Evelyn Bruder’s Dream Team blog

Those of you who have read my current analysis of the housing market know that the housing market is in slump. What do you do if you have to sell? You want top dollar, but you may also need to sell in a hurry.

In a tight housing market, remember that you are competing with all of the other homes for sale in your neighborhood and in your price range. The key to success is to make your home and the deal itself more attractive than what the competition is offering without giving away too much.

Here are some tips to help you make your home more attractive and sweeten the deal to generate more interest in your home:

1. Price it to the market, don’t be greedy. Most sellers tend to set the price too high, thinking their home is worth more than it really is. Get a CMA to show you the the sales prices of comparable homes that recently sold the asking prices of comparable homes that are currently for sale in your neighborhood.
2. Obtain an appraisal in advance, so you know what the house is worth based on the appraiser’s professional opinion.
3. Use a seasoned Realtor, a veteran who has already experienced price wars in the housing market. According to the National Association of Realtors, a home sells on average for 16-percent more when the seller uses as certified Realtor.
4. Have your home professionally inspected before showing it. Get everything repaired so lookers won’t have an excuse not to buy.
5. Have your home professionally staged. You can transform an empty or overly cluttered house into a warm and welcoming home.
6. If possible , don’t move out before it sells, or if you have to move out, make sure you leave the home staged, so it looks lived-in. Vacant houses feel more like uninhabited caves than homes.
7. Be willing to pay some or all of the closing costs for the purchaser, up to 6 percent. In a slow market buyers are often strapped for cash and may need you to help in some way with the financing.
8. Give your Realtor copies of all improvements to the home and any guarantees for anything like a new roof, furnace, or hot water tank.
9. Make sure your Realtor is marketing your home on at least eight Internet sites, including Craigslist.
10. Realtor commissions are negotiable. Consider offering a higher commission to your Realtor as an added incentive and compensation for extra marketing costs.
11. Keep your home in ready-to-show condition at all times. Do not require a 24-hour notice.
12. Focus on curb appeal and making a good first impression. You do not get a second chance to make a good first impression.
13. Be open to negotiating on things like leaving furniture or appliances behind.
14. When you get an offer, make sure the buyer is pre-approved for a mortgage loan. Â Without this person a contingent offer can tie up your home, preventing you from considering better offers.

You can successfully sell a home into a declining market and even profit from the sale, if you set realistic goals and work a little harder at it than your competitors. Just remember to work hard, stick to it, and avoid some of the common pitfalls that I have described.