Selling Your Home Smartly in an Uncertain Market

The answer to "How much do you think your house is worth?" is often colored by the emotional investment we have poured into our home. A poll released in January by Zillow.com found that half of the sampling believed that the price of their home remained the same, or increased, in 2008. However, sobering statistics from National Realtor Association, report that the median price for a home declined 12.4%. The Westchester-Putnam Multiple Listing Service shows that 26% fewer new and existing single-family homes sold in our County last year, and the median price declined by 11% during the fourth quarter. Inventory in Westchester has increased by 33% over the past several years. The landscape is evolving.

If you are considering selling your home try and separate your sense of community and family shelter from the business of managing an asset. Are you considering a move because your family is growing and the house is too limiting? Perhaps there is a way to adapt your current home for future needs. Is it time to down-size because now it's "just the two of you"? Depending on how much of your mortgage you have paid-down you may find that the monthly principle and interest payment will diminish in an acceptable period of time to put-off the move. Give yourself the time to evaluate market conditions here and in the places to which you may relocate. You might also want to compare the cost-to-own of a new purchase with those of a rental.

Unless you live in a mobile home or a houseboat you cannot change the locale or location of your dwelling. However, you can have influence the perceived value of your house. Scott Richardson http://www.richardsonrealtyteam.com/ Associate Broker, Listing Specialist with Keller Williams in White Plains whose area of concentration includes Armonk, reminds his seller that "buyers are looking for the ‘Perfect 20%'. Homes need to be both priced well and properly staged in excellent condition, to compete. The 80% of properties that are still overpriced are going to have a more difficult time selling . . ."

How do you position your home as what Richardson characterizes as one of the "Perfect 20%"? The effective use of media will aid in making your offering a must see on the house-hunt. Maximize your homes' "web appeal". Accepting advice from professionals such as real estate agents or the expertise of a home stager can make a substantive difference in presentation and perceived value. In order to entice buyers to make an on-site visit you have to begin the process, as Alan Kellam www.kellamstrategies.com, an e-PRO® accredited Sales Associate with Century 21 Haviland in Pleasantville points out by "getting rid of the clutter so prospective buyers can imagine themselves and their furniture in your home; take great pictures - not photos of toilet bowls, which we see so often."

Supplement the promotion of your home by coordinating the sales campaign with your agent. Don't be reticent about letting people know that your house is on the market. Start with the basics, word-of-mouth, evolves into "networking".

The potential buyers' first in-person impression occurs as they pull up to your house. Curb appeal should not be underestimated. You can underpin a positive perception by making sure that the landscaping is uncluttered and well-groomed. Once inside allow yourself a degree of separation from something that you usually feel invested in, your personal possessions. Kellam reminds sellers to "give visitors space - as much as it is sometimes tough to hear their comments, it's important to give them the chance to discuss what they are seeing among themselves.

In this market "buyers are constantly reminded by the media of how bad things are, so low ball offers and critical comments abound, as many buyers falsely believe that most sellers are desperate." observes Tom Consaga, the broker/owner of Re-Max Ace www.ThomasConsaga.REMAX-ACE-NY.com in Pleasantville. If you have done your research and are comfortable with a pricing strategy based on real-time market conditions, not how much money you want to make, you will generate foot-traffic." You want avoid giving the impression that you are open to offers that disrupt the financial model that you adopted. "Don't overprice your home, and don't blame yourself, your home, or your realtor for market conditions beyond your control" reminds Consaga.

You may love your home but, ultimately you are selling a dwelling that someone else must believe they can imbue with their personality. The hard fact for the home-owner who must step-out of his familiar role to become a home- seller, is that your house it is ultimately worth only the amount of money someone else is willing to pay for it.

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