Selling Your Home In A Slowing Market

Vera Gibbons Offers Tips That Can Help

(CBS) 

Price it right: "Take a look at what prices are going for in your neighborhood now — not what they went for a year ago or six months ago, but how much stuff is going for now. Also, take the condition of your house into consideration. If you need a new bathroom or kitchen; if your home has deficiencies and historically, buyers negotiate $2 for every $1 of deficiency. So you've got to price your home appropriately, taking that into consideration."

In particular, Gibbons advises, focus on "comparable homes in your area. And pay attention to how much time you're spending on the market."

Stay flexible: "You don't want to judge the offer on price alone. You want to take other factors into consideration. A buyer might come to you and say, 'We want your house, and we'd actually be willing to let you rent it from us until you find a new place to live.' That could be worth its weight in gold to a prospective seller."

If opportunity knocks in a market like this, grab it, she says.

Improve curb appeal: "In a cooling market, curb appeal does become increasingly critical. Buyers don't want to see a messy lawn, overgrown shrubs, dirty trash cans by the entryway. That's an issue. You have to make your home look welcoming, inviting, right from the get-go."

Rid your house of clutter: "Buyers don't want to see a lot of junk around. If you have dirty, old carpeting, if you have old wood paneling, you might want to consider removing and replacing. Little things like that may cost you a few thousand up front but could boost your asking price by tens of thousands of dollars."

Bring in an inspector and handyman: "You should do so in this environment. You want to make sure everything is working properly, from your air conditioning to your water heater — all of that stuff. Bring an inspector in to check for malfunctions. If anything's not working, make sure it's working. Similarly, if you have leaky faucets, if you have doors that are off the hinges, bring in a handyman to take care of it, or do it yourself."