Wall Street Journal Advice on Selling Now

An article in last weeks Journal offered seven steps to selling your home in today's market. Most of it was sound if not a little alarmist. Here are their 7 steps:

1. Don't wait around
The advise here was basically it is going to be years for the home market to turn around. Sell now if you have to sell and on the bright side be glad your not a Hummer salesperson.

2. Fix it up and clean it up
The essential make a good impression.

3. Price it cheaply
Price the house BELOW current comparable nearby properties. Also price the house at the current home sales level, not what it was worth three years ago.

4. Hire a top real-estate agent
Interview agents about their marketing plans for your property. Make sure your home will be on all the leading real-estate web sites. "This is no time to quibble over a couple of percentage points of commission."

5. Promote, promote, promote
Don't rely on your agent to do all of the work. Pay for extras if you want more expensive or untraditional promotions. Get creative, advertise your property in unique places such as your companies newsletter and church bulletin. Make sure every one you know receives an e-flyer promoting your property.

6. Play the banker
If you have no mortgage to pay off consider financing some or all of the buyer's purchase. You might be able to charge a higher interest rate and command a higher sale price. Hire a real-estate lawyer to make sure everything is done to protect you. As the WSJ says, "Worst case? Your borrower defaults and you take the property back. And sell it again." Of course that year in foreclosure might be a little tougher on you and your house than the Journal lets on.

7. Take the offer
A buyer has a reasonable offer, take it. Find out the percentage difference between the asking and selling price today. It is a good way to determine an appropriate monetary offer. Your house is only worth what some one will pay for it and the Journal says, "that unfortunately will probably be a lot less than you think."