Sellers don't rule in 2007, and neither do buyers. It's that simple and if you're planning to sell your home in this new and vastly different market from the glory years you should be prepared with this mantra: reality. Buyers are very realistic and have more options than ever to find a home seller who offers them something that many others still refuse to put into their home sale vocabulary.

Market times and inventories were on the increase throughout the 2006 market. The last quarter of the year saw some positive signs that buyers where returning to market and not just touring homes, but writing offers on them. Even as interest rates inched up in December, the number of mortgage loan applications rose. Many sellers scratched their heads in one of the weaker markets of the last five years and said; 'what happened??

Several factors contributed to slow down weary homebuyers in 2006. Bubble headlines spooked buyers the first half 2006. Afraid of buying near market peaks, buyers waited for signals that the bottom wasn't going to fall out of the market. The problem was many buyers never read past the headlines to determine if the headline applied to where they were buying or was biased based on the reporters perspective. The headlines were relentless and buyers reacted accordingly. Never underestimate the power of the media, many of who are homeowners that should have had a vested interest in stabilizing not inflaming a transitioning housing market.

By summer of 2006, buyers who had been on the sidelines received a financial jolt from wildly escalating gasoline prices. Household budgets suffered from increased commuting costs. Not knowing when or if gasoline prices would decline, buyers remained unable to open their checkbooks for a home purchase. Once oil prices did retract, buyer's lack of confidence was wrapped up in the outcome of the mid-term elections. After seeing the results of the election, which forced major change at home and in Washington, buyers felt better about moving forward with home purchase plans.

What not to do in 2007.

-Over-price your home. Forget the frenzy years. You can no longer name your price. Look at sold comparables from only the last six months. Price is king in this new market, you need to price right at market, no wiggle room, no testing the market and no trying a price for a couple of weeks before taking a reduction.

-Offer gimmicks. Buyers hate the freebies like free cars or flat screen televisions. They perceive that the home price has been marked up to cover these costs. Strip away gimmicks and offer the real market price to buyers. If you don't they'll move on to a seller that does.

-Be impatient. Buyers have no sense of urgency in this new market. Don't try to rush them or the market. Offer the cleanest home with the most desirable features and the market will respond. Select sellers who have followed these tips have been pleasantly surprised when the multiple offers from market savvy buyers.

-Don't blame real estate agent for market conditions. Easy as it may seem, real estate agents shouldn't be the outlets with your frustration with the market. If your agent has done everything you asked them in addition to their own strategy to sell your home, let them do their job. Anxious sellers can create a negative attitude for a home and those that represent it to the market.

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