Go to open houses of similar properties in your neighborhood and decide how much you'd pay. Then list yours for that price. You may know that your house is better for entertaining, but that won't get a buyer to pay more. That's knowledge you gained only after living there.
And forget about charging more than a neighbor because you have a new kitchen. "These days upgrades will get your house sold, but they won't get you any more money," says Lars Fahlberg of Prudential California Realty.
Other ideas
Put on a show with a stager. With so many houses for sale, it pays to get help to stand out. Stagers will tell you how to make your home more attractive, and some will do the redecorating, even renting furniture. A hands-on stager can run about $1,500.
Rent to sell. If you still can't sell, consider renting. While sale prices are falling, rents are expected to rise nationwide by 5% next year, according to the NAR. What's more, renting can be a good way to snag a buyer.
Real estate investor Andy Heller, author of Buy Even Lower, says many potential buyers would like to take advantage of the soft market but haven't saved enough. A lease-to-own agreement can help both of you. Heller offers a three-year exclusive right to purchase to his renters for a 1% down payment on an agreed price, then puts 10% of rent toward the eventual sale. An added bonus: A tenant who might buy your house is much more likely to treat it well.
- Stephen Gandel, Money Magazine senior writer
