How would you describe the market when real estate prices fall and more than six months of inventory remains on the market? It doesn't really matter what terms you use – what matters is the fact that people are still buying and selling. You simply adjust to the market. If you're selling, shoving a For Sale sign in your front yard isn't going to help much. You've got to be aggressive and make your home stand out on the market. You can use these strategies to sell quickly and for more money in a depressed market:
Before you start making repairs, before selling your home or marking dates on your calendar for an open house, it's smart to prepare a home selling plan. Sure, you want top dollar, but you could make costly mistakes along the way if your enthusiasm for quickly selling causes you to run out and stick a for sale sign in the yard before you're fully prepared to sell.
Think about your reasons for selling. If you aren't truly motivated or committed to selling you could be setting yourself up for disappointment. This is your own process, and it's personal for everyone selling their home. Take the time to really think it through.
Once you're fully comfortable with your reasoning, follow these general suggestions for success:
Prepare your home for sale. Generally speaking, you will want to move out any bulky or excess furniture.
Make necessary repairs. You don't need to spend money making improvements; focus your funds and your energy on obvious maintenance issues.
Pricing. Trust your Realtor to know how to price your house so that it will sell.
Find a lender. First, call your existing lender to find out exactly how much you need to pay off; order a beneficiary statement. Then check out new financing offers from your own lending institutions and credit unions. Compare rates and fees. Also, ask for referrals to mortgage brokers from your Realtor. Often, mortgage brokers have more flexibility to discount rates and are more competitive.
Then, get a loan preapproval letter, so you know how much of a mortgage you will qualify to obtain. You don't need to apply for the maximum mortgage, and a lower mortgage payment might make you more comfortable in the long run. Be sure to compare loan types and choose wisely for your circumstances.
Need help selling your house? We may have the solution. Ask yourself these questions:
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Are you a homeowner relocating in and out of the Washington, DC area?
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Move-up Seller: Is your current space too small for the needs of your family?
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Move-down Sellers: Is your current space too cumbersome or unnecessary for you?
If you answered “yes” to any of these questions, our Sellers webinar is for you!
Register for the next session now by clicking this link:
We'll answer all of your real estate-related questions, and we'll offer the support you need and want to make your transaction – and your transition – as smooth as possible.
Emcee Arah - "the REALTOR with Architectural Dimension" – is both a Certified Distress Property Expert (CDPE) and a Certified Investor Agent Specialist (CIAS). He is uniquely equipped to assist you in navigating the residential real estate market in DC and the Maryland suburbs. Contact us online or by phone at (301) 452-5252. And don't forget to leave your comments below, or on our Facebook page – we'd love to hear from you!
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