In today’s piece, I talk about why some experts think it is likely to remain a buyers market for real estate for quite a while.

So what should you do if you are one of the frustrated sellers out there? Here are some tips from industry sources:

1. Be the best -- or be the cheapest. In other words, if your home is not the nicest one in your neighborhood for sale, strive to be the lowest priced. That way, you’ll get lots of traffic-- and hopefully offers.


2. Price realistically from the start. Experts say one common mistake sellers make is starting out with an asking price that’s too high, then trying to chase the market down with a series of price reductions. By that time, the listing has become stale, and it’s often ‘too little too late. Instead, they recommend sellers look at recent sales -- and reducing the price accordingly, to account for a weaker market.
3. Make sure your marketing strategy is strong. In a declining price environment, it may be tempting to try to sell your home on your own, and avoid paying a real estate agent’s commission, often 6% of the selling price. But in a weakening environment, experts say sellers really need a strong marketing campaign. An established agent may be better than you at getting the word out about your home by using direct mail, company websites, industry contacts etc. Hopefully strong marketing will translate into better traffic.


4. Consider renting out your home. If you don’t have to sell, experts say you may want to consider renting it out and selling it when the market recovers.

If you have your home up for sale now, I’d love to hear about your experience. If you are one of the lucky ones who sold your home quickly, I’d also enjoy hearing your tips.