The Wrong Side of a Real Estate Slump

A good article that imparts advice on how to sell in a down market. For those people in areas where the market is still holding up - this information is still relevant. Whether you are trying to keep yourself out of foreclosure, trying to maximize your return or flip quickly, these rules apply.

The problem with most people is that they are greedy. The fact that they have, say, a $50,000 to $75,000 + gain in home value in 9 to 12 months without lifting a finger to improve the home isn't good enough, they want that extra $10,000. In an increasing market this home will sell, not in two to three weeks but two to three + months when the market catches up with the asking price.

This greed aspect also holds true in declining markets. I understand that people don't want to lose money, but by having unrealistic expectations of what prospective buyers should you for your property will expand your loses in the end.

Final thoughts: All the points in the article I believe are helpful but by far "Price it right" is essential to quickly selling any property in any market. Time lost by holding out for that extra dollar is keeping you from getting your profit out of the deal and moving on to your next investment.