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Figuring What Your Home Prices Should Total

Jan 15, 2008
All "For Sale By Owner" sellers need to set an appropriate home prices. The first step is figuring the true market value of your home. This is where you make use of the Comparable Market Analysis. This tool shows a list of houses by address and the number of square feet in each home. This list will also show the asking price of the home compared to the actual price the home was sold for. This list also includes the date of the sale. This is where you will discover the foundation for the true market value of your home.

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 determine 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 determine 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 troublesome 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 quality of your home in order to determine the appropriate price.

Something you need to consider 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 acquired by the seller will be included in the closing cost. Recording fees, surveyor's fee, attorney fees, title search, or any other costs associated with buying or selling a home will be included in these expenses.

You will be responsible for half of the closing costs if the buyer you elect was brought to you through a real estate agent. This sum will be approximately three to three and a half percent of the selling price. If your home was listed through a real estate agent, you should anticipate paying six or seven percent of the selling price.

The most advantageous situation for the seller of a "For Sale By Owner" home is finding your own buyer through your own advertising. If this is the route you take, you won't have to pay any debts to the real estate agents.

One of the best ways to diminish your costs is by putting in the sales contract the utmost amount the buyer will pay towards his mortgage costs and any other closing fees. The fees may be prevented from being constrained if a real estate agent gets involved and creates a separate contract for the fees.

More often than not, the fall and winter seasons have fewer buyers in the market for new homes. Sometimes in order to get a buyer, a "For Sale By Owner" seller will diminish their home prices as a last resort. A family will commonly prefer to move during summer vacation if they have children who are still in school. Places with warmer weather are inconsistencies to this trend. Buyers in these locations prefer to purchase new homes when the weather cools down in the spring or fall.
About the Author
Tom Beaty offers Minnesota Real Estate information for buyers and sellers. Don't buy or sell without visiting this Blog or it could cost you: Minnesota real estate
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