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Tips to Sell Your House Now

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By : Nancy Spivey    99 or more times read
Once upon a time, selling a house was easy and fun; however, in today’s economy and market, everyone from home owners to real estate investors to agents (and anyone else involved in the sale of a house) knows that the process has become more difficult. There is a huge supply of houses on the market and enough inventory to last for months, thus creating stiff competition. However, there is hope! In a market like this, you must look at what you can control—and the good news is that there is a lot that you can control.

When you are selling a house, you absolutely must be in control of your emotions. “Emotions?” you ask. Yes, you heard me right. Whether you are a home owner or an investor, emotions get in the way. Whether it’s your life, your money, or both tied up in a house, it’s easy to get emotional about decisions regarding the sale of a property. You will make much better decisions and be more successful selling your house working from a more logical perspective. Tip number one: do whatever necessary to leave the emotion and the ego behind when selling a house.

Know your competition. Many sellers go into the sales process blindly, without thoroughly researching the competition. The buyers’ job is to find the best value for their money. Your potential buyers will be researching the competition thoroughly to find the best house to fit their needs. You must know what your competition is offering so that you make good decisions about how to spruce up your property and/or price it.

Look at your situation and your property objectively. Can your property compete with what is currently for sale? If not, are you in a position to make repairs to your property? Are you willing to make the necessary improvements? If so, create a budget and timeline to get the work done. You may be in a financial position to make repairs but don’t want to do so or don’t have the time. If this is the case, or if you are not in a financial position to make repairs, there is still the option to sell “as is”. At a minimum, clear the property of any interior and exterior debris and give it a good cleaning inside and out.

Be willing to price it right. Talk to experienced agents and sellers out there today and you will find that houses are still moving. However, they must be priced right to compete in the market. It is important to find out the fair market real estate value of the house. Price your house right by studying your competition and knowing what they are offering, as well as by looking at the comparable sales of properties that have already sold. In a recent interview on my radio show, Real Estate Reality Radio, Erica Whitney, Keller Williams Realty 1st Atlanta said, “If your home has been on the market more than 30 days and you have had 10 showings and no offers, your home is overpriced by 5%. If you have had less than 10 showings in 30 days, it is 10% overpriced.”

Analyze the costs. There are many types of costs involved in holding onto a house when you’re ready to sell. There’s the financial cost, the emotional cost, and the opportunity cost. The financial cost involves not only the sales price less the mortgage and any related fees (e.g. marketing), but also an ever-important cost called holding cost. Holding costs are the costs just to keep the property each month while paying for the mortgage, taxes, insurance, maintenance, etc. The emotional cost can range from draining your energy to downright depression over the situation. Then, there are those opportunities that await you once you’ve finally sold the house — what other opportunities might you be able to seize if the house were sold?

Be creative. Creative selling options such as lease options, owner financing, and other buyer incentives are especially effective in a slow market and when financing is more difficult to obtain.

Look at all of your options, analyze the costs and take the control that is available to you when it comes to selling your house. Remember to leave the ego and emotion behind and make logical decisions that will propel you forward!
Nancy Spivey grew up in the real estate business and has been an active investor since the early ‘90s. Through her training and coaching programs, she helps individuals, businesses and organizations create profitability, productivity and prosperity. She is the president of Transformation Consultants, Inc. Nancy serves on the board of directors for the Georgia Real Estate Investors Association, the largest investor association in the U.S. She is also the host of Real Estate Reality Radio.

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