Selling a home by owner

Selling a home by owner

Selling your home by owner is possible in any market conditions, but it requires specific knowledge about how to do so. Take note that simply placing a sign in the yard will not yield a timely home sale. Many key aspects are involved in selling your home. Three of the most important areas to be completely in tune with are the listing price, visibility, availability and advance preparation.

Price it Right

One of the most important aspects of selling your home is the price. In most selling situations, if your home is priced right it will sell. The difficult task is finding the "right" price. A good Realtor will have the ability to pull a Comparative Market Analysis (CMA). Without a Realtor, you will need to handle this on your own. Certainly you have a friend or colleague that is a Realtor and has access to the MLS system. This system is the keeper of all real estate transactions that occur. You will want to have a CMA pulled for your area. This is a listing of all the homes in a specified area that have sold over a selected period of time. The correct listing price for an individual is to list the home at the median sales price over a period of the last six months. Any period greater than six months is not relevant as market conditions change that quickly.

If you price your home greater than the average sales price for your area, there is an increased risk that the home will not sell. This is an issue that does exist in the market at all times. Do not fall into the common trap of over valuing your home based on the feeling that you have more upgrades then a comparative listing in your neighborhood. Unfortunately, the prospects that consider buying your home do not have the same sentimental value for certain items, they have a greater appreciation for their budget.

Create Visibility

A home has virtually no chance of selling if nobody knows it's available. The great benefit of a good Realtor is that they will list the home in certain databases, which allow other real estate agents to see the property and show it to their clients. Without a Realtor, you need to handle this one your own. Your can post your home information on websites such as :
www.homesbyowner.com
www.forsalebyowner.com
www.owners.com
www.fsboadvertisingservice.com
www.fizber.com
www.virtualfsbo.com
Craigslist

The idea is to create an environment that will allow the maximum amount of eyes. On weekends place signs at the major intersections with arrows leading to your home. Many cities do not allow signage to be placed Monday through Friday. Keep this in mind so you don't have a city compliance enforcer removing them.

Create home flyers and have them available when you have showings.

Place a sign in the yard with an information tube attached. Place the home details and price on flyers in this tube.

Availability and Preparation for Showing

It's important to have your home available during the day to show. This basically means 9 a.m. to 7 p.m. seven days per week. People that decide to view homes typically work during the day, so you will have to be flexible after regular work hours. Inflexibility on your part will lead to less views that will not lead to a sale.

Availability also includes answering the phone calls in a timely manner and returning the calls the same day. When people shop for homes, they typically look at three to five in any given day; a slow response by you will be an elimination factor.

Preparation encompasses everything from keeping the inside of the home clean on a daily basis to preparing the yard for maximum curb appeal. Do not underestimate the value placed on your home by prospects regarding the visual appeal of the first impression.

Place some "smell goods" in hidden plugs to give a fresh feel and scent when a prospect enters the home. When you schedule an appointment for viewing, bake some fresh cookies and place them on on a pleasant looking plate with a simple note thanking them for their time. Turn a radio on quietly to a channel that plays music that is easy on the ears. If you have a media room, put in an action movie and allow it play.

You want to appeal to as many senses as possible in a positive manner. Set the mood so that you give your home the best opportunity to be viewed in a pleasing manner.By Curt Fletcher

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