Experts predict this year to be another busy one. The National Association of Realtors says existing-home sales are projected at 5.92 million this year, second only to 6.10 million in 2003. New homes are seen at 1.04 million sales, while housing starts should total 1.78 million in 2004.

"The silver lining now is that interest rates probably won't move much until late in the year when the unemployment rate is expected to drop to 5.4 percent," said NAR chief economist David Lereah.

Lereah said the 30-year fixed-rate mortgage should creep up very slowly, reaching 6.3 percent in the fourth quarter.

"Keeping interest rates close to historic lows will sustain very strong home sales, which should be only a few percentage points below last year's record," he said.

How you develop your selling strategy will depend on the market in your area. In some regions, there are more sellers than buyers, meaning you'll really need to make your house stand out from the rest.

"Although the first-time buyer market in Austin proper has remained fairly strong, the Lake Travis area market has moved at a slower pace than the lower priced markets," said Ron Helle, a Realtor in Lake Travis, Texas. "There have been fewer buyers and more sellers than during the boom period which ended in 2000. While the overall market is slightly lower than it was in 2000, the market has shown some significant recovery in recent months."

In these instances, you'll want your house to sparkle and stand up to the buyer's home inspection. Some ways to do that include:

• Make any necessary structural repairs. You may want to consider hiring a professional inspector to give the house a once-over before you put it on the market. That way, there shouldn't be any surprises down the road once a potential buyer makes and offer and conducts their own inspection. A home inspection should cover drainage conditions, your home's exterior, the chimney, decks, the roof, windows, doors, plumbing fixtures, furnace, air conditioner, insulation, ventilation, electrical, heating, and plumbing systems.

• Check out your shingles, make sure there aren't any loose ones.

• Repair and paint your gutters.

• Shampoo your carpets.

• Repaint any dingy-looking walls. Keep colors neutral to attract a broad base of would-be buyers.

• Clear out the clutter. Let buyers see the kitchen countertops. Have closets just half full so they look larger, clean out the garage, get rid of the knickknacks. And if you have a lot of furniture, put some of it in storage. Less furniture will make the room appear larger.

• Make a great first impression. A potential buyer's first impression is what is know as curb appeal. Keep the lawn mowed, trim the bushes and shrubs, clean the front windows, place a nice welcome mat out, make sure there's no clutter by the front door, clean out the spider webs, leaves and other debris near the front door and, speaking of front doors, make yours look great -- whether it's by painting it, cleaning it, hanging a seasonal wreath or adding a stylish new handle.

If you're selling in a hot sellers' market, then you'll still want to follow the above suggestions, but you'll have more leeway in your negotiations. But experts say it's important to not get greedy and to set a fair price. In many areas, like Vermont, if a house is in good shape and priced right, it will sell.

"The real estate market in Central Vermont has been very active this spring," said Margaret Henkel, Rutland County, Vermont. "With mortgage rates still near all-time lows, buyers can get more for their dollar than ever. Homes priced to accurately reflect today's market values and that are in good condition sell very quickly. Today's buyers are looking for homes that are well maintained and ready to move into."

But in the Dallas/Fort Worth area, home prices fell three percent in January and another three percent in February and sellers are adjusting accordingly.

"A lot of people are taking price reductions," Jennie Ling of Virginia Cook Realtors told the Dallas News March 10. "The ones that do cut their prices are often finding that buyers will step up to the plate."

Published: March 16, 2004

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