Correctly pricing your house is one of the most important but also most difficult parts of selling a home.
You want to maximize your profits but you also don’t want to price too high because then you will find yourself with little interest in your house.
For homes for sale by owner, the whole business can seem even more daunting since there is no real estate agent to help. However, there is much you can do in finding the proper price for your home.
The easiest thing to do when pricing an FSBO home is to compare it with similar houses on the market. The key here, of course, is to try to find homes which are as similar as possible to yours which have recently sold or are currently on the market. You will want to make sure, of course, that properties are in the same, or at least in a similar, neighborhood, before you even look at anything else.
Getting Data on Other Properties on the Market
When putting up a house for sale by owner, it is up to you to find out relevant information for home pricing. There are lots of ways to go about getting information on homes. For example, you can simply look through the classifieds, or the real estate listings distributed by agents. You can even check out FSBO web sites and other locations for homes in your area which are currently on the market.
In several areas, you can also find the latest news on recent real estate transactions at City Hall. This can be a good way to find out about homes sold in your area. If you are willing to spend a bit of money, you can even hire a real estate estimator, however most private real estate sellers prefer to determine pricing on their own.
Comparing Houses
When comparing homes to yours, there are a few things you will want to consider. First off is the square footage. You should look at the area not only of the house itself, but of the entire lot.
Then factor in the number of bedrooms and bathrooms. Once again, you should look at the square footage of these rooms. If the properties are similar in overall size, however, the size of specific bedrooms and bathrooms should be similar.
Have you done any extensions to your kitchen or bathrooms? Compare this to other homes that are selling. If you have upgraded your kitchen or the bathrooms, you will need to take that into account for homes that have not, since that will allow you to boost your price somewhat.
To finish you should look at the overall condition of the home. Is it in good repair? What is the state of the landscaping? How much curb appeal does it have?
The more houses similar to yours you can look at, the better. That will allow you to make an informed decision about the asking price for your home. Get the facts about competing homes for sale in your area – then set your price accordingly. Even if you can’t find homes similar to yours, you can still determine whether you ought to go higher or lower based on what you see.
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Tags: For Sale By Owners, FSBO, Homes For Sale By Owner, Sale By Private Owners