It is but natural for you, the home owner, to want to get the highest possible price for your property. Getting a good price for your home does not involve pegging the rate at an exorbitant level, way above its actual market value. This practice does not help sell the home, but actually lower its desirability. If you want your home to fetch a good price, you should take note of the following:
Okay, so you’ve decided to sell your home Fsbo and are looking for some tips.
You want it to sell at the shortest time possible and you want to have control over the transaction. You also want to avoid extra expenses. What’s the best thing to do?
No ifs or buts. Just trust yourself, do your research and consult the right people.
Home owners who have decided on selling their homes have a lot of questions in their mind. Common queries include how much their property is worth, based on the existing market value; do they need to renovate in order to peg the unit at a higher selling price and a host of other issues. However, for most home owners, the first and most important question they have on their mind is: when is the best time to sell.
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Most Difficult Tasks for FSBO Sellers:
You are on the home stretch, almost there! Now is not the time to get lazy or drop the ball. Once all of the terms and conditions of the contract are agreed upon by you and the buyer, you will really need to stay on top of things on a daily basis.
You will probably be dealing with a mortgage company, title company, escrow company or attorney, appraiser, and inspector, among others. Don’t worry, we can help you in referring the people that you need to sell your house.
Make certain that the buyers deposit check clears the bank, that their credit report and other financial information is O.K. (we deal with this everyday, so be sure to ask for our help!), and please make sure that ALL deadlines and contingencies are met.
Make sure that everything is in order BEFORE you start loading things into the moving truck. You don’t want to have to put the house back on the market after you have moved out! Plus, once you move out, the buyer has a lot more leverage to get you to alter the contract in their favor.
Don’t forget the little details like transferring the utilities out of your name, and change of address for U.S. mail and newspapers. Check out the comprehensive moving guide on our site for a complete checklist!
There you have it. If you have taken the time and energy to handle your sale properly, you will be rewarded with a nice proceeds check.
Being familiar with the market conditions and knowing your personal motivation to sell will guide you in the negotiations.
Get a standard real estate purchase contract and make sure that you are completely familiar with it and how to fill it out. You can find contracts and disclosures forms on our site GetHappyHome.com
Generally, the buyer will present you with an offer for you to consider. In most states, only written contracts for the purchase of real estate are enforceable, so make sure it is in writing, not merely verbal. The buyer may not have the proper forms, so always make sure to have several contracts ready to go.
Starting negotiations face to face with the buyer with both of you staring at a blank page can be a bit awkward, but just keep your objectives in mind and forge ahead. Politely but firmly take control of the situation.
Now that your home is ready, it’s time to find some interested buyers to show it to. The effort required to attract potential purchasers depends on the current market conditions in your area.
If you are in the midst of a sellers market where there is a shortage of homes for sale, simply throwing a FOR SALE sign out in the yard can produce a frenzy of activity.
Unfortunately, most markets are nowhere near that good, so you better plan on putting in some long hours. You are competing with all of the other homes for sale, and the competition is often fierce.
The first step in your marketing plan is … (more…)
Properly preparing your home for sale can make the difference between a quick sale at full price, and a home that sits unsold for months… even after several price reductions.
The first order of business is to forget your emotional attachment to your home and look at it through the eyes of a potential buyer. Be impartial, and recognize the weaknesses of your home. How does it stack up? Remember, potential buyers are going to be viewing lots of other homes and if yours doesn’t stand out, it will be much more difficult to sell.
Buyers buy what they see! If what they see is dirty, messy, and worn looking, you don’t stand a chance. It’s just like if you were going to sell your car. The first thing you would do is clean and “detail” the car inside and out. Your house is no different!
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Once you have determined a fair market price for your home, you can calculate your bottom line. This is the amount that you will get (get a check for) after paying all of the expenses associated with selling a home.
Remember, by selling your home yourself, the only cost you avoid is the real estate agent’s big commission. You will still have to pay the other closing costs, just like any other seller.
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This is by far the most important, yet most often misunderstood step. Failure to understand the market and properly price your home is the single biggest factor that will cause it to NOT SELL for top dollar and sit unsold for months on end!
To make sure that this doesn’t happen to you, you must first focus on two main areas:
1)CURRENT MARKET CONDITIONS
2)YOUR TIME REQUIREMENTS
Let’s look at how current market conditions can effect selling and pricing. Suppose that there were very few homes on the market for sale, and a large amount of eager buyers. What would that do to prices? That’s right, they would go up. This is referred to as a seller’s market.
Conversely, if there were very few buyers and lots of eager sellers, what would that do to prices? Sure, they would go down. That would be a buyer’s market.
It is the basic laws of supply and demand. Of course, that is a very simple example. Your local market may be at one of the extremes, or anywhere in between. You must consider things like interest rates, new home sales and local economic factors such as large businesses opening or closing, etc. To properly analyze your current market conditions, you will need to research homes currently available, under contract, and recently sold in your area.
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