I know...you want to save money in this market so you want to market your home for sale as a For Sale by Owner (FSBO). Your thinking is that you will save the commission normally charged by an agent and the real estate broker. It does seem tempting to try to save money particularly in this crazy real estate climate BUT consider the following questions:
1. Do you really know what your property is worth in TODAY's market?
The reality of today's market is... that if you price your home too high, you will not sell your home. In addition, you may not consider what the banks will LEND to the buyer for your home. Pricing is the single most important factor when listing the home and pricing should be based on market FACTS drawn from actual sales data from the last 30 to 120 days. Yes, that his how the banks do it AND they need recent data --- not what homes sold for 12, 18, 24 months ago. Those markets no longer exist. So, to sell your home ( AND YOU CAN SELL YOUR HOME IN THIS MARKET ) you need to price it right and aggressively.
2. Do you have access to the most recent sales data/figures for homes in your town, neighborhood, street?
This is critical. You need to draw on factual data that draws as far down as possible to your neighborhood and street. Unfortunately, some internet sites give TAX data instead of sales or market value which can be off as much as 80% of the fair market value of your home. Are you ready to use that information to price your home?
3. Are you ready to pay to advertise?
To effectively market your home you need to be in multiple media sources including: news print, in magazines, on the interent on primarly net sources like., realtor.com , trulia, craigslist, etc. And, I don't mean the FREE listing sections --- I mean the paid for AD sections that increase your exposure and lift your listing UP in the search engine optimization ( SEO ). This is also cumulative --- base on multiple exposures --- for multiple ads? Can you make a 6 month commitment to an ad budget?
4. Can you create your own WEB SITE?
And, more importantly, can you get your web site seen by buyers? You will need professional photos and you will need to provide buyers --- the access to those photos, brochures, TAX maps, zoning details and town amenities --- all when BUYERS want them.
5. Can you remain objective about criticisms about your home and remain calm during the negotiation process?
You need to be able to step away from the emotional attachment for your home and property. This is not an easy task and it is even difficult when you hire a realtor on your behalf. After all , your home is the single, largest financial asset you may have --- and it moving ranks above divorce and below death of a family member as far as stress is concerned. You should have an educated sounding board that is able to field your questions and concerns and is an advocate for your behalf.
6. Will you be able to screen callers before they come to your home and about their financial ability to purchase your home?
Once your home is advertised and your phone number is published --- all kinds of people, businesses and just plain nosey folks have access to your home and your personal space. How do you know they are quailified? And, if they go to an answering machine to screen the calls --- will you lose that qualified buyer? Will you create the impression that your home is empty and waiting for visitors? Will you create the impression that you are not interested in selling? You need someone who is experienced to take the calls.
7. Are you able to draw a legally correct contract including all the conditions and terms that are in your area?
The legal-eeze is critical with the sale of your home. Are you familiar with the current legal aspect of selling your homefrom a contract stand point? Are you familiar with the current Codes in your town as they relate to fire, CO2, radon? What about the home inspection issues?
8. Are you familiar with the terms and liabilities associated with your properties history and the seller disclosure laws in your state?
Depending on the state in which you live --- you are legally responsible for disclosing issues surround your properties history, maintanence and any permits that are necessary for those improvements and/or upkeep of you home.
9. Are you willing to lose out on the large RELOCATION network that brokers are associated with?
There are literally hundreds of people that relocate every day. People move every 5 to 7 years some of which relocate to another state. You need to have access to those buyers and those resources. AND, you need to have your home advertised to other brokers in your county, state and nationwide --- 24/7 --- in order to most effectively market your home for sale. Why limit your advertising exposure to your local newspaper?
10. Do you have the TIME to market your home?
Let's face it. Most of us work, go to school, manage a home and a family. Do you really have the time to dedicate to the marketing of your home --- as your full time job? You do have other things to do -- to make sure that your life stays on track. Call a local realtor to help you --- and they will do what they do best --- market and sell homes.
The reality is that the statsistics show --- homes that are listed and marketed by a realtor actually sell for almost 15 percent higher --- than homes sold by owners. And, that includes the commission price. Are you willing to sell yourself short?
Remember, real estate is highly regionalized. For FREE information about the value of your home based on the current market contact me at CupaT@aol.com , or see www.PamelaStetson.com . I would love to help you.
201.447.6600 x 007 Office
Abbott & Caserta Realtors, 10 Sycamore Ave., Ho-Ho-Kus, NJ 07423
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copyright 2009 - Pamela Stetson