The real estate market has cooled drastically in many parts of the country. So what should you do if you need to sell your home?
First of all, you need to accept the fact that not only is the value of homes rising like crazy, but in some areas it is dropping at a fairly good rate. While real estate is – and always will be – a good investment, there are going to be periods of time when there is a potential to lose money if you do not time your buying and selling right. Just because your home was worth $300,000 two years ago does not mean that it will be worth that much today. Be realistic about what you can get for your home, and share your desire for a realistic price with your realtor. Some realtors are so eager to have your listing that they will convince you that THEY can get you more money than it is worth. If you have checked out the recent sales of comparable homes in your area and you think that your real estate agent is being overenthusiastic, move on to the agent who will give you a realistic answer – even if it is not the answer that you want to hear.
Be aware that there is a good chance that your home will sit on the market for an extended period of time, and be ready to act accordingly. Your home must be ready to show at a moment’s notice, so keep that lawn mowed and those dishes washed.
Do not get too excited about finding your next dream home that you absolutely must own. If you do find that home, the owners of that piece of real estate are probably not having a much easier time selling it than you are having selling your home. And if they do sell it before you have sold your home and are ready to buy it? Well, these things happen. There are lots of other nice homes out there.
Be willing to do some creative financing, if you can afford to. Be willing to share closing costs, to throw your antique buffet into the sale, or to give a credit so that the buyer can buy some new carpet.
If you simply can not stand the idea of selling your house so cheaply – or you can not afford to – consider renting the property out. Given the fact that mortgage rates are on the rise, rental properties are more in demand. Your mortgage will be paid, and sooner or later the value of the home will rise again.