How to sell your home in a buyers market
Within the last few months the media has been reporting how current real estate trends are indicating it's a buyers market! Due to record-breaking low interest rates and an overload of inventory, buyers are able to pick and choose their dream homes at a steal of a price.

But what about those selling their properties? How can they benefit?
The latest market outlook from the National Association of Realtors (NAR) predicts that, as conditions for the mortgage industry continue to improve, existing-home sales should hold fairly steady over the next few months, rise later in the year and continue to improve in 2009.

While inventory levels are high in most Florida markets, the number of for-sale homes is expected to begin to decline in 2008. Economist Hank Fishkind, president of Fishkind & Associates in Orlando, expects Florida to grow by about 265,000 new residents and add 130,000 new jobs in 2008.

At roughly 2.2 people per household, that would create demand for roughly 135,000 new homes, helping to soak up excess inventory in many markets.
The NAR has prepared some tips for sellers wanting to obtain the most from their property.
- Plan and Prepare. Sellers are encouraged to ask themselves: If you were buying this home what would you want to see? The goal is to show a home that looks good, maximizes space and attracts as many buyers and as much demand as possible.
- Hire A REALTOR. A good REALTOR will keep you informed as the marketing process unfolds and as expressions of interest are received. In time, the marketing plan may be modified to reflect buyer reactions and changes in the marketplace.
- Set the price. Every reasonable owner wants the best possible price and terms for his or her home. Several factors, including market conditions and interest rates, will determine how much you can get for your home. The idea is to get the maximum price and best terms during the window of time when your home is being marketed.
- Homes are different. Each is unique, the marketplace is always in flux, interest rates constantly change, and new buyers search for homes each day. With such fluidity, it requires REALTORS to create marketing plans specifically for individual homes and market conditions.
- Sell it. Because a home sale involves an array of both personal and business concerns, it's important to get it done right. You need to carefully prepare your home, understand the market, and see what alternatives are realistically available. The old motto "be prepared" is a good guide in such circumstances.
- Close. With automation now available, closings can occur within a week in some areas, at least in theory. In practice, it takes time to arrange financing, conduct inspections, obtain appraisals, locate replacement housing, contact movers, pack, and actually move.

While instant closings are not practical, neither are closings too far in the future. The problem with closings much past 60 days is that loan rates are difficult to lock in. If mortgage rates go up, it's possible that the buyer will no longer be able to afford the home and thus the deal may fall through. The result of these considerations is that most homes close 30 to 45 days after a sale agreement has been signed.

The following local Realtors have offered their advice on selling a home in a buyers market...
Art Corace, Broker/Owner of RE/MAX of the Islands, Sanibel & Captiva Islands recommends hiring a REALTOR to best represent your needs. "To find the best REALTOR you have to take the time to talk to neighbors, friends and interview a number of different agents. Find a professional you're comfortable with and you feel confident in. The selection process is important. Just because a member of your family is in real estate, doesn't always mean they're the best person to represent your needs," said Corace.

The second step Corace recommends is to follow your REALTOR's recommendations, especially when it comes to pricing." A good agent can provide you with a realistic and obtainable selling price on your home. Those sellers who are truly motivated to sell their properties take their REALTORS advice to heart." Further to that advice, Corace added that when there is an abundance of inventory available, first impressions mean everything. "Declutter your home as much as possible. Put large furniture and unused items in storage. Clean the yard. Clear out the garage. All of these things take away from the appearance of your home," explained Corace.
800-388-2311 | www.remax-oftheislands.com

Phase III Real Estate of Naples have provided only the finest properties in Naples for the past 20 years, at a cost that's affordable and a service that's second-to-none.
Property selections include spacious efficiencies, luxury condominiums highlighted with a security entrance, modern furnishings, tennis facilities, and private balconies with breathtaking views. Many properties offer direct beach access or are within walking distance to area beaches.
"We're proud to be members of the Naples Board of Realtors and the Naples Area Chamber of Commerce. Together we have a united goal to make a traveler's visit in "paradise" the best that it could possibly be", said Fran Parker, Broker/Owner.
800-5-NAPLES | 239-597-9111 | www.vanderbiltvacation.com

American Realty of Venice, Inc recommends that price and condition are the two most important factors in selling a home. The first step is to price your home correctly. Use comparative sales information from your agent, or pay for a professional appraiser (usually $200 to $300); to objectively evaluate your home's worth. Second, go through the house and repair any obvious cosmetic defects that could deter a buyer.
In a down market, sellers may have to consider lowering your price and/or making a major repair, such as replacing the roof, in order to lure a buyer. Also, make sure that your home is getting the exposure it deserves through open houses, broker open houses, advertising, good signage, and a listing on the local multiple listing service or online listings provider.
If this isn't happening, take it up with your agent or agent's broker. If you are still not satisfied you are getting the service you need, you may have to switch agents.
For more information and to receive an evaluation on your home's potential, call an American Realty of Venice agent.
800-366-0984 | www.sellingvenice.com

Enticing nature lovers with eight miles of federally protected, undeveloped shoreline, the area features the longest continuous stretch of protected beach in Northwest Florida, perfect for sun seekers, birdwatchers, and outdoor enthusiasts.
As trends are leaning towards a slower and more relaxed lifestyle, beach community living is becoming quite popular and the professionals at Gulf Properties Realty understand that an educated and informed client is the best client.
Whether choosing a vacation home for yourself, a long term investment property, or a relocation, clients can trust the services and information from Realtors that reside themselves in the Navarre community. Luxury condominiums, townhouses, quaint beach cottages, and large single family homes are abundant. However, it remains a quiet, relaxing community that some folks call home and others are discovering "Florida's Best Kept Secret".
800-774-4748 | 850-939-2311 www.gulfproperties.com

Sarasota resident and Relocation Expert, Lillian Ridgeway provides the best and most professional service available to both buyers and sellers. Her tips for selling a home include pricing to sell. "Sellers want to believe the value (of their property) is more than the current market! They should consider having an independent appraisal prior to putting the property on the market."
"If you've got a beautiful view that can be seen from the time you open the front door, make sure the buyers see it! Open the blinds, and don't forget to keep it clean inside and out!
941-926-8014 | 941-374-1001 | www.LillianRidgeway.com

The old adage still rings true - location is everything! Grand Residences by Marriott, a brand travelers trust for outstanding quality, offers unique residential condominium real estate within an exclusive, gated country-club setting, along Florida's Northwest Coast. The Grand Residences by Marriott Bay Point features upgraded amenities including granite countertops, and Grand Lagoon water and golf views from all residences.
Owners will enjoy an oversized pool and whirlpool spa, Owners' lounge, fitness center, air-conditioned private storage and assigned parking.
866-915-5665 | www.marriottgrandresidences.com