Numerous homes are being sold every year. Latest reports, however, show that sales of homes are slowing and mortgage rates are going up. The National Association of Realtors said home sales went down by 2.1% in the first quarter of 2006 while the average rates on mortgages at 6.78% are the highest since 2002.

When the market is slowing down, ideally it is not a good idea to sell your home. But if you are bent on disposing of your property, experts suggest that sellers act right away before prices further go down. Offering the best price to buyers would be a great solution.

It is a reality that not all homes for sale are purchased instantly; lucky for those that are bought within days after hitting the market. However, some homes stay afloat for weeks, months or even years. Buyers usually consider several factors before deciding to buy a home they would like to live in. Sellers, for their part, should take extra effort to make their homes and deals appealing to potential buyers.

Things to do

There are several important steps you need to follow to ensure that your home will attract buyers in a cooling market. Your priority should be to research on your local market and look into other homes for sale, their asking prices and the prices paid by buyers. Know your local market trend and current market values by checking the Internet, your local newspaper or real estate publication. It's also best to visit open houses in your area to monitor competitors.

Set a competitive and fair price for your home. Keep in mind that there are numerous properties on the market and buyers have a lot of homes to choose from. Do some online research and find out the local selling prices. Experts suggest pricing your home a little lower won't hurt that much.

Do your own marketing. Use the Internet and some networking to find a buyer for your home. Come up with your own property brochure and email it to real estate companies. Also, talk to your friends and relatives about spreading the word to anybody interested in buying a home.

Negotiate well and offer incentives if possible. Potential buyers will surely be enticed if you offer to pay for some minor repairs in your home and other expenses. You may need to shell out money but this may actually earn you more in the end.

Impress your potential buyers by improving your home's appearance. This is one of the best ways to speed up the sale of your home when there are more properties on the market. Clean up your home, inside and out. Repaint walls if needed. Take away clutter to create more space. To rid of your extra belongings, you may hold a garage sale or donate them to charity. Also, find out the popular look of homes in your location and be not afraid to follow them. You can even landscape your front yard if you wish.

Join an auction

Some homeowners are opting for a different strategy in selling their homes at a time when the market is slowing down. They are putting their homes on auction for a faster sale. Auctioneers have confirmed this demand since housing markets started cooling down in the previous years. The National Auctioneers Association (NAA) report that auctions of residential properties in the U.S. in 2005 went up by 8.4% from the 2004 figures totaling $1.4 billion.

Real estate experts say home sellers in America have a tendency to use auctions when the housing market is not doing well. It was in the late 1980s and 1990s when home auctions became highly popular as home prices dropped in several parts of the U.S.

Home sellers, however, should be aware that auction services are costly. They usually charge commissions and marketing fees worth more than 10% of your home's value compared to the five to six percent rate asked by real estate agents. Bidding results may not always be very satisfactory as your homes could end up being valued far lower than you expected. Nevertheless, auctioneers explain that their service fees are reasonable considering the fact that they can sell your homes faster than the conventional method.

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