How to Sell Your House Fast Without Breaking Your Bank

First, a look at housing statistics...

Be forewarned. It isn't pretty. 40% of all homes that sold nationwide during March 2011 were foreclosures or short sales, according to the National Association of Realtors chief economist, Lawrence Yun. And those distressed properties sold at discounts of roughly 10-15% below market value.

Market values haven't exactly been rising either. The median sales price of an existing U.S. home in March 2011 was $159,600. Compare that to $198,100 for 2008. (Statistics taken from the National Association of Realtors website.)

So what does this mean? It means that if you want to sell your home in a timely manner, you must use what equity you have left to compete against those discounted properties and pay your agent's real estate commission.

Do I really need to hire a real estate agent?

Simply put, no. Not paying a 6% commission to a real estate agent might be the only solution for traditional sellers with limited funds looking to attract buyers fast in this market.

Say for instance a real estate agent has told you she could sell your property for $148,000, why not offer it yourself for $139,000?

Use that extra $9,000 to motivate someone to buy your home, instead of motivating an agent to sell it.

Seriously, there is a HUGE inventory of homes available on the market. Why should someone pay full price when discounted short sales and foreclosure are so abundant? Plus, even if a buyer is willing to pay full price for your home, their bank's appraiser might not be so agreeable.

Your discount might be just the nudge a discriminating buyer needs to leave the hassle of a short sale or foreclosure to someone else.

Unless you're independently wealthy or your company is paying for your move, why not try selling your home yourself?

If you use the above strategy, you'll lose nothing more than what you would have paid an agent anyway, and you'll hopefully sell your house fast because it's priced great and in better condition than those distressed properties! If you do list with an agent, and your home doesn't sell fast, you may be faced with paying a sales commission and reducing price.

Plus, today's for-sale-by-owner seller doesn't have to just put a sign in the yard and hope for the best. Since most buyers search the web for homes, it makes sense to showcase your home online. When I interviewed a real estate agent about selling my own home, and he wanted $17,000 to do it, I created an online platform called www.Bailmeoutofmyhouse.com for others, who, like me, think that in this market it's smarter to entice buyers than agents. I call it the bail-out-plan for the traditional seller!

Don't forget to place directional signs on busy streets near your home, and why not put some balloons on them to attract some extra attention? You'll be packing your bags in no time!

Source

National Association of Realtors Website: www.realtor.org