It's really frustrating. If you are trying to sell a home or condo in the Daytona Beach market, that's not in financial distress, you are in trouble. You are competing against properties that are in pre-foreclosure and available as short sales or foreclosed properties now owned by banks. Many markets around Florida and the country are in a similar condition.

Don't get angry with me, but the only way you are going to sell your home is to lower you price to at or near the value that the distressed homes are selling for. Buyers know what's going on and they are looking for bargains.

Awhile ago I wrote the article below about chasing the market down. In our area prices are down about 35% this year because that's the point that distressed properties are selling. The market outside of distressed properties barely exists.

If you must sell, you need to go to the lowest possible price now. Price it where the home will sell. If you wait, you will need to lower the price still further. Prices will not rise until these distressed homes move off the market. I don't believe that will happen until 2011.

If you don't need to sell, then take your home off the market. Sit back, relax and wait for the market to come back.

First, it is extremely difficult to sell a house that was worth much more a few years ago. The idea is diificult to stomach and can be extremely painful. That being said, we all need to understand that the market dictates price and that buyers in this market are looking at multiple properties to get the best deal that they can.

I've been in real estate for a while now, over 11 years, and my experience is that you get the most interest in a house or condo for sale when it first hits the market. In other words, you have the best chance of selling when the property is first listed.

Unfortunately, many buyers price their homes at higher prices to test the market, and when the home doesn't sell, they lower the price. They may do this several times. In a seller's market, this technique can work. Unfortunately, we're not in a seller's market, we are in a buyer's market.

To make matters worse, prices have been dropping in many markets around the country. In my home market, the Daytona Beach Florida Real Estate market, prices have dropped considerably in the past few years. In a buyer's market, with falling prices, here's what happens to many sellers:

Sellers chase falling prices without selling.

Don't get caught in this trap. If you must sell your home, price it to sell out the gate when you will be gettin the most interest in the property. Otherwise, you could be reducing your price as prices drop, putting yourself into a spiral of losing money.

If you need to sell, price it to sell. If you don't need to sell - wait. It's not a good time to test the market.

The real estate market in many communities around the country is depressed and it's a definite buyer's market with many more homes for sale than buyers looking to buy.

Seller's naturally are looking for anything that can help improve the prospect for selling they're as soon as possible for the best price possible.

The question asked is, should I remodel, replace the roof, or do anything else that might add value and make my home sell faster?

The most reference source for financial return on remodeling and home improvement is "Remodeling Magazine." They publish an annual Cost vs. Value Report that will tell you, by region, what the average return is.

In the Southeast, where I live in Ormond Beach, Florida, not a single item on the list gives full return on an investment.

So, here are my quick tips:

• If something is broken, fix it
• If the roof is not leaking, leave it alone
• Don't remodel unless everyone else in the neighborhood did it. This should only include up to the same level to make the home saleable.

   

• Focus on the Living Room and Master Bedroom. If you're going to spruce up, these are the areas that people are interested in.
• If the kitchen is dingy or showing wear, clean it up by sanding and refinishing cabinets and making cosmetic changes.
• Always, Always, Always remove clutter and make sure the home is clean for a showing.
• For more expensive homes, make sure it has good curb appeal.

That's it. In most area of the countries, remodeling is not going to pay off as an investment. If you do it, it will be for your pleasure and quality of life, not for financial return.