Selling Your Home in a Down Market

Real Estate markets are cyclical and unfortunately for sellers in most areas of the country, we're in a buyer's market right now. If your home is on the market, it's probably 1 of 10 or 20 or 30 houses from which buyers can choose. Why should they choose yours, and when they do, how do you get the best price?

Here's tip #1: List your home with a professional agent. I know what you're thinking - "I need the most money out of my home that I can get. How is that possible if I have to pay an agent a healthy percentage of the purchase price?" According to a study done by the National Association of Realtors, the truth of the matter is that, on average, homes that are listed with Realtors sell for 13% more than home that sell without the services of a professional. So even after paying a real estate commission, a seller puts more money in his pocket than he would have if he sold it "by owner".

For the skeptics, let me remind you of the concept of supply and demand. As we all learned early on in our education, the less of something that there is, the more that something is worth. And the more demand there is for that something, the more it is worth. So think about it, as a seller, how many buyers can you attract who both love the house and can afford to buy it? And if you are fortunate enough to find that buyer, how difficult will it be to get your price out of that buyer if the buyer knows that there's absolutely no competition from other buyers? Very.

In addition, agents bring a lot more to the table than just potential buyers. They bring advice on a variety of topics including commission, condition, marketing, options, buyer qualifications, etc. All of these contributions by an agent add up to the 13% more that they'll get you, on average. So don't focus on the commission when you're considering whether to list or not to list. It's only part of a bigger picture. Bite the bullet and list your home. But make sure you list with someone competent, experienced, and full-time. And just how do you find that person? Look for tip #2 in my next article.

Ginger Blomberg is a 25 veteran of the real estate business. She is the Broker.Owner of a 90 agent Keller Williams Realty office in Stratford CT, and the Owner/Director of the State Academy of Real Estate also in CT. As an agent and broker, Ginger has experienced many market shifts and has learned not only to survive, but to succeed in every type of market. Her knowledge and success comes from years of continued training as well as personal experience having bought and sold dozens of homes as an investor.

As an instructor, Ginger teaches at several Boards of Realtors and community colleges, as well as at her own school, the State Academy of Real Estate. Her curriculum includes classes for consumers, both buyers and sellers, and classes for agents, both licensing courses and continuing education courses. "Short Sales" have become her specialty as she works with an attorney and "work-out" specialist, both of whom focus exclusively on the foreclosure and "short sale" transactions.

Ginger is one of those brokers who always tries to think "out of the box". What worked before in the realm of real estate sales is not working now. She believes that drastic times call for drastic measures and is now teaching and coaching her agents to be creative in their marketing and their thinking.

Canon SD1100 on Sale
Canon SD770 Buy
Canon HF100 Sale