Selling Your House in a Bad Market
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Slumping property prices are not a problem exclusive to the United States at the moment, because over in Britain the Times is offering tips on selling your house in a downturn. Some of the most useful include the following:
- Select the real estate agent carefully, and ask at least three for their ideas on a selling strategy. Make sure they have detailed local knowledge of the real estate market.
- Know your local market well - they give the example of knowing what kind of prospective buyers there will be and deciding whether a third bedroom might be better displayed as a study than a bedroom.
- Be realistic about the price you can achieve in the current market; apparently setting a higher price and then reducing it drastically later is a bad strategy that makes the house look less valuable than it is.
- Make the house look most marketable by cleaning it well and giving it fresh paint wherever it’s needed - the cost of this (especially if you do it yourself) can be relatively low but can increase the value a lot.
- If you’re selling the house because you need more space, carefully consider whether you could extend your existing house instead.
- Be flexible about a purchaser’s requests - for example, if they want to move in especially quickly, it might be worthwhile for you to move out to rental accommodation while you find your next home.
This entry was posted on Tuesday, November 11th, 2008 at 5:27 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
