Step 1: Use a broker from the local area. When the market is down, so is the number of buyers. That means that you need to expose your property to as many potential buyers as possible. Who do prospective buyers get in touch with when they are house hunting? Real estate brokers. National Association of Realtors statistics show that 85% of purchasers count on real estate brokers for their home selections, while the Internet accounts for 80%. Who creates all of those online real estate postings? Real estate brokers from the local area.

Step 2: Familiarize yourself with the entire sale agreement. Nearly all jurisdictions have standardized real estate contract that has become lengthy and complex over many years. If you use one of those, read it carefully and be aware that you are agreeing to every unmodified term and condition. Make sure there is nothing in the agreement that needs to be taken out, rewritten or added. The brokers should offer a copy of the sale agreement that they might use at listing presentations and the sale deed should be read to avoid misunderstandings. As these are agreements on forms, whatever is not stated as a requirement by the law can be changed by a cross-out or addenda. Consult your attorney or broker for further detailed information.

Step 3: Be completely familiar with the current real estate market. For the sake of negotiations, knowing what the recorded sale prices were isn’t sufficient because often they don’t give the complete picture. As an example, two houses might have both sold for $300,000. A person might have sold for $350,000 while the other for $300,000 but the owner gave the buyer a 6 percent seller credit for a new roof and appliances, which is $18,000. Local brokers who are familiar with the details of recent sales are able to provide the best negotiation advice.

Step 4: Understand all of the terms you are willing to offer. You are confident that your home is going to sell at some satisfactory price, but instead of starting out with an inflexible amount, consider the property sale as a combination of price and terms. For example, it might make more sense in a slow market to help reduce the buyer’s closing costs by offering a “seller contribution “instead of lowering the price of the property. Often the seller contribution could be significantly less than a reduction in price, and buyers who require cash to close the sale could find it more attractive as well.

Step 5: Request a smaller deposit. In order to bind a legal contract, the buyer needs to make a deposit. In an ideal marketplace, a seller will receive a large deposit, but in a down or “off” market, a much smaller deposit may have to be accepted. The buyers prefer to make the lowest possible deposit because a huge deposit indicates a big financial and psychological commitment. You can ask for a lower deposit if the buyer has mortgage pre-approval or if the buyer shows a strong interest in the property and you have no other offers.

Step 6: Sweeten the pot. Are you really planning to take large items like a swing set or washing machine? In certain cases it may be better to leave such items if a buyer makes an offer.

Step 7: MLS photos have to be updated. If your MLS photo shows snow around your home in the middle of the summer, potential buyers will know your house has been on the market a while.  They may interpret this as meaning that you might be desperate to sell and will expect to lower your initial offer. Make sure your broker posts recent photographs.

Step 8: Fully understand the marketing plan. The broker’s marketing plan should be reviewed quite often to see that it is being followed and is changed whenever it is needed.

Step 9: Check out open houses. Going to open houses, also known as your competition is a great idea. It isn’t always easy to be objective.  However, do other owners have selling ideas that might work in regards to your home? Is there something you can use to bargain with? You could consider offering to do some painting or other cosmetic repairs.

Step 10: Keep everything in context. Don’t worry about nickels and dimes when your main goal is to get the house sold.

As an example, just before closing the deal, we had a buyer request an extra $600 to resolve last minute concerns. That gesture seemed like nothing more than a case of buyer’s remorse, so we agreed to it, received an otherwise ideal price, and closed the sale. It wasn’t long before the prices softened in the local market. It was better to lose $600 than to find another buyer later when the market was harsher and the final sale price might have been less by several thousands of dollars. Would we have preferred to save that $600? Certainly. However, six hundred dollars was a small price to pay considering that the delays could have meant a big reduction in price.

Regular lawn maintenance gives your home maximum curb appeal and preserves the value of your property.

A healthy, well-maintained lawn is more than just good-looking-it’s a key to preserving the value of your home. Regular lawn maintenance enhances curb appeal, making your home-and neighborhood-attractive to passersby and potential buyers.

According to Su Chi Straka-Phillis, a residential real estate appraiser with Central Appraisal Services of Parma, Ohio, a well-kept lawn preserves a home’s value.

Put off routine maintenance, and you risk devaluing your home. In fact, an unkempt lawn can be a warning sign to buyers of other potential home maintenance issues, explains Cecilia Sherrard, a real estate agent in Rocky River, Ohio. “The outside of the home is the first thing people see, and if it’s not properly maintained, many will not be interested in scheduling a showing to see the inside.”

Know your grass type

There are two main types of lawn grass: cool-season and warm-season. Homeowners living in the Northeast, Midwest, and Northwest should grow cool-season grasses. As depicted on the Plant Heat-Zone Map (http://www.ahs.org/publications/heat_zone_map.htm) provided by the American Horticultural Society, the regions for cool-season grasses are approximately zones 1 through 7.

Cool-season grasses do most of their growing in spring and fall, often going dormant in the summer. Cool-season grasses include bermudagrass, zoysiagrass, and St. Augustine grass.

Additionally, homebuyers who are approved for the real estate property tax HOPE incentive may also be eligible to receive an additional amount if they bought a qualified newly constructed energy efficient home or bought an existing home and remodeled or purchased items, such as Energy Star appliances, to make the home more energy efficient. The maximum combined total of the real estate property tax incentive and the energy efficiency incentive is $1,750.

For more information go to http://www.mhdc.com/homes/HOPE/index.htm

The Corps of Engineers have made shoreline use permits available for vegetative management.  There are a few steps required, but in most cases they can be processed rapidly and efficiently.

Additional details are available in “A Guide to Shoreline Use at Table Rock Lake.  Should you have any questions you may contact the Duty Ranger at:

(417) 334-4101 ext. 3018 Monday through Friday 7:30 a.m. to 4:00 p.m.

You can also visit:

http://www.swl.usace.army.mil/parks/tablerock/shoreline.htm

I applied Mednick’s formula to the real estate market in Table Rock Lake and Branson Missouri and adapted the price range to fit local conditions.  In the Tri-Lakes area, there 11 homes in this price range that have sold in 2009.  I divide that number by 6 (representing 6 months) = 1.8 homes per month sold.  In Branson West and Reeds Spring there are 34 homes on the market.  I divide 34 by 1.8 (number of homes that sell per month) = 18.9 months necessary to sell a house in this price range.   In Kimberling City, Lampe and Shell Knob there are 25 homes on the market.  I divide 25 by 1.8 = 13.9 months.

According to Mednick, this is important information that needs to be included in any marketing plan or market analysis.  This information is especially beneficial when considered with pricing the home in a price point that is most competitive.

1.  Lousy pictures on the Web.

2.  Priced to high for the neighborhood or the local market.

3.  Blah interior/landscaping.

4.  Hard to find on the MLS (not filed or keyed in correctly).

5.  Miserable maintencance, including ceiling stains, leaky faucets, and ancient furnaces.

 6.  Low commissions.  Practitioners make sure their their customers see properties that offer a payoff.

-  No Contingencies.

- Time the closing to suit the sellers’ convenience.

- Don’t be a bully & Don’t nit pick clauses.

- Don’t try to negotiate furniture.

What do you think the home should sell for in this market?

Are there any improvements that could help the home better compete?

Are you confident you can sell this home?

Since agents evaluate homes in your market every day, they will give the professional opinion you need to evaluate how your home is doing on the market, and how to strategize price, and/or how your home is advertised.