Keeping Your Living Arrangements Status Quo in This Housing Market

The housing market these days is under pressure. Foreclosure rates are on the rise and those trying to sell a home are experiencing great competition. If you've decided to wait out the market living in the same house, should it remain status quo for you?

What should you do if you're staying put?
There are many reasons why you may be staying in your home. If you're keeping your current home, does that mean you can just sit back, hold on to your real estate asset, and time the market so you can sell when it recovers? Not necessarily.

Take these steps into consideration to better your situation when it is time to sell.
1. Fix it, repair it. Take the time to make repairs and fix items that are broken in your home while you have a chance. This helps you to avoid scrambling later when it is time to sell.

2. Renovate. Some homes need remodeling from top to bottom while others need to be updated or spruced up a bit. It may mean applying a fresh coat of paint to each room, updating appliances or putting in a new floor--carpet, tile, or wood. Take the time to make these changes now. You can spread out the cost and time, so you don't have to do it all at once.

3. Make your home energy efficient. The demand for green and energy efficient homes is on the rise. Make your home more cost efficient for you, and eventually the new owner by making energy updates and upgrades such as replacing insulation, adding energy efficient light fixtures, and sealing cracks in window and door jambs.

It's a buyer's market, so this may not be the right time for you to sell. If you're staying put, try these three tactics to increase your odds for selling when the time comes.