According to the National Association of Realtors (NAR) home sales this year will be the lowest since 2002. Everyday we hear all about the gloom and doom and how the downward spiral of home sales continue. The mortgage companies and sub-prime lending were the reason for the housing booming bubble but, the fall-out of sub-prime lending and negative media on a daily basis has been the reason for near record low home sales.

Loan officers are no longer getting rich overnight approving anyone and everyone with a pulse. Financing guidelines are much tighter now than they were in 2004-2005. And, buyers today are not likely to receive a mortgage loan without putting some of their own nest egg down. Their (buyers) not likely to receive a loan with a decent interest rate if they have a questionable credit history.

The stringency of mortgages have actually had a positive impact for sellers because the quality of the buyers has improved incredibly. When buyers write a contract on your home the chances of the contract falling out (if they have been pre-approved) is less likely. This has proven to make both the buying and selling process less stressful.

With that being said the challenges that sellers are facing is the actual number of homes that are on the market. We all know that it is saturated with foreclosures and short sales and it is hard for an individual seller to compete with a large bank who is prepared to take a loss on the property. However, banks offer the property "as is" with no disclosures and no warranties. Most of the distressed properties will have some work to do just to make the home livable. In our society today, buyers do not want to do the work because they just don't have the time.

What Do You Do?

Well, the first thing I recommend is to remember your objective. You need to sell your house. This implies that it is very important to remove your emotions from the transaction. You can't put a price tag on a home you've lived in where little Bobby took his first steps or learned to ride a bike. You have to think in terms of your objective. You must make your home and the deal itself more attractive than what the competition is offering.

  • Get an appraisal on your home. This way you know what the current value is on your home by a licensed appraiser. This is not necessarily a good indicator of a sales price but, more importantly a good indicator of what buyers are likely going to be able to obtain a mortgage for.
  • Price it competitively. Check the comparables of recently sold homes and currently marketed homes in your neighborhood. Determine a strategic asking price, remember your objective and stay focused.
  • Prepare for showings. It is a good idea to stage your home to sell. Many people believe that their decorating taste will match what the general population like. Most often this is not the case. It's always a good sells tactic to have your home professionally staged.
  • Assist with Down Payment. This is where 90% of first time home buyers fall out. By offering to pay a portion or all of the buyers down payment could make or break the deal.
  • Hire a Seasoned Pro, a Realtor who is experience in the market and has a good ear to the ground on what current buyers are facing and where they are coming from.
  • Curb appeal, Curb appeal, Curb appeal. Trim the hedges or remove over-growth, keep flower beds and gardens beautiful or paint the shutters if needed. Many people won't even come through the door if the outside of the home looks to labor intensive.
  • Be ready to negotiate. In todays market buyers will ask for something so, be ready for it. All deals must start somewhere, be ready.

You can successfully market and sell your home. There are plenty of educated and savvy buyers out there. There's just an abundance of homes for sell. Remember your objective, be competitive and stay focused. atlanta has a powerful Job Market and will continue to grow.