Wednesday, August 02, 2006

Selling in a Slow Market

A drop-off in buyer demand and rising home inventories has made putting a house on the market trickier for home owners whose properties appreciated during the boom and who hope to retain their gains, says a new report on RealEstateJournal.com, The Wall Street Journal's guide to property. The RealEstateJournal.com offers these tips for selling a home in a cooling market:

1. Size up the playing field. Study your local market and investigate other homes for sale, local asking prices and what buyers are paying.

2. Price competitively. If a home is overpriced, a buyer will dismiss it and move on to the next one. Price a residence just below what the market will bear.

3. Do your legwork. Use the Internet and networking to locate a buyer.

4. Don't delay. Point out to a seller that even if an offer isn’t all he had hoped, taking it instead of waiting for a better deal can save money in the long run.

5. Negotiate. Offer concessions to potential buyers, such as making minor fixes. Small expenditures speed a sale and, ultimately, preserve price gains.

6. Play up a home's assets. Impress buyers with a repainted interior, clean closets, nice landscaping and an orderly garage.

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