As
you already know, selling your own home can save you thousands
of dollars in real estate commission charges. With more and
more potential home buyers turning to the Internet to find
their dream home, selling your home has suddenly become a
lot easier with FSBOWI.com.
We
have noticed home sellers listed on FSBOWI.com that have
experienced early success are (1) installing a FSBOWI.com
"For Sale By Owner" real estate yard sign, (2)
having open houses on a Sunday afternoons and (3) advertising
in the real estate section of a local newspaper.
The
following paragraphs will help you get started in selling
your own home. You can find further information at your
local library or bookstore. There also are many attorneys
that specialize in real estate transactions readily available
to assist you in selling your home. Check your Yellow Pages
for a list of local Real Estate Attorneys and Appraisers.
Determine
Proper List Price
One of the most important
decisions you must make in order to sell your own home is
determining the list price for your property. There are
3 basic ways for you to go about determining the appropriate
list price for your home.
- Ask
a Real Estate Agent.
Many real estate agents
will routinely provide a complete market appraisal or
comparative market analysis of your home based on current
market conditions at no cost or obligation. The real estate
agents will provide this service in hope that you will
consider using them if you eventually decide not to sell
your own home and instead decide to list your home with
a real estate broker.
Be aware that some real
estate agents have been known to inflate their estimate
of the value of your home in the hope you will list with
them if you decide not to sell your home. Also be aware
that some real estate agents may continually contact you
in an attempt to obtain your listing.
- Determine
List Price Yourself.
To determine the appropriate
list price for your home, you will need to locate homes
in your immediate area that are comparable to your home
that are for sale or have recently sold. Local title insurance
companies can help you determine homes in your neighborhood
that have recently sold. The following items should be
considered when determining which properties are comparable
to your own.
- Physical
characteristics of the property - number of bedrooms
and bathrooms, size of home (square feet), age, condition,
lot size and shape.
- Location
- relative to desirable and undesirable community
features and view from property.
Your local library or
bookstore should have books that provide greater detail
and worksheets on how to determine the market value
for your home.
- Hire
an Appraiser
Obviously,
you can hire a real estate appraiser to determine the fair
market value of your home. Check your Yellow Pages for a
list of local real estate appraisers. The cost of an appraiser
is typically between $200 and $300.
Prepare Your Property for
Sale
Obvious problems with the
home should probably be repaired if the necessary improvements
can be made at a reasonable costs. Typically, expensive
improvements to the home will not yield an adequate return
on your investment. Some possible improvements to the home
that may be cost effective are:
- Interior
walls in need of repainting should be repainted in a neutral
color. You may want to consider replacing dark panel walls
with a lighter color.
- Remove
unnecessary items from each room in the house. This can
give the appearance that your house is bigger. For example,
remove small appliances from the kitchen and clothes and
storage from the closets.
- Be
sure to replace any burned out light bulbs. You may also
want to put higher watt light bulbs in darker areas of
the house such as closes and basements.
- Any
old carpeting should typically be replaced with a moderate
quality carpet that is a neutral color and pattern.
- Remove
items from your attic, basement and garage. This may require
renting off-site storage space for things you do not want
to throw away.
- Some
landscaping that makes the property look more attractive
or reduces yard maintenance may also be cost-effective.
Marketing Your Property
Your home is worth what
someone is willing to pay. Developing significant interest
in your home will help to maximize the price someone is
willing to pay for your home. The primary tools available
to you in marketing your home are (1) installing a "For
Sale By Owner" sign in front of your home and (2)
advertising in real estate section of the Sunday newspaper.
Open houses can also be helpful in marketing your home.
"For Sale By Owner" Sign
A professional-looking real estate sign is one of the most
effective means of advertising your home. Signs usually
work best when they suggest quality and care. FSBOWI.com
provides a professional real estate sign that includes your
own phone number and your unique FSBOWI.com listing number.
Advertisements
FSBOWI.com makes it easy
for you to include your home web site in your advertisements.
By including www.FSBOWI.com
and your unique listing #### in your advertisements, potential
home buyers can easily go the FSBOWI.com web site and enter
your listing #### to bring up your home description and pictures.
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