Four Tips To Sell Your Home Now

With the current real estate market favoring buyers, it's harder than ever to sell your home. If you're serious about wanting to sell, here's a look at what you may have to do to get the deal done.

In an early episode of The Twilight Zone, character Mike Ferris wanders through a deserted town wondering where all the people have gone. If you're trying to sell your home right now, you might have that same ominous feeling-that all the homebuyers in your city have mysteriously vanished. Unfortunately, the buyers may not reappear until you take some aggressive action. Here are four tips on how to proceed with your hard-to-sell property.

Tip 1. Offer freebies

You could offer a cash rebate to cover the closing costs, but you might also consider something more creative. What about a new flat-screen television to go in the family room? Or new appliances for the kitchen? You'll want to set your budget first, and then create a list of freebie ideas that fit within that budget. To get your brainstorming session started, walk around your house and look for the things it needs, such as drapes, carpet, updated plumbing, a computer workstation, etc. Some incentives may not be legal, so get approval from your realtor before you start advertising your idea.

Tip 2. Give the house a makeover

You can get an edge on the competition by spicing up your home with a makeover. Home equity is a great resource in this regard; consider taking out a home equity loan and using the cash to upgrade the kitchen or bathrooms.

Tip 3. Slash your price

One of the easiest ways to spark interest in a home is to cut the price. Your neighbors won't appreciate it very much, but desperate times sometimes call for desperate measures. Be strategic in your approach: Start by taking a good look at recent sales prices in your neighborhood. Compare the features, living space, and condition of your home to the homes that have sold. Set your price just below what you think the property is worth. Go even lower if you need the home to sell quickly.

Tip 4. Turn it into income

You can always shelve your plans to sell and rent the home instead. Since mortgage loans are harder to come by, many households have to settle for renting rather than buying. First, calculate what you'd need to charge to cover your mortgage payment, mortgage insurance, landlord's insurance, and property taxes. Then, check the rental listings in the local newspaper to get a feel for market rents on similar properties. If the numbers work, renting might be your best option.

Don't go through another open house wondering, "Where is everybody?" In this tough market, you have to take some decisive action now to have a fighting chance at turning your home into cash.