Like all homeowners, you want to sell your FSBO home at the best price. But how do you arrive at the best price? The best price would be the price level at which your house is sold within three weeks and at the same time provides you with good profit.
You can establish the right price by researching various FSBO listings and making comparisons. Make sure that you compare your FSBO house to similar homes for sale by owners.
There are five types of house listings that you need to research:
Listings of FSBO homes with similar characteristics
Focus on lists that include homes within a half-mile of your home. Do not compare homes from nearby neighborhoods but separated by railroads or freeways.
List of sold FSBO properties
Look at original list prices and final sales prices and calculate price reductions. Note how often final sales prices equal actual sales prices, including percentage of reductions if actual sales prices are reduced.
Withdrawn and expired FSBO listings
Analyze why the homes were not sold and look for patterns. See if the unsold houses were listed by the same broker.
Lists of pending sales
Monitor the number of days the houses stay on the market. Track the changes in prices.
Price comparisons
Consider the square-foot cost of comparable homes for sale by owners. If your house is 1800 square-foot, compare homes sized 1600 to 2000 square-foot.
After you have gathered prices from comparable FSBO houses, made calculations and arrived at your own sales price, analyze the FSBO market. Is it a seller’s market where you name your price or is it a buyer’s market where you bow down to the buyer’s price?
Remember however that during these times of economic difficulties, the buyers control the housing market. Be careful of overpricing, as the longer your FSBO home is on sale, the more difficult it is to be sold at your desired price.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.
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