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August 20th, 2008

Tips for Selling a Home in a Disgruntled Market

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By this point in time it has grown redundant to explain the current state of the housing market and the plight of homeowners desperate to get a decent bid on their home; but I’ll do it anyway.

The Mortgage Bankers Association reported today that mortgage applications for the week ending August 15 had dropped to their lowest level since 2000. A Reuters/Zogby poll released today found that while falling gas prices have eased certain consumers’ minds — under 13% polled believed gas prices would increase a lot between now and the end of the year, two-thirds believed housing prices in their area would stay the same or fall in the next year.

If you are selling your home, or in most cases, attempting to sell your home, ConsumerReports.org has a few tips that may lend some assistance to allow you to be one of the lucky ones who succeed in selling their home:

Price it right. Trying to make your house stand out by offering potential buyers enticements like a free vacation or a set of golf clubs is so last month.

Think round numbers. “I tell my brokers not to list a house at $349,000; put it on the market at $350,000 instead,” Ron Phipps says.

Pick the right improvements. You might want to update your kitchen or a bathroom for your own comfort, but don’t expect to recoup the project’s whole cost when you sell your home.

Consider the type of listing. If you’ve decided to go with a real-estate broker, there are two common ways to list your home, and that decision can affect how much money you’ll eventually walk away with.

Interview more than one agent. Ask around for recommendations and meet with several possible candidates.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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