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How to Sell Your Home in a Down Economy

How to Sell Your Home in a Down Economy
By Ki Gray

Okay, so, the economy's down and you're feeling down because of it. You had planned on putting your home up for sale by now. You're discouraged, though, because on your street alone you see three other homes for sale. How can you compete, you wonder, with so many other homes on the market? Don't lose heart, you're about to learn how.

Stand Out. The challenge you have ahead of you is how to make your home stand out from the rest. The way you do that may not be in the way you think, though.

Before you contact a realtor to put your home up for sale, there are several things you're going to have to take care of. The first is to sit back and take a breather. Now, grab a tablet and a pen.

Note Repairs/Fixes. You're going to need to walk through your home from one end to the other. Your mission is to make note of every little thing that needs to be repaired or completed. You need to note absolutely everything. Only note projects you've started or items that are in obvious need of repair. Do not note anything that you would like to get done on the home, but never started.

Organize your list according to room. After you've walked through each room of your home, walk outside and take more notes. What about your yard? Are there any bare spots you need to fix, plants that are dying or dead, stones or yard bricks out of place? How about the exterior of your home? Any repairs needed there? Also, the color. Is it neutral, or did you paint it that bright blue to match the color of your spouse's eyes?

Make note of it all.

Do the Work. Next, you'll need to make a plan as to how you're going to get it all done. Assess how much time you think all of it will take, and make a schedule as to what days and times you'll commit to work on it. Set goals as to when you want to have each room finished. Set a final goal for the date you want to have the house ready for market. Get your spouse and children involved in the project. You can create some memories. Your family will always remember how you all worked together to get that home sold.

Ask extended family and friends to help out, if you need it. Try to keep on task and complete your repairs by your due dates. You'll be glad you did.

Prepare Pricing. All repairs are finally done and everything's checked off your list? Then, there's one more thing you need to consider. Once you contact a realtor, you'll be provided an estimate as to how much your home is worth in the market. Want to be an aggressive seller? List it for a percentage less than the market value of your home. Use the percentages as follows:

* Up to $150,000 = 10% * $150k to $500k = 8% * $500k to $1m = 5% * $1m and up = 2%

You have to keep in mind that new home listings get the largest viewing audience. If you don't price it right going into the listing, you'll miss out on major opportunities to sell your home to the right audience. Your home will get less viewing after it's been on the market after a few weeks.

Even if you lower the price several weeks after you've listed it, the home has lost some significant value and luster in the eyes of the buyer. You probably won't get what you're asking for. Some other considerations you might include are incentives for an agent to sell your home, or incentives for a buyer to buy your home. Offer to pay half of the closing costs.

List Home. Now that you've given it much thought and decided on a competitive sale price, it's time to call your realtor. Interview several in your area before you decide on one. Call the actual realtor office and find out who the top sellers are. These people are the ones you want listing your home. Find the right realtor, and have your home listed for sale.

You are now equipped and empowered to put your home on the market and watch it sell itself. If you follow through with all that's needed, you'll be hugely successful in the sale of your home.

Austin, Texas is a growing and thriving community. Ki maintains a website to help future buyers move to this community and understand the Austin real estate market. They can search homes in the Austin MLS. His site also provides statistics on Austin real estate and West Austin real estate.

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