House buying is one of the most important decisions in our lives. House selling is yet another. Things change and unplanned circumstances come up. There is always an inevitable chance of having to sell our house, even when the economy is bad and even when house prices have already dropped by more than 10%. For those of us selling our house these days, it can be a very difficult and enduring process. Personally, I have experience going through this and have truthfully felt the pain.
Had I have the benefit of hindsight, I realized that I have some important lessons learnt:
1. Do some research on list prices and recent sales records of houses in the same zip-code. I would ensure that my list price is slightly or significantly below the prices of other comparable houses. This means putting the house at a bargain price. Many buyers today are not able to borrow money. For a few of those who can, are really out there looking for bargains. There are so many properties out there today and the demand is little. This is all about supply and demand. So the first point to be realistic in the list price.
2. Try to sell the house quickly rather than wait out for a better offer. In today’s market, if a buyer is willing to offer you at $X, a buyer next week is likely to offer you even less. If you want to sell the house quickly and move on, it is best not to be too greedy and expect worst is yet to come.
3. Stay on top of the price trend and look out for other comparable houses. Regularly review the listing price and features of other houses and understand what your competitors are offering. The market changes frequently, if you stay ahead of the curve, you will be more ready to position your property in the right price range, and at the right time.
4. Spend less $ in renovating the house. In many cases, the amount spent in renovation doesn’t equal to the additional $ you will get in the offer. Instead, you can consider offering a discount during the negotiation process.
5. Market your house. Ensure that you market the house in as many channels as possible. This can be in posting online, in talking to friends or anybody you know, in putting up posters, in posting to craigslist and listing in newspapers.
6. Stay positive. You can’t control when you can have your house sold. It is very important to stay positive and support each other in the family. Always be on the look for solutions rather than being miserable. Being miserable doesn’t help.
I hope that this helps those who are in a similar situation.
Tags: house price, list your house, recession, sell house fast, tip to sell your house
May 24, 2009 at 5:24 pm
March saw that house prices increased for the first time since October 2007, however some are cautioning that investors should not be expect an immediate change in the market as lenders will be increasingly more cautious going forward. http://www.telegraph.co.uk/finance/personalfinance/investing/5119055/House-prices-Is-it-time-to-go-back-into-property.html