Surveying What Your Home Prices Should Sum Up To

by : Tom Beaty

Every "For Sale By Owner" seller needs to set the correct home prices. Step one is discovering the market value of your home that is most accurate. Here you must make use of the Comparable Market Analysis. This will list houses by address and display the number of square feet in each home. This will also display the selling price of the home compared to the asking price as well as the date of the sale. This is where you must look in order to find the substructure for the true market value of your home.

Pay close attention to the houses of equivalent size and number of rooms. You should study any houses in your neighborhood found on the Comparable Market Analysis. Be sure to compare the size of the lots to your own. Additionally, you must figure the general condition of your home and see how it compares to the homes listed. You should then figure your price after reviewing these variables. You always have the option to make it higher or lower than the selling price of any of the homes in your neighborhood.

Hiring a real estate appraiser to appraise your home may be a more simple route. He or she will figure a price based on the quality of your home and based on what similar homes in your neighborhood sold for.

An important thing to think over is the closing cost. The closing cost is the amount of money that you will receive after the sale. The closing cost will include expenses gathered by the seller, which will not go into the home prices. Included in these expenses are recording fees, surveyor's fee, attorney fees, title search, or any other costs parallel with the buying and selling a home.

If the buyer you wish was brought to you through a real estate agent, half of the closing costs will be your responsibility. This total will be somewhere three to three and a half percent of the selling price. If you have your home listed through a real estate agent, you can expect paying six or seven percent of the selling price.

As the seller of a "For Sale By Owner" home, the most rewarding situation would be getting your own buyer through your own advertising. If you proceed in this fashion, you won't owe any debt to the real estate agents.

An effective way to lessen your costs is by writing the greatest amount the buyer will pay towards his closing fees and mortgage costs in the sales contract. However, there may be a separate contract for the fees if a real estate agent should get involved. This could prevent the fees from being restricted.

Generally speaking, fall and winter have fewer buyers in the market for new homes. A "For Sale By Owner" seller may have no choice but to lessen their home prices in order to get a buyer. If a family has younger children in school, they typically prefer to move during the children's summer vacation. There are, however, inconsistancies to this trend. Buyers in locations with warmer weather generally won't purchase a house until the spring or fall, when the weather cools down.