"Within a week of listing our home at your site our buyer found our property, came out and put a contract on our home."
FSBO Newsletter Volume Two
Buying and Selling FSBO, Part 2 - What is a Fair Price for Your Property?
One of the first challenges facing the prospective home seller is the question of
how much should I charge? If you have a good grasp of the strengths and weaknesses
of your home and the current prices in your market, this could be easy, but in some
cases this could be a difficult question indeed. Here are a few pointers:
Stick to the Facts!
Compare your home to others on the market using the factors that are meaningful to
buyers: Your home's size, age and condition, neighborhood and construction. Remember
that some things that may be important to you, such as how much money you paid when
you bought your home or that special rare orchid greenhouse room you constructed
by hand may not mean anything to a prospective buyer.
What Are Others Doing?
Professional Real Estate agents and property appraisers rely on what they call
comparables, recent sales of properties similar to yours. Try to make sure that
your comparables are truly comparable, don't forget to add or subtract
appropriately to adjust the relative value of your home. If you have a lovely
swimming pool while the neighbors that sold don't, add appropriately, but
subtract for the professional landscaping and privacy fence you don't have.
Don't forget that a listing does not mean a sale, just because the Smiths are
asking $150,000 for their house doesn't mean that you should too, the Joneses
may have been forced to settle for much less by the time they finally sold.
What are your Needs?
Remember that time and financing both have something to do with your pricing
decision. If you want to get top dollar, you may have to wait longer for the
right buyer to come along. If you have a specific need to sell in a hurry,
such as a job transfer or a divorce, plan to set a quick sale price that
could be five to ten percent below a more relaxed seller's price. If you are
fortunate enough to be able to offer easy seller financing or an attractive
assumable mortgage, this can be reflected in a price slightly higher that
what you might be able to charge otherwise.
Know Your Market
In a sellers market, prices may be rising rapidly. Some lucky sellers may even
get bids of more than their asking price from eager buyers. In a buyers market,
where there is a large supply of homes for sale and little demand, even a fairly
priced home may languish on the market for a long period. Local real estate agents
should be able to give you an answer for the average time on the market for homes
that they have listed recently. Much less than 60 days would tend to indicate a
seller's market, while more than 120 days would tend to be a buyer's market.
Do You Need Professional Help?
A professional Real Estate agent can prepare for you a competitive market analysis,
which will assign a proposed selling price to your home based on their information
and comparables. While this is usually a free service, be aware that there may be
other factors at play. Some agents tend to offer lower prices, in order to gain
more attractively priced listings that will sell more easily. Others may tend to
suggest higher prices that may encourage the seller to list with them to get more.
Later, the discouraged seller may be forced to lower their asking price to a
more reasonable level. The free analysis is offered as part of the sales pitch
to list your home, and should not be requested under false pretenses if you have
absolutely no intention of listing, be fair. A more comprehensive pricing of your
home is also offered by professional real estate appraisers in every community,
typically for a fee of $300 - $400. The appraisal from a certified appraiser may
also be useful in pricing negotiations with a buyer. If you really don't know
what to price it at, you may want to consider professional help.
AllTheListings.com Continues to Grow!
November set a new record with over 4300 active listings at AllTheListings.com.
That brings us to well over a billion dollars worth of property listed, all with no
advertising fees or real estate commissions! Tell your friends about the best site
on the net where your For Sale By Owner home, business or property can be
exposed to the world at no charge, complete with all details and up to six full
Through our new partnerships with some of the leading sites on the net, thousands
of potential buyers visit our site daily. Thanks to all of you for taking
the time to list your home with us and helping us grow. We receive testamonials
regularly from people who have sold their home through us. If yours hasn't sold
yet, hang in there, make sure you have an appealing price, description and
photos. You might consider using our URL in your local ads,
makes an effective 24 hour salesperson for your home.
Or, if you want more exposure, consider spending a few dollars on a featured
property listing, for thousands of views daily and hundreds of people
typically clicking on your property to learn more.
Finding the Right Home is Now Easier Than Ever!
Finding a home for sale from a Real Estate agent is easy, and there
are a number of good web resources available to assist you. Finding the
home that suits you in the fragmented For Sale By Owner market is a little
more difficult. While we offer a selection of over four thousand homes here
at AllTheListings.com, a number of other sites on the web may be needed to
complete a thorough search. US House Finders is offering a new service
to ease this search at http://www.ushousefinders.com. This free service
allows you to enter the parameters of your search just once, and then easily
search all of the leading FSBO sites on the Net from a single site. Fast,
easy to use and completely free, bookmark it for future use!
Our future features in the newsletter will include articles of interest
on getting the most out of your free listing site such as tips on searching
the site and how we handle your privacy. Our popular Buying and Selling FSBO
series will cover all aspects of the process from getting your property ready
for sale to closing the sale, check the archives page for complete titles.
We are including editorial comment, such as the editorial "Why does it cost so
much to sell your home" and guest editorials from opposing viewpoints. If you
have a suggestion for a story you would like to see feel free to email it to us.
Why are you receiving this Newsletter?
At AllTheListings.com, we send our newsletter out to those who sign up on our
site. It provides a convenient method for you to receive from us tips and help,
special offers and articles like our buying and selling FSBO series.
If you no longer wish to receive the newsletter, please just reply
to the emailed version with the word REMOVE in the subject line and
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any intrusive practices. Thanks!
Part 3 - Getting Your Property Ready to Sell
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