Selling your Knoxville area house? (buyers, costs, homeowner)

[jimlee]

Here is what UT's Center for for Business and Economic Research says the Knoxville area has to look forward to in 08 & 09.

"4,463 Single-family residences sold in the Knoxville area during the third quarter, a 4 percent decline over last year
$157,900 Median price for a Knoxville area home in the third quarter, a 5 percent increase over last year"

If you're currently selling or thinking of selling your Knoxville area home, here's a couple of "outside the box" ideas that could help you sell faster and for the best price.

1. If you get an offer from an interested buyer, then lower your asking price to equal the counter-offer you make back to that buyer and make sure they know about it. That will put additional pressure on them to accept your counter because they know you're extending it to others as well.
2. If you have a buyer you think could be serious, take the bull by the horns and make an initial offer to them at slightly below your asking price. That conveys the message to them that you're serious about selling and could jump start negotiations for you.
3. Don't end up chasing the market down by listing initially at an unrealistically high price. Buyers look at lots of homes these days before they buy or even make an offer; they know the market as well or better than you do.
4. Know what the current absorption rates are for your type home and price range and how that relates to the current market. For example if there is 12 months of inventory on the market now, the probably your house will sell in a given month is only * 8.33% (12 months equals 100% of market time divided by 12 months of inventory to equal 8.33%) unless you take some action to set it above the herd. *12 months equals 100% of market time divided by 12 months of inventory to equal 8.33%
5. Offer some financial incentives to your buyer. Buy down their interest rate for a few years, pay their homeowner's assocation dues for 2-3 years, offer a year's lawn service. The costs of most incentives are fairly low relative to the price of your house and they tend to make your house stand out from the crowd.