Selling a house in a buyer's market

Selling a home can be a daunting task for any owner, and in a "buyer's market" the process can feel overwhelming. While many sellers think that homebuyers have the upper hand, with a little patience and a few helpful tips, a homeowner can successfully sell a house.

The price is right

The No. 1 factor in the sale of a home and one of the most critical elements of the sales process is setting the asking price. While omeowners want to get the most appreciation from the sale of a home, they also want to be realistic when setting a price.

"Sellers need to work with an experienced real estate professional who can help them establish a realistic value and price for their home," said Lane Barnett, president and CEO of GMAC Real Estate Franchise Operations. "Setting a price that is unrealistic and too high can reduce agent and buyer interest, and can make other competing homes look like a better value."

On the flip side, it's critical to not underprice a home when looking to sell. A real estate agent will research and provide data on current market conditions in the area.

Remodel

Remodeling is a great way to increase a home's value in a more challenging market. Remodeling a kitchen or bathroom generally offers the highest percentage return on the initial investment, according to numerous industry surveys.

Another rule of thumb is to decorate a home so it appeals to the broadest number of potential buyers. Buyers generally prefer neutral, mainstream designs, so avoid bold colors or patterns or out-of-date designs that can make it harder to sell. New paint, a nicely mowed lawn and attractive landscaping can go a long way in enhancing a home's curb appeal.

Presentation is key

The presentation of a home when it's listed plays an important role in attracting a buyer. As with choosing an asking price, look at the condition of the home through a buyer's perspective.

"Sellers need to understand the importance of how their home looks to prospective buyers and really need to put themselves into the shoes of the buying public," said Barnett. "Potential buyers will examine every nook and cranny of your house as they begin to think about making a purchase."

Hire a home inspector to help identify any potential problems before putting a house on the market. Also, make sure the home complies with all local housing codes.

Overall marketing

A real estate agent will prepare the listing for the multiple listing service as well as create an advertisement for the Internet and any materials that will be made available to those who visit the house. The first impression of a home that many potential buyers have comes from seeing it on the Internet. It is important to offer a wide variety of photos of both the inside and outside of the home, including 360-degree virtual tours. Also, the description of the house needs to be accurate and complete to grab the attention of the potential homebuyer.

This story is provided by North American Precis Syndicate Inc.