Featured News 2013 Some Tips on Getting Your House Sold even in a Slow Market

Some Tips on Getting Your House Sold even in a Slow Market

According to Reuters and other news outlets, the rate of existing home sales has dropped to the lowest it's been since last December. This decrease has many fearing that current mortgage rates will keep the real estate market moving in the wrong direction. Even when the real estate market is doing well, it can take a lot of work and patience to sell your house. When things are down, you will need to take extra measures to help yourself out. Here are some ideas to still pull off a sale:

First of all, the timing could be bad for trying to pull off a FSBO (for sale by owner). A real estate agent may be one of the experts you need to hold your own in this market. Not only will they already be experienced with the whole process of selling a home, but they will also be familiar with your local real estate market.

Another way to give yourself an edge is to prepare your house as much as possible. This could be as simple as staying on top of all repairs and organizing everything, perhaps updating carpets, curtains, quilts, etc. that have grown threadbare or stained. You may also need to do some renovations, such as if you have an important kitchen appliance that is old and no longer works well. Neutral-colored paint can give your home a warmer feel. If your roof has problems, fix or replace it. But you do not want to do too custom a job, such as renovating the kitchen or any bathrooms unnecessarily. As long as the home is move-in ready, homebuyers may prefer to have a chance to do their own renovations. Plus it would save you money to hold back where you can.

You might have to focus on curb appeal as well. Keeping the front yard free of clutter, and keeping everything clean and in good repair can go a long way. Putting out flowers in bloom can brighten the aspect as well. And you may want to hire a professional stager, or take a page from their book. Keeping the house stylishly furnished can encourage someone's imagination to embrace the house as their own.

Then, beyond the standard marketing procedures, you will probably need to add more of a presence online, such as posting the house onto multiple listing services. A bonus would be to post a virtual tour along with your listing.

You may also want to consider seller financing. With such a difficult economy, many responsible people are getting turned down for home loans, limiting who could even be able to buy your home. It is possible though, through seller financing, to broker the deal yourself. You would not actually loan out money to a homebuyer, but you would extend credit against the price at which the house was sold. Then the homebuyer would have to sign a promissory note and a trust deed in your name. This is where a real estate attorney is essential. A legal expert can help you understand what occurs when there is an outstanding mortgage, and whether lease options, equity sharing, or another step would be best for you when it comes to seller financing.

If things are really tight, you could always look into an auction or a short sale. In either case, you will definitely need legal experts and real estate experts who can help you understand whether or not the risks are worth it in your case. They can also help you protect your rights throughout the home-selling process, helping you avoid legal and financial tangles. Find the experienced real estate attorney you need on our directory today!

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