We are already know how bad it is for real estate market, housing prices frightenly declined.
Last year, medium housing price in Los Angeles area ranked about $ 500,000-$650,000, right now it's about 350,000-550,000.We now see a lot of houses putting in market for a long time, some are in the market more than 6 months or even more.
Some homeowner panic and tend to reduce their price just to get rid of their houses in order to avoid paying their carrying costs.
If you want to sell your house, you should keep your house well-maintained, do everything you can such as remodeling, curb-appeal etc.
You have to make your house looking perfection and "pop-up" from your neighborhood. Next thing you should consider- hiring the best realtor
The most important thing is Pricing your house. Don't over pricing. You will scare the potential buyer away. Work with your buyer, know what they want,offer them something that they cannot refuse. and Be patience.
Other things I would do, I wait..wait for market to keep up again. Some properties I cannot sell, I put them up for Rent. I sign up the contract for about one or even two years. For the first-time homeowner, put your house for rent and you rent the apartment yourself. It's better to rent the apartment you can afford than bearingly to pay for huge mortgage. Let's someone paying for you. So you don't have to end up being forclosured. If you don't want to rent the apartment, then rent out your garage or your room so that you can have their rent to helping your monthly mortgage.
Some of my properties, I refinance, I talk to my mortgage lender, planning for mortgage that I can afford. Trust me, most of lenders, they are
willing to work with you, they don't want your house. If you have good credit, negociate with them. As well as Second mortgage to help your financial situation,if you can qualify or your house still have some equity in it. Get extra income, I even rent some of my properties for the entertainment business, once in awhile.
Even the real estate market is bad right now, it will pass. Sooner or later, it will keep up again. If you can hold on to your house, you will soon get a huge profit that you've been expected.
Don't sweat and Be patience.
