Selling Your Home in a Difficult Market
With the current difficult economic climate in the United States and many parts of the world
selling your home can seem like an insurmountable challenge. While it is true that
it is more difficult than it was back in the height of the boom houses are still selling every day
in towns and cities across the country.
Whether you want to move, trade up or down or whatever your reason for selling, here are some tips
for what you can do to maximize your chances of selling your home in ths difficult market:
- Be Realistic
As a home seller you have a responsibility and a requirement under the law not to
discriminate in the sale, advertising and financing of property on the basis of race,
color, religion, sex, handicap, familial status, or national origin. This is a simple,
common sense requirement easily met. Don't create the appearance of impropriety by
advertising that a property would be perfect for a newly married couple, for example. A single
mom may feel excluded by such a statement.
- Preparing Your Home - Standing Out
A buyer has a right to a fair and complete understanding of the condition
of the property they are interested in purchasing. While a buyer should always
verify the property condition with a professional home inspection, they will
expect the home seller to share the information they may have about the home
with them. This is done through the Seller's Disclosure Statement, a written document
where the seller lists all pertinent issues that they know about the property.
- Marketing - Don't Accept the Status Quo!
If your home or property was built before 1978, you must disclose the possible
hazards of lead paint. Whether or not your have lead paint in your home,
the law requires you to provide a copy of a federally approved lead-based
paint hazard pamphlet, available for free download from our seller resources page.
This is simple to accomplish, but a requirement that you should take seriously, as
failing to do so is a federal offense with a stiff fine.
As with any other item,
if you do know of lead paint problems you need to disclose them but this is not
something to be alarmed about and does not necessarily have to be removed. You
also need to give the buyer a 10 day period to perform their own lead inspection
if they wish, this is a simple matter normally handled by a standard provision in
the Contract.
- Receiving Offers
Radon is a radioactive gas that has been found in homes all over the United States.
It comes from the natural breakdown of uranium in soil, rock and water and gets into
the air you breathe. The U.S. EPA estimates that nearly 1 out of every 15 homes in
the United States is estimated to have an elevated radon level (4 pCi/L or more).
The EPA recommends a radon test be done before any real estate transaction. You can
perform a test yourself or have a radon professional perform the test. If the test
does turn up problems, all is not lost, mitigation techniques are available to solve
the problem. For more information go to the excellent EPS Radon page at
EPA Home Buyer's and Seller's Guide to Radon
which also includes links to state by state resources.
- Handling Issues
In some areas, people have lost their homes to hazards from improperly filled lots
settling after the home was built or from sink holes. There have been cases from around
the country of people getting sick from houses with significant mold problems. The
professional home inspection provides protection here for both buyers and sellers, both
to find any hidden defects and to prevent nasty misunderstandings and legal action down
the road if something does later occur. As a buyer, I always insist on a home inspection
to help uncover any hidden defects. As a seller, I counsel the buyer to get one, for a
few hundred dollars everyone can breath easier.
- Using Your Team
In some areas, people have lost their homes to hazards from improperly filled lots
settling after the home was built or from sink holes. There have been cases from around
the country of people getting sick from houses with significant mold problems. The
professional home inspection provides protection here for both buyers and sellers, both
to find any hidden defects and to prevent nasty misunderstandings and legal action down
the road if something does later occur. As a buyer, I always insist on a home inspection
to help uncover any hidden defects. As a seller, I counsel the buyer to get one, for a
few hundred dollars everyone can breath easier.
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