If You're Selling...

  #1 Get Real - about price if you want to sell your home.  Too many sellers set their price based on yesterdays market.  Big mistake. Its a well known fact that the first Buyers intend to pay the best price so you need to price it right from the start.   Get at least three different comparative market analysis' from your area agent.  This will show listing and selling prices of area homes that are comparable to yours.  If you set a listing price 10% below what others are asking you will create a lot of interest and buzz which will increase your chances of getting multiple offers.

  #2 Hire an Agent - Selling on your own in a slowdown means you'll have to work awfully hard marketing your home.  Instead get a seasoned Agent with experience who has been through good times and bad and who will have a track record  that you can verify with past clients. I do this for a living and know all the ins and outs!

 #3 Consider Home  Staging - To sell today you've got to get your home in the best possible condition so that it shows well.  A stager will help you get rid of clutter especially the clutter that you don't see.  They will also rearrange furniture to create attractive focal points, repurpose underused rooms and suggest paint and window treatments that will make your rooms appear spacious.  Remember you want buyers to see your home not your stuff!

 #4  Money Talks - Given the inventory we have today you might want to sweeten the pot to catch the eye of buyers and their agents.  Offer something that will make your home more affordable such as paying for part of the buyer's closing costs. In your MLS description let agents know that you are offering a $1,000 bonus or a 4% commission to whoever brings the purchaser.  It will mean more showings which will raise your chances of  getting an offer!

#5 Underwater Now - Learn to swim.  If you are a recent buyer your mortgage may well top what your home would go for today.  About 1/3 of those who bought last year or in 2010 have negative equity according to Zillow.Com.  First if you have to move for a job, you may be able to persuade your new employer to make you whole on the loan. Secondly, if the rental market is strong in your area you might consider renting your home out and waiting out the housing slump.  Third, of course is to sell as high as you can and raid your savings for the difference. Short sales where the bank agrees to take less than it is owed and might clear you of the debt, or maybe get you to pay the difference, but it will not go on your record as a foreclosure, got a lot of media attention but that doesn't mean they are easy to come  by.  A bank will usually only consider one if you are at risk for foreclosure.