The Hard Reality of a Soft Market

If you're listing your home during a downswing, you'll need to follow a specific plan of action to ensure you receive the most amount of money possible.

Here are some strategies to assist you in selling your home during slower times:

• Buyer Incentives - Many sellers offer incentives such as appliances, furniture or help with closing costs to make their home more attractive during a competitive market. These little extras can really make a difference especially to first time buyers who don't have much left after their down payment.
• Price to Sell - Pricing your home correctly in a competitive market is absolutely critical. It's best to set the price a little less than comparable homes in order to acquire a competitive edge. Overpricing your home can be disastrous as not only will it quickly lose its 'just listed' appeal but the market could decline further causing you to 'chase the market' into a downward spiral of price reductions.
• Use an Agent - You may want to reconsider if you're thinking of selling your home yourself to save commission. A real estate agent exposes your property to a larger supply of potential prospects which creates more demand. Your chances of selling for a higher price are far better with an agent. It's tough times like these when you need an agent the most.
• Consider All Offers - You may have to be somewhat flexible with your price so it's important to seriously consider all offers no matter how low they are. Keep your emotions out of the negotiation process and remember that every offer has the potential to significantly increase despite your first impression.
• Get Ready, Get Set, Show - In a competitive market, you have to be ready to show your home on a moments notice so keep it ultra clean and clutter free. Walk through each room and pack away personal items like photos and sentimental knick knacks. Space is a huge selling feature so remove any unnecessary furniture to make your home appear larger.
• 1st Class Curb Appeal - First impressions are especially critical in a competitive market. With so many homes to choose from, buyers may not even bother seeing the inside based on the home's exterior. Stand outside your home with a friend who'll be honest so you can figure out different ways to make it more appealing to prospects.

For every dark cloud, there's a silver lining. Although the market may have slumped, try and stay positive throughout the entire process knowing that you'll likely negotiate a great deal on the purchase price of your next home! Just make sure your financing's arranged so that when you receive a suitable offer on your property, you'll be in a position to confidently move ahead.