Crystal McCall ABR,CRS,CRB,GRI,SRES,CIPS

In our current economy we are facing many challenges. The housing market has been hit hardest yet many people still have to sell their homes for a variety of reasons. With so much housing inventory on the market how can you compete?

The key to aggressively marketing your home is to be flexible and competitive. Being willing to offer the buyers a great incentive, keeping things simple and by being willing to make a deal can make the difference on whether you sell or don't sell.

Here are a few ways you can be competitive and stand out:

1.) Get an experienced real estate agent to list your home - Despite the urge to save money on commission. FSBO (for sale by owner) is not proving to work in this economy. A Realtor will market your home. They have multiple listings services that get your listing out to be viewed by a larger audience. In addition to the MLS (multiple listing service), Realtors have many other marketing networks in place to capture the buyers who truly are qualified.

2.) Price it right the first time- be flexible - Choose a price in front of the current market value. This puts your property in a competitive position. In a weak real estate market, many home values have declined. It's important to understand what homes are going for in your market. Start with a comparable market analysis from an experienced Realtor who will know the home values in your market. You should also check out the competition. Look at how homes similar to yours are priced and see what recently closed homes have sold for. A good starting point for a market snap shot is Zillow. In a stable market, the seller has the luxury of "holding out for the best offer". In a buyer's market, home inventory is high, buyers do not bother to view homes priced on the high end of the market. Listen to your Realtor and price competitively.

3.) Cut out the excessive contingencies - Your listing contract holds contingencies that you specify should your home get an offer and go into contract. In this market, it is best to keep the deal as flexible and simple as possible. This allows the buyers the peace of mind that this sale will be simple and you are willing to accommodate them.

4.) Entice the Buyers with extras - Make your deal stand out among the competition by offering incentives. There are many things you can offer depending on your situation.
For example:
Offer a Buyers Home Warranty
Offer to pay part or all of the buyers closing costs
Offer to pay mortgage points
Fix things the buyer's request- such as broken doors, windows or screens
Offer money for larger fix ups such as carpet, painting or appliances in escrow or reduced the price to allow for it.

5.) Prep your home for sale - As an accredited home staging professional; this subject is near and dear to my heart as it has such proven success with my clients. If possible, have your home staged by a professional. We all have different types of decorating style, which is created through our own personal preferences. When you place your home on the market, you are trying to please the taste and desires of many people. You must view your home through the Buyers Eyes! Your personal theme most likely will not be what the Buyer is looking for. Home staging focuses on depersonalizing your home - almost like a model home. The idea is that Buyers will be able to identify color schemes, countertops and walls if you let their eyes find these things instead of your personal possessions. With so many homes to view, a good first impression helps to keep your home in the buyers mind.

Here are a few basic rules of thumb:

• Your home must be clean and clutter free. I usually tell my clients about the 5 box technique- you can read about it in my blog here
• It must smell good! Pet smells, smoke, moth balls, diapers, heavy cooking spices or food smells are a big turn off to prospective buyers. Invest in air fresheners, scented candles and air out the house as much as possible. It's also a good idea to get the carpets and drapery cleaned.
• Secure the dogs for showings.
• Don't forget the yard. The yard it the first thing prospective buyers will see when they drive up. Tidy the yard and add some inexpensive plants to planters or gardens for a neat, clean impression.

6.) Allow your home to be shown whenever possible - Add a lock box to your home so it can be shown when you are away. Leave the house during a showing so the buyer can test your home without feeling uncomfortable.

7.) Be prepared to go down in price - After a period of time on the market, you must be prepared for price reductions. Just like the price wars after holidays, you need to be prepared to offer price reductions on your home in stages. Listen to your Realtors advice. An experienced realtor watches the market closely and follows up with clients regularly.

If you have any questions or would like to speak with me about your home. Please contact me. I will be happy to help. I also have a lot of tips for sellers and buyers on my websites Crystal McCall.com and Ocala Home Source.

Crystal McCall
Keller Williams Cornerstone Realty
Serving Ocala-Marion County, Summerfield and The Villages
Toll Free: (800) 391-8354 Ext:0
Local: (352) 547-1077 The Villages: (352) 267-7846
Email: Crystal@CrystalMcCall.com

The Bailout Recovery Package has been approved and hopefully we can move forward with our lives. The big question out there is where do we put our money for tomorrow? Please do not leave it under the mattress! We have to build faith again in our economic system in America. The principal of "Buy low, Sell high" needs to be considered.

Ocala, Belleview, Summerfield and The Villages, FL are well supplied with home inventory. Currently it will take two years to sell the available inventory in our area. The average market time to sell a home is over nine months. The one thing we have going for us is that central Florida is still a very desirable location for all due to our great weather.

Yet, people still need to have a place to live and the needs to buy and sell real estate remain constant. Many folks are downsizing due to energy challenges all over the country. Younger families in growth mode still desire to take advantage of these current lower prices and are buying larger homes. The one thing that is prevalent in the market is that buyers are making more decisions based on pricing more than on the emotional factors of choice.

Have you looked at what is going on in our real estate market? There are so many great buys out there. Just remember to be cautious by using Home Inspectors, Real Estate Appraisers and of course Real Estate professionals who are experienced and can make sure that you take all the right steps to protect your investments.

When buying homes, look for the basic 3 bedroom 2 bath 2 car garage homes. These are usually the easiest to rent and resale. Also, consider owner financed properties. This was a very common practice when interest rates were up in the teens back in the 1980's. This will be terms that are available with older more established properties, not the victim properties of the past few years. Location is another important factor when buying investment properties.

The final question to consider, is the election really going to make a difference on whether you buy a home now? Many people believe that the election will change our market. I hope that many people understand each one of us has to contribute to the idea of change no matter what the results of our forthcoming election. One thing we can all be sure of nothing ever stays the same.

The housing market is certainly experiencing an incredible challenge in North Central Florida.

The passing of the Economic Bailout Deal is not going to give us an instant band-aid. It will hardly ease the pain. There are currently over 2500 pre-foreclosure and Bank owned properties in the Ocala marketplace according to RealtyTrac, Inc which follows all the foreclosure and lis pendens (pre-foreclosure) transactions around the country. This is all represented in the failure of many banks and financial institutions along Wall Street. Many sellers are having to take the route of short selling their homes back to the bank as they are buried in debt, experiencing challenges with home owners insurance and increased property taxes and are unable to make mortgage payments.

How is this affecting the Ocala marketplace?

Buyers are very skeptical. They are slow in making decisions and concerned that the prices will continue to decrease. The media states loans are difficult to obtain, but we have not had any challenges with banks. If a buyer has good credit, a secure job and a twenty percent investment, they can get a loan. There are also some FHA programs allowing smaller down payments to qualified buyers

Sellers must price their homes competitively with like properties. Many home owners still believe they are excluded from what is happening in the money market along with the housing market. In order to offer a competitive sale, the property has to be below what has already sold and terms are essential. We are seeing owner financing reappear in the housing market and cash is always the best way to deal.

Daily evaluation and re-evaluation is essential for Realtors to keep up and inform the home owners and buyers of these current marketplace trends. Experience and knowledge are the key to being well represented in a ever changing market. If you are needing counseling or advice as to what to do whether buying or selling, it is imperative that you contact a very skilled and experienced professional to represent your interest.

What is going on in today's foreclosure market? Based on the most recently released report from Realty Trac, the website that keeps us abreast of what is going on in the foreclosure market, things are just moving down the road. Foreclosure activity is up 14% in the second quarter of 2008:

"Florida documented the nation's fourth highest state foreclosure rate in the second quarter, with one in every 78 households receiving a foreclosure filing during the quarter - more than twice the national average. Foreclosure filings were reported on 109,433 Florida properties during the quarter, the second highest total of any state and an increase of nearly 25 percent from the previous quarter.

This definitely is placing a lot of activity of Buyers/Investors looking for great deals of which we are complying with the public's needs. Sellers want to sell and Buyers are looking for great deals and getting them."

Lenders have had a challenge to get the mortgage appraisals to agree with the current pricing but things are working as sales are closing. I strongly encourage that you work with a Real Estate professional who is highly experienced in assisting you with these pre-foreclosure and foreclosure purchases as many deals are not completed because of the lack of knowledge and understanding of what needs to be done in these transactions. I have dealt with these properties for over 25 years and know they change daily as to what needs to be done with each financial institution.

If you need assistance with dealing with foreclosures contact us at Crystal@CrystalMcCall or http://OcalaForeclosureSpecialist.com or http://VillagesForeclosures.com .