Help for selling your home in a buyer's market

Stressed at the thought of selling your home in a buyer's market? Our seller's guide can help you think outside the box. Good luck!

Real Estate Survival Guide for Sellers: 

What is your need to sell?

· What are your goals for the next 5 to 10 years?

· What are the pros and cons of selling your house? Make a list for both options.

· Can you afford to sell and buy a home?

· What is your home equity?

· What is the housing market like? Research this.

· Would remodeling your home make you stay in it?

· Can you rent your home? For how much?

What are your selling expenses?

· How much will it cost to get your home ready to sell? List the projects and contractor, building supply expenses in detail.

· Can you adjust the projects so they are affordable?

· Look to remodel with green products for top dollar.

· Can you afford the 7 to 10% of the selling price will go to realtor fees, taxes and other costs: capital gains tax, mortgage penalties, new mortgage costs, marketing, staging, moving, home inspectios and the increased costf of livingin a new neigborhood?

Getting ready for the selling process

· How fast do you want to sell your home?

· What are your homes strong selling points? Market these.

· How much money do you want to make from the sale?

· Find the best realtor match by asking friends and family. Interview at least 3 realtors.

· What are the pros and cons of selling your house yourself

· Learn how to sell the house yourself. Realize it might be best to hire an attorney or realtor when buying and/or selling a home.

· For a faster home sale consider an auction

· Would you consider a home swapping opportunity?

· Can you sell your home during the spring and fall peak seasons?

· If you do hire an agent or lawyer make sure you know the fees up front and what you are signing.

Setting a price for your home

· Research the comparable homes in your area by the square footage, age, condition, lot size, number of beds and bathrooms of your home. You can easily do this online.

· Check out the many online “Homes for Sale” sites to check out what the going price is in your neighborhood. The local and official MLS is a good place to start.

· Ask for a Comparative Market Analysis (CMA) report from your relator

· What is the new construction and foreclosures market in your neighborhood

· What is the average cost per square foot in your neighborhood

· It is a buyers or sellers’ market?

· Use the FMV to price your home. Consider pricing it low to encourage more interest from more parties.

Marketing and advertising your home for sale

· List on the MSL, in local newspaper classifieds, real estate magazines, craigslist.

· Develop your own website for the house including many photos and a virtual tour showing each room in detail.

· Buy “For Sale” signs

· Send an email to family, friends, coworkers, agents and brokers.

Prepare and stage the home.

· Stage the home yourself or have a professional do it.

· Consider replacing outdated window treatments and lighting fixtures

· Take a good look at the curb appeal, make repairs and paint the inside of the home neutral colors.

· Clean up the clutter in your home buy having a yard sale.

Open houses and appointments

· Be ready to show the home at any time, keep it neat and clean

· Make sure the house is available when to realtors when you are not home

· Schedule a major open house with food and refreshments for buyers and a separate one for realtors and brokers.

When the offers start coming in

· When an offer comes in notice the proposed offer price, preapproval letter, contingencies, earnest money amount, proposed closing date and offer expiry date.

· Plan ahead to have multiple offers and what to do with this situation

· When someone offers a low ball offer be ready for it and keep emotions in check

Make counteroffers and negotiate

· Realize each offer can be negotiated

· If an offer comes in which is contingent on the buyers selling their home ask them to remove the sale of contingency.

· If you can’t comprise or budge with an offer consider options that won’t cost you like offering to pay for some closing costs, etc.

· Offer to leave appliances, lighting and window fixtures.

· If the comps say so make a full price counter offer

· Make sure and set a closing date for the house you are selling and a move in date for the one you are buying.

· If a buyer is having trouble qualifying for a mortgage you might offer seller financing, mortgage assumption or lease to own or lease to own.

Escrow Time

· If there are any repairs to be made before closing set all appointments for them and follow through

· Clean and prepare the home for the appraisal and home inspections.

· An escrow officer will need to be hired who can do a title search, record documents processes, prepare closing statements, order payoff records for your mortgage, prepare and record documents and hold and disburse funds.

· Get ready for the final walk around and inspection.

· Sign the final documents and move out

· Make several copies of all documents for records, taxes, etc.