So you want to - or need to - sell your home in a down market. You are probably concerned that -
- Your home won't sell at all.
- You'll end up getting much less than it's worth.
- You might miss many other less-than-market-price houses while waiting for your property to sell.
Selling Your Home in a Down Market Requires a High Patience Quotient
While one or more of the above events are possible, you can help ensure that your home sells in a reasonable time and for an acceptable price. The primary key to achieving this result: Patience. This does not equate to merely sitting around and waiting for something to happen. Effective patience when selling property in a down market involves -
- Creative real estate marketing. While it is tempting to sell it yourself to those who are buying a home, you should strongly consider using a qualified REALTOR®. Unless you are a professional marketing guru, these professionals understand your local market and have experience in effective real estate marketing - particularly important during a down market.
- Be realistic when setting your selling price. Learn about your local market. What are similar homes selling for in your immediate neighborhood? Don't factor in any "short sales" (sales of property that sellers must sell or face foreclosure) or foreclosed properties. Establish a selling price to attract people interested in buying a home for a fair price in your neighborhood. If you have amenities that similar homes do not, you can increase your price a bit. If you're missing some features, you can adjust downward within the market range.
- Don't get discouraged. Understand that it may take longer in a down market to find a qualified person buying a home like yours at a fair price. You'll have to wade through those buying a house who feel only a bargain is worthy, who are afraid of making the wrong decision and do nothing, and those first time homebuyers who are simply ignorant of the process and the market. However, if you have a good house in superior condition and in a desired neighborhood - if you're patient - you'll find a reasonable qualified buyer for a price you can accept.
If you have a high patience quotient, you'll be positive and confident that you'll find that perfect buyer for your home even in a terrible housing market. The provisions of the housing stimulus legislation targeted for those buying a house will also help you make a sale at a stabilized price. The key: Patience.
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