In a Down Market, Home Sellers
Get Creative to Find Buyers
by Lauren Baier Kim
August 27, 2007
Selling a home in a down market is not unlike hawking ice cream in February.
In this cold real estate climate, there aren't many people clamoring to buy, leaving home sellers facing a tough time. Some may go the traditional route and hire a real-estate agent at a full commission to sell their home.
But when the housing market is sluggish and home prices drop, this can be costly: a seller of a $200,000 home could pay $12,000 in real-estate commissions at a 6% rate -- cutting even more into homeowners' potential profits. Also, securing financing for a new home is increasingly difficult for many people.
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More profiles of homeowners |
In a special package of articles this week, RealEstateJournal.com looks at people who've sold their homes using a variety of nontraditional methods:
A Seattle Internet entrepreneur who posted a "Make Me Move" price of $1.25 million on Zillow.com for his condo and sold his home for close to that price.
A widow in New Jersey, looking to downsize, swapped her home with neighbors who were looking for more space.
A CEO decided to auction off his multimillion Florida estate after a long listing period failed to net a buyer.
A couple who went the "for-sale-by-owner" route and left an expensive Portland, Ore., suburb for a more affordably priced area in Montana.
Another couple who got lucky and sold their home at a yard sale.
Plus, some recent home sellers explain how they sold their home in the current market.
Trade your own home-selling experiences or discuss any of the home sales we profiled, on our discussion board.
Ms. Kim is a senior editor at RealEstateJournal.com.
Email your comments to lauren.kim@wsj.com.