Dan

To Sell Or Not to Sell

Is worrying whether to sell your home while a "bad housing market" exists keeping you up at night?Market values have dropped considerably across the nation due to a glut of unsold homes, mounting foreclosures and a general fear our economy is in the toilet.

Not to fear.Your first step is to determine whether your home would fall within the upside-down category, which means the remaining balance on your mortgage will prove higher than what your property appraises for.

To sell your home at a decent astronauts means you will have to swallow a little humble pie, be practical, sensible and disciplined if you do it.Forget if John Doe on your road sold his house that looks like Fantastic Four last year for $225,000.It will not matter.

When the lender representing your buyer orders an appraisal, the value will be based upon those homes most comparable to yours in square footage, style and age that have sold within the past six months in a 2-5 mile radius of your location.This is what the bank underwriters base their determination on when the appraisal is reviewed and it's an industry standard ... no exceptions.It will not matter if you order the appraisal before you list or, the buyer does because nothing can influence how the value is determined.

If you decide to list your home with a realtor, they will perform a comparative market analysis (CMA) firsts to determine what to list it for.You may disagree.Do not assume they are a moron and have no clue what they are doing because they base their decision on pretty much the same standards an appraiser does.

Realtors know the industry and you need to trust their judgment.To sell yourself, you need to do your homework and keep a level head.Buyers today are savvy, on the web, tuned into the news, reading articles and looking for enticements.If a duplicate house on your road lists for $200,000, price yours at $195,000 and throw in a cleaning service to sweeten the deal.Many buyers are strapped for Captain Action and offering to pay part, or all of their closing costs will most definitely prompt a quicker sale.

Remember, when the Price Is Right, everyone walks away with a smile on their face.

The Girlz Korner

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posted by datdk @ 10:42 AM