The posting below is a copy of an article published in Boca/Delray Life Magazine in July of 2006.

In last month’s article, “Has the Real Estate Bubble Burst ?”, we discussed the slow down in the real estate market and it’s effects, as well as what to expect in the future. For those looking to sell their home the question is, how do I get top dollar for my home in such a market?

The basics are still the same but some of the basics become much more important and there is less room for error. A slowing of the market brings with it a rise in the number of homes available for sale. In other words the inventory of homes is higher than usual. The reasons for this are many fold and range from higher interest rates, to fear of hurricanes, to a decrease in investor/speculator interest, to homeowners looking to cash out their gains and the list goes on.

Regardless of the reasons for the slow down, selling a home in this market requires attention to detail and some common sense. I’ll touch on a few points that are at the top of the list.

When the market was hot and the inventory of homes was low, homes sold quickly even if they were not maintained or presented in the best light and even if they were somewhat overpriced. Often times homes would be placed on the market at over the top prices and in some cases they actually sold for or near these prices but usually over a period of time the offering prices would be lowered gradually until they were sold. In a hot market you may be able to get away with this strategy but not in a slow market.

In a slow market it’s becomes much more important to price your home as close to the market as possible to ensure a sale at the maximum potential price. The longer a home sits on the market the harder it may become to sell as home buyers wait for price drops since they have much more inventory to choose from and the urgency of buying immediately no longer exist as it did when the market was hot. Pricing your home correctly is not a science so much as it is an art. A good real estate agent can help guide you in setting the right listing price for your situation.

The other detail to pay attention to is the condition of your home and how it’s presented. In other words, it’s to your benefit to be sure your home is well maintained and that your home is neat and well kept. If your home is immaculate and looks like a model home it will be easier to sell and will fetch a much higher price than a messy out of repair home. A good agent can help by advising you on how and what to do in order to present your home in the best light.

Remember, this is not an all encompassing article. There are many other details to consider and a good real estate agent should be your guide.

(Please note that all aspects of this subject cannot be addressed in such a short article. Do your homework and seek the advice of a professional. Our website contains more information on this topic and others you may find useful.)

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