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The Secret To Selling Your Home In This Market

The current real estate market is in a definite downturn. If you don't need to sell, you shouldn't. Ah, but what if you do? How do you stand out from the other properties and get buyers to make offers on your home? This brings us to the secret to selling your home in this market.

If you are like any other homeowner interested in selling, you have a problem. There is far too much inventory available. In this case, inventory refers to homes for sale. When excessive inventory is on the market, it drives prices down. I don't have to tell you that we are seeing just such an event now.

The secret to selling your home in this market is to overcome the inventory issue and make your house stand out like a lighthouse to a ship on a foggy night. Ah, but how do you do it? The simple answer is you help people buy your home.

As a buyer, what do you have to do to purchase a property? Well, obviously you have to find one. Besides that, however, you need to come up with the money for the purchase. This usually is a two step process. First, you have to come up with a down payment amount through saving or borrowing from the bank of Mom and Dad, etc. The second is to apply for and get a mortgage.

As a seller, you probably are not in a position to give your potential buyer a mortgage. You can, however, take care of their down payment. You do this by offering seller financing in the form of a second mortgage on the purchase. Let's look at an example.

Assume I've determine my home has a reasonable listing price of $300,000 for my area given comparable properties for sale. The problem is there are about 20 comparable homes for sale within a square mile of my home. I need to make my home stand out. To do this, I note in big letters in my marketing that I will carry a second note equating to $30,000, which is 10 percent of my selling price. I've now added something that makes my home stand out from the 20 around me and buyers in the area will take notice.

The beauty of this approach is you can even use it with a higher price than similar homes in the area are being listed for. Now don't go crazy or you'll price yourself out of the market. Still, a reasonable bump of 2 to 5 percent should be okay. Why can you do this? Well, money is very tight in this real estate market. Even people with excellent credit are getting worked over by lenders. By providing convenience to potential buyers, you are doing a good deed for them.

If you've been trying to sell your home for some time without luck, try this strategy. The secret to selling your home in this market is creative incentives. This strategy is definitely one.


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Comments

  1. UnknownJuly 23, 2012 at 1:33 PM

    As explained in the blog, real estate is in its bad time right now. The main reason for this is non availability of good homes and property. If good property is available in the market having reasonable price and beautiful location, this s definitely be targeted by home lenders. To know more about real estate, visit Foreclosure Data Bank

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