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Selling Your House in a Buyers Market

Authored by: Ray Martin  -  Published in: cbsnews.com
Created on:
2008-05-22

As the supply of homes for sale continues to grow throughout the U.S., hopes that the spring and summer selling season will see a rebound are dwindling. Many experts have declared that any meaningful rebound might begin next year. Home prices continue to decline in many areas, fueled by tight lending standards and a rising supply of houses on the market. It' been a long time since home sellers have faced these conditions -- in fact, many homeowners looking to sell are in uncharted waters.

Face the New Reality -- It's a Buyers' Market

Homeowners who want to sell have a choice: sell in the current market, or wait until later, when market conditions improve. Of course, the latter assumes they can wait. But if you are determined to sell, you need to forget about the real estate market of just a few years ago and face the new reality in many real regions -- it's a buyers' market, and you will be competing with a growing supply of motivated sellers to get buyers interested in your house.

Real estate professionals say that, when trying to sell your home in a buyers' market, the two most important factors, after location, are price and condition. I'll add flexibility. Buyers know real estate prices ran up far too much during the last several years of the real estate boom, and just because you may have paid too much for your home doesn't mean buyers think they should have to pay to bail you out. With this in mind, here are some of the strategies experienced realtors typically advise to help sell a house in a buyers' market:

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Article entered in the Staged Homes System: 2008-05-23

 

 

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