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Estimating What Your Home Prices Should Equal

Jan 15, 2008
Every "For Sale By Owner" seller needs to set an appropriate home prices. Step one is figuring 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 foundation for the true market value of your home.

Study the houses of similar size and number of rooms. If you find houses in your neighborhood listed on the Comparable Market Analysis, you should study them as well. You should also compare the size of the lots to your own. You also want to establish how the general condition of your home compares to the homes listed. With all these factors in mind, establish your price. Feel free to make it higher or lower than the selling price of other homes in your neighborhood.

A less complex route is hiring a real estate appraiser to appraise your home. Based on the condition of your home and the selling prices of similar homes in your neighborhood, he or she will establish a price.

One thing you must consider is the closing cost, which is the amount of money that you receive after the sale. Expenses amassed by the seller will be included in the closing cost, which will not go into the home prices. These expenses include recording fees, surveyor's fee, attorney fees, title search, or any other costs associated with the sale and purchase of the home.

If the buyer you choose 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 predict paying six or seven percent of the selling price.

As the seller of a "For Sale By Owner" home, the most profitable 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 abbreviate your costs is by writing the utmost 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 limited.

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 abbreviate their home prices in order to get a buyer. If a family has younger children in school, they commonly 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.
About the Author
Tom Beaty offers Nevada Real Estate information for buyers and sellers. Don't buy or sell without visiting this Blog or it could cost you: Nevada real estate
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