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Projecting What Your Home Prices Can Amount To

Jan 15, 2008
Each "For Sale By Owner" seller needs to set the right home prices. First and foremost, one must start by figuring the true market value of their home. The Comparable Market Analysis is a vital tool for doing this. This service will list houses by address and give details including the square footage of the home, the asking price in comparison to the actual selling price, as well as the date of the sale. The substructure for the true market value of your home can only be found here.

Closely observe the houses of proportionate size and number of rooms. Try to find houses in your neighborhood that are listed on the Comparable Market Analysis, for they are ideal for comparison. Consider how the size of your lot compares to their lot. Moreover, it is important to figure the general condition your home and see how it compares to that of the homes listed. With all these variables in mind, you are now able to figure the price of your home. It is not imperative that your price be equal to that of other homes in your neighborhood.

If this does not seem right for you, the less complicated option would be to hire a real estate appraiser to appraise your home. He or she will review what homes in your neighborhood have sold for and compare them to the status of your home in order to figure the appropriate price.

Something you need to ponder is the closing cost. In essence, this is the amount of money that you will receive after the sale. Although they will not go into the home prices, expenses obtained by the seller will be included in the closing cost. Recording fees, surveyor's fee, attorney fees, title search, or any other costs parallel with buying or selling a home will be included in these expenses.

If you decide to accept a buyer that a real estate agent brought to you, you will have to pay half of the closing costs, which is approximately between three and three and a half percent of the selling price. You can foresee paying six or seven percent of the selling price, if your home is listed through a real estate agent .

Since you are selling your own home, the most lucrative situation would be for you to advertise your own home, and get your own buyer. You will then have no debt to the real estate agents.

You can abbreviate your costs by placing detailed instructions in the sales contract as to the maximum amount the buyer will pay towards his mortgage costs and other closing fees. If a real estate agent gets involved, the fees could be subject to a separate contract with the agent and will not be restrained in the sales contract.

During the fall and winter, there are less buyers in the market for new homes. A "For Sale By Owner" seller may be forced to abbreviate their home prices in order to get a buyer. Families with children in school ordinarilly prefer to move during the spring and summer months, when the children are out of school. Areas with warm weather can be exceptions to this trend. In these areas, buyers generally won't purchase a house in the especially hot months and will usually wait until spring and fall when the weather cools down.
About the Author
Tom Beaty offers Alabama Real Estate information for buyers and sellers. Don't buy or sell without visiting this Blog or it could cost you: Alabama real estate
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