What to do if you are selling in today's competitive Real Estate market

In today's super-competitive real estate market, any little edge to help potential buyers envision themselves in the house you're trying to sell can make a difference.

That's why I think "depersonalizing" when you put your house up for sale.

There are key steps -- besides putting a realistic, post-housing bubble asking price on the property -- that can make a house stand out amid an immense inventory of "for sale" signs.

Keep in mind that the buyer has a lot of choices in today's market. It's most likely the shiny apple that's going to get picked. It's the same with houses. It's to a seller's benefit to make their house shine. It absolutely is.

How do you make it shine?

For starters, take down the wallpaper. Removal of all wallpaper is huge. It's too individualized to the current owner's tastes. Buyers just do not like wallpaper. If you go into a wallpaper store, there are thousands of patterns. Why is that? It's because people are very particular.

Still, some sellers are trying to sell houses with a different kind of wallpaper in every room. That puts them at a disadvantage to a seller who has "neutralized" personal tastes by removing wallpaper and repainting with warmer colors.

Clutter also has to go.

De-cluttering is a real important step that I think a lot of sellers overlook. We live in a house differently than we sell it, and packing away things that you don't use gives the buyer the opportunity to walk through and mentally put their things in the house.

People also get blind to the clutter. Ninety-five percent of sellers need an honest but tough assessment of what needs to get put in storage.

Carpeting is another issue. Buyers frown on houses that have a different color of carpet in every room. If the carpet would cost too much to replace but it has hardwood floors underneath, the best option probably is to pull it up and show the floor.

But if you can afford to replace it before you put the home on the market, it will make a big difference.

It doesn't need to be real expensive carpet, just mid-grade, recommending beige as the color. Beige that flows right through, that will change the house's appearance like you wouldn't believe.

Evidence the house has been well-maintained is important, right down to the front door. With inventories high in a slower market, buyers expect to be able to move right in and not face neglected maintenance issues.

It sounds corny, but make sure your front door looks good and the doorbell works. It's one of those signs that, if you're not willing to have your front look good and doorbell work, what other things don't work?

A likely sale killer, pet odors.

Smelly properties don't sell.

In the end, it usually comes down to a house in the best condition at the best price.

Homes that are priced right vs. their immediate competitors that are in great condition are the ones that get 30 showings in the first week on the market and three offers. It happens.

Properties that are in so-so condition and priced the same or higher than other competing listings are going to sit for a really long time and may never sell.

So take the time to make your home stand out and you will be happy you did. Sell faster in a shorter period of time.

Does buying really make better sense than renting?

Forget the finances for a minute. Why did you even begin to consider purchasing a home? The Fannie Mae National Housing Survey shows that four of the biggest reasons people buy a home have nothing at all to do with money. They want a place to raise and educate their children, a place where their family will feel safe, to have plenty of living space, and to have control over the space. What non financial benefits will your family gain from owning a home? Yours answers to that question should be the reason you decide to purchase or not. The bottom line is that the cost of a home will probably remain relatively unchanged even if prices continue to depreciate. Don't allow money to be the only factor in making the decision that's right for you.

If it's possible that prices will continue to fall, why should I buy now?

While price is the major concern for anyone selling a home, cost should be your primary concern as a buyer. That means you have to take into account what your monthly payment will be, considering not only the price of the home but also the interest of your mortgage. Waiting for prices to bottom out while rates are increasing can wind up costing more over the life of the mortgage. Fannie Mae, Freddie Mac, the National Association of Realtors, PMI, and the Mortgage Bankers Association are all projecting interest rates will increase over the next several quarters. It's best that you meet with your mortgage professional to help you determine what an interest rate increase will cost you based on the expected size of your loan. That will help you make a decision.

Help with closing costs

Fannie Mae is once again offering closing-cost assistance for buyers who close on a home in the mortgage giant's real-estate owned (REO) inventory, but in most states will not bring back cash bonuses it previously paid to buyers' agents.

Buyers who put in initial offers on or after April 11, and close on the sale of a Fannie Mae HomePath property by June 30, will be eligible to receive up to 3.5 percent in closing-cost assistance.

The offer is only good for buyers who intend to occupy the home they are purchasing as their primary residence -- second homes and investor properties are not eligible.

Offers submitted before May 15 have the best chance of qualifying, Fannie Mae said, as offers submitted after that "are particularly questionable for closing" by the June 30 deadline.

Take advantage to the low rates today and this help with closing costs.

Mortgage interest rates and credit scoring.

Credit scoring was developed in the 1960s as a means to determine whether or not consumers were likely to repay their loans. The score ranges from 350 to 850 with a higher score being extremely favorable. Essentially, a high credit score translates into lower interest rates for the borrower.

There are five factors that comprise the credit score. Payment history accounts for 35% of the score; outstanding credit balances have a 30% impact; credit history makes up 15%, type of credit factors at 10%; and inquiries influence the score by 10%. This gives the lender a snapshot of an individual's sense of financial responsibility and ability to pay back loans.

There are many quick tricks to improve the credit score, and I can provide borrowers with more information on this subject. If necessary, I guide them to a reliable resource for credit remediation. If a borrower has to pay a higher interest rate to close a loan, the tarnished credit rating will begin to improve once mortgage payments are made on time and in full. If that is the case, my team and I will be on the watch to alert the borrower when an opportunity arises to refinance and get a lower interest rate.

Mortgage Interest Rates for Fixed Rate Mortgages are low. Call to find out more..