Selling Your Home in a Less Than Perfect Market

By Kevin Kling Published 10/31/2007 | Real Estate

You've waited for the perfect moment, it's a seller's market, and very common to see multiple offers on one home; the market demand has caused real estate prices to soar...

Wake up, you're dreaming! The reality is, we're in a sluggish market and that means the conditions for selling your home may be less than perfect. Not to discourage, but as a seller, you may have to go that extra mile to get your home market ready.

Here are some  perks you may consider for attracting potential buyers:

It's Time for a Makeover

First things first, make a list of all the deficiencies in your home. This may be as small as changing a light bulb, to updating an entire floor. Look at fixing up the kitchens and bathrooms first; assess the rooms and decide how far you need to go. Sometimes a good cleaning and de-cluttering is all you need, but in other cases, you may need to replace old flooring, paint or update handles on cabinets. Your home should have an bright, airy feel to it; consider repainting any rooms  where you've used overly bright or gaudy colors with a warm ivory shade. Shine and polish your floors, wash your windows and pull those curtains back if they're hiding a great view.

You may think about hiring a professional stager, their advice can be well worth the consultation fee. They  offer a fresh set of eyes by suggesting a multitude of practical changes that you may never have considered. They'll offer great ideas for perking up a room with accessories and creating a new look by reorganizing the furniture. I was having trouble selling my last house, and my stager suggested I move my dining room table into the living room, creating a living/dining room. This freed up space for my crammed kitchen table and voila, I had a brand new living space.

Outside, trim up your shrubs, tidy your garden and remove any garbage or clutter. A dramatic, but simple change you can make is to paint your front door.

Have a Pre Listing Inspection

Most buyers arrange home inspections as part of their offer and then proceed to renegotiate the sale price based on the repairs required in the results. It can be worth your while to have your own inspection,  fix the deficiencies, thus eliminating any surprises and justifying your selling price.

Set a Realistic Price 

In a hot market, when home sales are experiencing bidding wars, you can try setting a higher price on your home, but not so in a sluggish market. Your realtor will provide a comparative sales reference of homes in the area so that you can decide on the most realistic price for your house. Some seller's use a strategy of under pricing the home slightly to create interest and possibly leading to multiple offers.

It's All About Marketing

Discuss your agent's marketing plan for your home and ensure that it is receiving cross promotion on the web, print ads, the Multiple Listing Service and through open houses. The majority of people shop online for real estate, so make sure your pages are as enticing as possible with lots of house shots as well as a video tour.

Sweeten the Deal With Incentives

More and more sellers are having to offer incentives to close a deal. This may be as simple as including the appliances or curtains, or in some cases, offering to cover the buyer's closing cost (typically 3% to 6% of the sale price). If the vendor does not require the funds from the sale up front, they can offer to hold the mortgage; the purchaser places a down payment and pays the balance, usually at an interest rate about 1% higher than the banks.

If none of these options sit well with you, consider holding off your sale and renting until the market becomes more favorable. Someone else will be paying your mortgage and you can sell when you're ready.

Use the professional folks at 386 Real Estate to search for all Daytona real estate listings.  View the various communities in that area, such as Port Orange homes varying from a million dollar estate to a small cottage on the ocean.