It is a reality. The housing boom is cooling off with more homes on the market now and interest rates on the rise. Ellee Pai Hong of NBC5 reported that buyers now tend to be choosy, and that means sellers have to step it up.

Sellers may sell their home but with mixed success. But realistically, they know that the market is turning. Mary Etter set her price at just below $400,000. She sold her home in two months, but said she has two contingencies on the contract.

Previously, most sellers wouldn't take an offer if there were a contingency attached. Realtor Nancy Gardner said sellers used to have the power to turn down such offers, but not anymore. Gardner said that sellers need to market their properties and offer incentives to get them to sell.

According to Gardner, in a buyer's market, that percentage could even go up to 4 percent. Gardner also suggested using the Internet to market a home. Sellers can set up a virtual tour site that will increase the home's drawing power. Also, sellers should do some research and know their competition.

There are many Web sites that offer information on homes for sale. You can also get online appraisals for free at Zillow.com, and you can even check out what your neighbor's home is worth. And that information will be crucial. Pricing your home right will either turn a buyer on or off. If your home is overpriced, it may sit on the market for a while and drive buyers away. According to Gardner, if that happens, it could take a long time to sell.

She also mentioned a new Web service called Open House Router, at SussexAndReilly.com, which will create a map of every home that meets your criteria, plus a timed open house visiting schedule. Using the Open House Router, buyers and sellers don't have to search through thousands of listings on their own.

By M. Sese
http://realestatepress.org