Article Supplied By: Rickie Sipe Broker / Owner Property House GMAC Real Estate rickie@indy.net  www.rickiesipe.com

PREPARING TO SELL
Real estate values have been falling quickly across much of the nation. The pace of existing home sales is down sharply as well, with many homes languishing on the market for months. 
There are strategies that can help you sell your home----for a fair price----even in hard hit areas.
You might have to be very aggressive in the current environment, especially if your local real estate market has a glut of homes for sales. Here’s how--------
DON’T START WITH A HIGH PRICE.  The asking price is the single most important reason that a property does not sell.  In this buyer’s market, it is a mistake to set a high price and assume that you can lower it later, if necessary, in negotiations.
If you start out too high, by the time you do lower your price, the buyers who do see your home will view your price cut as a sign of desperation and bid low.
The correct price to ask for your home in this market is toward the low end of the range of prices being asked on comparable homes currently for sale in the neighborhood.
Pricing your home at a slight bargain ensures that as many potential buyers as possible will walk through your door.  This is crucial at times like these when home sellers out number buyers.
RECHECK THE ASKING PRICE OF COMPARABLE LISTINGS every two to four weeks if your home has not sold.  If local prices are falling fast, you might have to lower your price to remain competitive.  When you do a price reduction, make it large enough so that the new price is very competitive with comparable homes or is even a “best buy”.
Important:  The amounts your neighbors sold their homes for a year or two ago should not even enter your thinking.  It was a very different market then and those prices are irrelevant today.
HELPFUL: If your home is not attracting many showings, the price is probably the problem.  If it is attracting showing but not offers, the home itself is most likely to blame.