If you must sell your house but the doom and gloom on CNN gives you pause,  consider these facts about the state of real estate in Texas; specifically the Austin market.

Most know that like many businesses, real estate is cyclical.  The market peaked in 2006 and is now on the down-swing, exacerbated in the last year by the sub-prime lending crisis.  Even so, prices continue to rise.  To prospective sellers this may sound good.  However there is more to consider when placing your home on the market.  The real issue is that fewer homes are selling, which means inventory has increased.  That is to say, more homes are available for buyers to choose from.  This is sometimes referred to as a buyer's market.  The buyer has the power to negotiate a deal most favorable to him.

If you must move, I recommend the following:

  • Price it right from the beginning.  Inventories of homes for sale vary from neighborhood to neighborhood.  Get a good Realtor to do a comparative market analysis and price it realistically to sell fast.  High number of accumulated days on the market can negatively affect your ultimate selling price.
  • Make the necessary fix-ups to showcase your home in the best possible light.  Curb appeal is vital.  With so many houses to see, they may just keep going if yours doesn't appeal to them.  Take a objective look at your entry.  Remember the prospective buyer usually has a few minutes to inspect the front door as the Realtor accesses the lockbox for the key and unlocks the door.
  • Eliminating clutter is a no-brainer.  In fact, some of my greatest challenges as a Realtor  have been with "house proud" sellers so in love with their decorating style, they can't see that it doesn't really "sell" the house.  The best example of this is the ever popular (blood) red dining room.  Dark red can make an already small dining room look even smaller.  When indoubt, paint it some shade of white.  Let the prospect envison himself and his things in the space.  It doesn't take expensive up-grades to make your house functional, up to date and fresh.

After all these considerations and preparations, it is still possible that your house won't sell at a price you can live with.  Leasing your house may be a wise alternative at this point.  Many of those first time home buyers that the lending crunch has pushed out of the buying arena, are ready to live in a house rather than an apartment and rent prices are on the rise.   Don't despair, the real estate market isn't bad; it is just different and will change again soon.

Susan Brown is a Realtor at John Horton Realty in Austin, Texas.  With education and love of interior design, she specializes in the make-ready of homes for sale to sell quickly at the best possible price.

Susan is a member of the Williamson County (Texas) Association of Realtors and in 2009 will serve as Treasurer for the Austin Chapter of the Women's Council of Realtors.