Best advice now for homebuyers and sellers

Top experts and Money readers share their smartest tips on everything from selling a home quickly and winning a bidding war to cutting your electricity bills and prospering as a landlord.

Sell quickly. Win a bidding war.
house savvy barbara corocoran
Barbara Corcoran

Sell your home fast
Underprice it from the start. If you list your home for at least 10% less than it's worth, you'll often sell it for 10% more.

Buyers notice a house that's underpriced: They'll take it by storm and drive up the price with a bidding war.

People worry that setting the price low will deter bidders. That's not the case. If you don't get competitive bids, you didn't truly underprice the house to begin with.
-- Barbara Corcoran, founder, real estate firm the Corcoran Group and panelist on ABC's "Shark Tank"

Win a bidding war
Go as high as the maximum price you'd ever be willing to pay -- if someone outbids you, you'll feel confident you gave it your best shot.

Sometimes it's not just about the money. Give the seller some breathing room too. Buyers often signal their interest by offering to close quickly, but that move might backfire in this market: If the sellers haven't found a new place yet, they may be unable to accept your offer.

Instead, propose a seller's residential lease. You close on the house quickly, then rent it back for 60 or 90 days. That gives the sellers a chance to look for a home in a nonpanicked way -- and gets you the house you want.
-- Mary Beth Harrison, founder and realtor, Keller Williams Elite, Dallas


Send a letter to the editor about this gallery to money_letters@moneymail.com.
  @Money - Last updated March 04 2014 03:21 PM ET
Join the Conversation
Best advice now for getting richer

Top experts and Money readers share their smartest tips for helping you build your nest egg and land a dream job.

Real Estate Calculator
recalchome

Was my home a good investment?

Find out now
Find Homes for sale
  • Property Type
  • Find a home in:
    New York | Atlanta | Chicago | Los Angeles
    Washington D.C | Houston | Philadelphia | More options
Overnight Avg Rate Latest Change Last Week
30 yr fixed4.36%4.24%
15 yr fixed3.39%3.26%
5/1 ARM3.36%3.27%
30 yr refi4.34%4.22%
15 yr refi3.38%3.24%
View rates in your area
 
Find personalized rates:
Rate data provided
by Bankrate.com
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.