It is very important to know the local market in order to compete with other sellers like yourself.
When it comes to wondering how much you can get for your home, the key factor is not what you paid or owe on it, but what another person will pay for your house at the point in time you decide to sell. To get top dollar for your home, you will want to determine what a buyer will pay in the current market.
Fair Market Value is the value of a property based on what a seller is willing to sell a property for and what a buyer is willing to pay. Where an appraisal is a professional licensed appraiser’s opinion of what the fair market value should be, based on comparing it to similar homes that have sold recently in the area. The Fair Market Value could change from day to day.
Though Appraisals are good for 6 months, they reflect the Market Value at that moment of time when they are completed. Therefore, it is very important to periodically re-evaluate the current market to adjust the asking price to current market changes for a successful outcome.
Determining the market value of your home is complex and you should use a local expert’s advice to help you do that.
Some key factors to consider:
-Location
-Lot size
-Square footage
-Special enhancements and features of your home
If you are a little way out from selling, a Real Estate professional will advise you on a few minor and inexpensive changes so you can draw in higher offers on the market.
In today’s market, you need to consider the best advertising and marketing tools. You have to have time and knowledge of ways to reach out to as many potential buyers as possible, in order to find the right match for your property. Real Estate Professionals have a proven set of tools in place.
Finally, you need to be ready for the last and most important phase of the selling process. When the offers start to come in, you have to be able to best negotiate, set up appraisal, inspection, and repairs if any are requested, coordinate the closing, and help with a mortgage company. These are very important last steps in order to complete the selling process.
According to NAR and Google:
Only eight percent of recent home sales were FSBO sales again this year.
FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $185,000 last year (down from $210,000 the year prior), and significantly lower than the median of agent-assisted homes at $245,000.
Sixty-seven percent of FSBO homes are sold in less than two weeks—often because homes are sold to someone the seller knows.
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May 31, 2014
Updated March 31, 2017
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