The current recession is causing a lot of people to ask Peter Answers, “Will I ever sell my house?” These are very scary times for people who are in a house they can’t afford, need to move, or have lost their job. There is no worse time to sell a house then when you have to. Well, actually there is – when you have to and when there is a buyers market like right now. It is very hard to sell a house even at rock bottom prices in this market, so this is a natural question to ask.
The answer is yes, you will sell your house someday. But you will only sell it for what you want if you follow a couple of key steps:
Look into adding some upgrades
In general I don’t recommend doing major upgrades just to help sell a house as even those upgrades that recoup almost all of the money are dangerous when times are lean like in today’s economy. However, if your home is not as finished as other houses on the market then you may need to do some upgrades to offer a better comparable. Remodeling the kitchen and/or bathroom has been shown to increase the value of a home and provide an excellent return on investment. So too adding a bedroom if needed. You can go fancy if it fits your neighborhood and look at installing something like a home sauna or a home gym. Or you can go basic and just upgrade the landscaping. Just remember, don’t throw good money after bad. Since you may have to offer a fire sale to get rid of your house the less money you have invested in it the better.
Take a try at FSBO
For Sale by Owner is scary to people who haven’t done it, but really it is only scary because the Realtors have told you it is scary. That’s because they lose money when you sell the house by yourself! I have sold a house using FSBO and it was the best and easiest thing I ever did. First of all, one of the selling points Realtors use is that they can properly price your house. But these days with services like Zillow it is very easy to do the pricing by yourself. And the money you can save it pretty incredible. When I sold my house I spend $50 on printing up some brochures and $400 for a lawyer for closing, and I think that was it. If you are selling a $300,000 house you would spend around $20,000 on commissions! So what do most people do? They price their house higher to pay for those commissions. And when the price of your house is higher it is harder to sell. So, instead of giving that money to a Realtor give it to a buyer in the form of a lower price – and that will help sell your house faster, despite what the Realtors will tell you.
2009 will continue to be a tough year in the housing market. If you can afford to wait I suggest you don’t try to sell your house. But if you need to try these two tips and you should have good luck in selling your house.
And that is Peter’s Answer!

