a significant number of people decided to sell their homes just to be able to survive.  A lot of people find it really hard to sell their homes and so they end up renting it out, which is not at all a bad idea – it is actually a good decision.

For you to be able to get a chance of finding a buyer, you must exert your full effort so you can keep up with competition.  Today, data shows that about 5 million homes are being offered for sale and homes that are directly offered to buyers are even excluded in the number.  So, when you come to think of it, to be able to sell a home is just pure luck, but let’s see if it really is.

If you want your home to attract buyers, you must try to considering several factors.  The first thing that you should do is to think what appeals to the buyers; this kind of information can be gathered through real estate agents for they know exactly what the buyers want.  Then make the necessary repairs on your home and refurbish it if there is a need to.

Once your property is all set, the next step is putting a value on it.  This is actually hard to do since all sellers want the best value for their homes.  You might want to put your property at a reasonable and competitive price if you want to get it sold fast.   If you want to know the realistic price for your property, you must compare it to the other homes that are also for sale.  Do not limit yourself to the properties offered by real estate agents for there is still a much bigger competition.  Foreclosure properties, FSBO’s, properties sold to direct buyers are just some properties that you have to look at.  These are your tough competitors because they are sold at a more attractive price.  If you can compete with their value, then go ahead.

Another factor that can determine the value for your property is location.  You have to know the current market condition of your area and this will surely give you an idea how to put a price on your property.  Make it competitive.  Otherwise, you’ll end up belonging to the 5 million others who are struggling to find a buyer.



Published by in How To, Tips, and Advice, on September 28th, 2010

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