Selling Your Home in Today�s Market

If you're getting ready to put your home on the market, then you're probably well aware of the housing market's current plunge. Fortunately, even during these dark times, you won't necessarily be forced to sell your home at 80% of its value. By playing the market correctly and setting the right price for your home, you should still be able to get a decent return on it. Every local home market is different, but there are some general tips you can follow for setting the right price for your home.

Tips for Setting a Price to Sell Your Home

• As mentioned before, every local housing market is different, so it pays off to do some research in your market. Find out what other homes in your area are going for and how long they typically stay on the market. Also look for what types of homes are in demand and if the neighborhood is on the rise or decline.
• It may cost a little, but consider getting the help of a professional appraiser to find out your home's actual value. With so many homes mispriced and ending up stuck on the market for months, more and more people are realizing why it's worth it to get your home appraised. You're unlikely to get the full value of your home in the current market, so most people shoot for a figure that's about 5% less than the appraisal.
• For most people, it's recommendable to have the assistance of a real estate agent when pricing and selling your home. It may be a do-it-yourself society these days, but a seasoned realtor may be the difference between selling your home at 95% of it's value and selling your home at just 93% it's value.
• In the current sluggish housing market, you really do have to consider all offers you receive on your home. Even when they seem absurdly low, these offers at least give you a jumping off point and a chance to get into negotiations.
• Do you have a time frame of when you need your home sold by because you're moving to a new home, going through a divorce, or some other compelling reason? You may want to consider dropping your asking price half a percentage point to begin with as buyers will be certain to take advantage of your situation.
• Are you planning on buying a home elsewhere after your home has sold? Turn around is fair play, now you're the buyer instead of the seller in the buyer's market. You have the leverage in negotiations so make the most out of it.