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Selling Your House in a Tough Market: 10 Strategies That Work

Overview

In 2007 there was an average of 8.9 months’ supply of housing inventory in the market (meaning it would take 8.9 months to sell all homes, given an average number of buyers), up from 4.5 in 2005, and between 2005 and 2008, national median housing prices dropped 7.9%. Anyone trying to sell a house or condo in a down market—perhaps due to a job change, growing family, or financial troubles—who wants to maximize return and sell quickly, should look to Selling Your Home in a Tough Market for the practical and legal ...

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Selling Your House in a Tough Market

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Overview

In 2007 there was an average of 8.9 months’ supply of housing inventory in the market (meaning it would take 8.9 months to sell all homes, given an average number of buyers), up from 4.5 in 2005, and between 2005 and 2008, national median housing prices dropped 7.9%. Anyone trying to sell a house or condo in a down market—perhaps due to a job change, growing family, or financial troubles—who wants to maximize return and sell quickly, should look to Selling Your Home in a Tough Market for the practical and legal information to take concrete steps toward their goal. Written with an understanding of currenteconomy specifics, including the most recent economic legislation, this book covers: Knowing the market and whether the price is right; Hiring the best professionals; How to market and set your house apart from the pack; How and when to consider other options, including renting; Negotiating the sale. And more!

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Editorial Reviews

From the Publisher
“An incredible timely and informative book. The tips from experts make it easy to take real action.”  Pat Lashinsky, CEO and President, Ziprealty

Another helpful offering from a company that goes out of its way to provide timely, accurate material.” Tom Kelly, Nationally Syndicated Columnist and Author

“ Like having a dozen real estate experts over for dinner.”  Steve Kropper, President of Bank on Real Estate, Founder of Domania.com

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Product Details

  • ISBN-13: 9781413313833
  • Publisher: NOLO
  • Publication date: 5/1/2011
  • Edition description: Second Edition
  • Edition number: 2
  • Pages: 240
  • Sales rank: 928,675
  • Product dimensions: 6.90 (w) x 8.90 (h) x 0.60 (d)

Meet the Author

Schroeder specializes in employment law and real estate and is co-author of Nolo's Essential Guide to Buying Your First Home. Before joining Nolo, she worked as an associate in a large San Francisco law firm where she represented employers in litigation, drafted employee handbooks and policies and counseled employers on sound employment practices. Schroeder also has experience in employment consulting and human resources. She holds a law degree from the University of California, Hastings College of Law.

Bray is an author and legal editor at Nolo, specializing in real estate, immigration law, and nonprofit fundraising. She is co-author of Nolo's Essential Guide to Buying Your First Home and also edits a number of Nolo's small business books. Bray's working background includes solo practice, nonprofit, and corporate stints, as well as long periods of volunteering, including an internship at Amnesty International's main legal office in London. She received her law degree and a Masters degree in East Asian (Chinese) Studies from the University of Washington.

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Table of Contents

Your Home-Selling Companion

1 Know Your Market and Price It Right 3

Is the Market Hot or Cold? 5

It Pays to Start With the Right Sales Price 9

Is the Price Right? 12

Can You Afford to Sell? 18

Can't Stomach the Low Price? When to Wait Before Selling 21

2 Get It in Shape: Preinspections and Repairs 23

Root It Out: Inspect It Yourself 27

Hire A Professional Home Inspector 28

To Fix or Note to Fix? 31

Keeping You Honest: Disclosure Laws 35

Skipping All Repairs: Selling "As Is" 36

3 Dress Your House for Success: Staging 39

Staging Fundamentals 42

Should You Hire a Professional Stager? 46

DIY Staging Outside: Maximizing Curb Appeal 50

DIY Staging Inside: First, the Basics 52

Staging, Room by Room 56

Home Improvements: Are They Worth It? 63

Ta Da! Finishing Touches Before a Showing 64

4 Get the Best of the Best: Hiring a Real Estate Professional 67

Why Hire an Agent? 71

Finding and Choosing a Top-Notch Agent 73

Making It Official 82

5 Save on Commissions: Sell It Yourself 89

FSBO-The Way to Go? 92

A Cooperating Commission for the Buyer's Agent? 95

Doing Your Own Marketing and Advertising 96

Receiving an Offer and Negotiating a FSBO Deal 105

Almost FSBO: Discount Agents and Other Alternatives 107

6 Making It Better Than the Rest: Buyer Incentives 109

Helping the Buyer With the Loan: Seller Financing 112

Other Ways You Can Help With Financing 119

Keeping Cash in the Buyer's Pocket: Cost Incentives 120

More for the Money: Home Value Incentives 125

A Deal for Later: Lease Options 128

Get the Agents on Board: Agent Incentives 131

7 Market Like a Madman133

Get Online 135

How to Get the World Out 141

Hit Your Target 147

8 Adjust Your Strategy If You Need To 151

Dropping Your Price 153

Figuring Out What Else Might Be Wrong 159

Taking Your House Off the Market Temporarily 163

Keeping the Cash Flowing 164

9 Don't Sell Yet; Rent It Out 169

How Much Rent Your House Will Bring In 173

Congratulations, You're a Landlord 181

How to Find Good Tenants 183

How Renting Out Your House Affects Capital Gains Taxes 186

10 Seal the Deal: Negotiating a Successful Sale 187

What the Buyer's Offer Will Look Like 190

Back and Forth: From Offer to Contract 192

Serious Buyer or Lowballer? Evaluating the Financial Parts of the Offer 196

Big-Deal Details: Other Important Contract Terms 203

Between Signing and Closing: Escrow 206

The Big Day: Your House Closing 211

Index 215

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