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4 Ideas for Selling Real Estate in a Slowing Market

by Joshua Dorkin on August 25, 2006 · 3 comments

  

The CBS Early Show interviewed Wall Street Journal reporter June Fletcher, who covered four helpful ideas for selling your home.

1. SET YOUR PRICE REALISTICALLY
“Look at what other similar houses in the neighborhood are selling for and then set your price at 10 percent under the market. . . This is a counterintuitive move,” she admits, but, “by setting your price 10 percent under the market, your home will get more attention. You’ll get more people looking at your home and you’ll create a sense of urgency to get people to act to buy. This urgency, and a greater number of people looking at your home, drive up the price by creating a bidding war for it.”
2. MAKE MEMORY POINTS
“What is a “memory point”? Fletcher calls it “that special detail that is memorable and sets your house apart from the others. It makes your house memorable. Everyone has granite counters these days. So, you might want to install a concrete one for a fraction of the price. And, it will be distinctive. ”
3. USE UNUSUAL ADVERTISING MARKETS
“Think of publications that don’t usually have real estate ads, such as alumni magazines, hobby magazines, train magazines, places you wouldn’t usually think about, but where your ad will really stand out.”
4. ADVERTISE ABROAD
“No matter what happens in our economy, our homes are still a bargain to people in other parts of the world like Germany and Japan. Learn to think globally.”

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{ 3 comments… read them below or add one }

The German September 8, 2008 at 8:56 pm

I believe that the best real estate sales happen in the country side. It is a win-win situation and that is a market that can never slow down.
In an area like rural Germany or France, the vistas are so beautiful that people can’t resist it. And the price is also pretty realistic.

Nice article and all the 4 points make sense. Thanks :)

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Crystal Tost July 28, 2010 at 8:23 pm

I find the advertising in other countries and in mediums that are not real estate related a waster of money and time. I think targeted advertising coupled with good pricing and proper presentation will get the house sold to a local buyer that is likely out there as we speak. Why focus on an audience that you are not even sure exists in mediums that are not targeted?

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David Grbich February 7, 2011 at 1:21 am

Setting a realistic list price at 10% below market may lead to a very lonely existence as a realtor – not many sellers in the California market have the equity to price 10% below market – but yes that should get the home sold. Great point overall – thanks.

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