Selling a Home? What To Do Now

Call it the Great Housing Paralysis of 2009. If you’re hoping to buy your first home or invest in a second one, you’re probably sidelined, unsure when to jump in. If you want to sell, you’re thinking it may be better to wait.

As you’ve heard countless times, you should think of your home primarily as a place to live, not as an investment. And it’s nearly impossible to time the bottom perfectly.

If you’re trying to sell your home right now, stop kidding yourself with the thinking that your house is still worth what it was a year ago.

Ignore list prices and base your asking price on what similar homes in your area have actually sold for in the past three months. Even six months ago the market was totally different.

No nibbles after 30 days? Drop the price. An even better strategy, right out of the gate, price your home at 10% below what comparable ones have gone for. That may attract more than one bidder, pushing up the final price.

If you absolutely must move out soon and your home isn’t selling, consider offering a rent-to-own option.

Throw in a bigger commission to real estate agents so they’ll show it more often. Also advertise that you have a flexible closing date – even if it means you must rent until your next home is ready. That way buyers who must move in 30 days will know yours is an option.

The alternative to these tips? Stay put!

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