Strategies for Selling Your Home
In a Cooling Real-Estate Market
Sales of existing homes dropped 1.3% in June, marking the eighth decline in 10 months and the inventory of unsold homes rose to a new record, according to the National Association of Realtors. The median selling price rose 0.9% to $231,000 from a year earlier, the smallest year-over-year gain since May 1995. A poll of real-estate agents conducted in June found that housing prices have weakened in 30 out of 42 metropolitan areas.
What to Do: If you're determined to sell, see seven tips to help you sell your home in a cooling market. Research your local market and visit open houses to size up your competition. Price competitively -- overpricing can be a turn-off. Ask your realtor for comparable sales information, or use online tools like Zillow.com or this tool from RealEstateJournal.com. Carefully choose which pricing tools you use -- some Web sites are referral tools for real-estate agents. Fix up your home's appearance -- upgrade curb appeal, get rid of clutter and use interior lighting. Take high-quality photos to place on home-listing Web sites.
| Cooling Market -- Housing data for April to June, 2006. | |||
| JUNE | MAY | APRIL | |
| Existing Home Sales (seasonally adjusted annual rate in millions of units) | 6.620 | 6.710 | 6.750 |
| Change from previous month (%) | -1.3% | -0.6% | -2.2% |
| Northeast | 1.110 | 1.150 | 1.180 |
| Midwest | 1.520 | 1.520 | 1.570 |
| South | 2.570 | 2.630 | 2.610 |
| West | 1.410 | 1.410 | 1.400 |
| Months of Supply Available | 6.8 | 6.4 | 6.1 |
| Median Price | $231,000 | $229,000 | $222,000 |
| Source: National Association of Realtors | |||
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