Real Estate Buying and Selling Homes

TIP #1: Educate yourself:
Stay informed about your real estate market. Learn about all the recent sales in your area. Maybe a house was sold super-cheap. It could have been parents selling to their children, a very beaten-down, bank-owned Foreclosure. Understanding your market is a huge key when Buyers strive to use other 'Solds' against you in negotiating. Know what is going on in your marketplace.

TIP#2: Set a realistic price:
The best advice I can give is to price your home 1-2 percent less than similar homes in your area to help attract Buyers. The higher your price is over comparable homes in your area, the longer it will sit on the market. The first thing to do if you are selling in a buyers market is to price your house accordingly. There are more homes on the market today than ever before, and if your price is a little high, it may not even be looked at. Buyers are now more cautious when it comes to investing their money in a new home, especially when the lending requirements are very strict. What is relevant in today's market is not the previous value or future value, but what is it worth today. We all want to sell today. Use today's comparables to help you decide a competitive price. Also, be open about a price reduction, as that will get your home seen by more buyers as your home is more competitively priced. I recommend that you List the price at or below your competitors.

TIP #3. Broker/Agent Preview:
Make sure your agent is going to get your home on the Broker/Agent Preview List. This brings the other agents from the office to see your home. The biggest point is when they are impressed about your home, they will tell their buyers about your home. A second reason is these agents will provide good feedback about other items you might consider doing to improve your homes presentation.

TIP #4. Paying the initial costs:
This is such a huge point that often overlooked. Once your home is all fixed up and ready to sell, get a fresh Home Inspection done paid for by the Seller. Offer in your listing to pay for the appraisal. Offer a Home Owners Warranty Policy. These are direct costs to the Buyer, and by providing them, you are separating yourself from the competition.

TIP #5: Consider paying the buyer's closing costs:
Paying the Buyers closing costs is a great incentive you can offer a buyer, especially with the tougher lending guidelines. Buyers have a hard time getting loans in today's market. All the help we can assist them with makes your deal become more attractive, so be prepared to consider this option up front. Closing costs include appraisal, loan points, credit report, title insurance, homeowners and flood insurance and closing fees. Paying some or all of these costs is a major motivation to cash-strapped buyers; these costs usually run about 3 to 6 percent of the cost of the house. Get in the right mindset by deciding to assist Buyers upfront. If you think like a buyer, and offer the buyers things they need to make the deal close easier, the more likely you are to have a deal that closes. This gives you a competitive edge.

TIP #6. Print advertising:
Many homes are sold to friends, family & neighbors of people in the local market. Either have your Realtor, or you (if FSBO) should mail flyers about your home to the closest neighbors (300-500 homes minimum).

TIP #7. Virtual Tour:
Have your agent create a virtual tour of your home (or create your own. You can also market that tour on www.MySpace.com. Create a MySpace page just for your home. Put your Myspace info on all your flyers and marketing pieces for all to see your video tour.

TIP #8. Websites:
If you've listed your home with a Realtor, verify they have listed the home on Realtor.com. If you are a FSBO, market your home on www.craigslist.com. Also search for other local classifieds. In my area, local news stations have Classified sections on their websites, and those are used by many in our area. Find your free classifieds in your area and market on those sites as well.