allblackshop.co | Real Estate Private Sale ? The Price(ing) Of Success

The 2 most essential ingredients in a real estate private sale or FSBO sale are

1 Price

2 Exposure

At it?s most basic that?s literally everything you need to know to sell your own home without an agent. You see everything else amounts to filling and window dressing.

I?m telling you straight out that if you set a market value for your house sale and then if you expose your property and it?s correct price to enough people a sale will follow like night follows day.

Now you might be arguing already. You might be saying ? Hey Andrew, there are other factors involved like my closeness or distance to transport facilities. Or like my homes features. Or maybe my neighbors are a factor. Or the downturn in local jobs, or perhaps the upturn in local jobs from the new mine that?s about to open up employing 1000 people. No, no, no! Everything I just listed and indeed everything you could think of are what constitutes setting the price. Its there affect on price not the existence of these things per se that you should be concerned with. It?s a question of focus really, about getting the price to accurately reflect your marketplace.

What I?m trying to say is that, as a Private house seller, you need to start thinking in clear terms about the real market value of the property for sale. Not the amount you?d like to get. Honestly nobody but you and your family care about that price. Certainly the buyer doesn?t care about that. The buyer only cares about 2 figures. The buyer cares about ? what the market value is AND what he can buy your property for.

So if price is so important then it?s worth spending a day or two in researching the market for your house. Fortunately this is dead easy and is simply a matter of checking out the local real estate guide in your local newspaper. You will also get a goldmine of market data just by searching your local area via the Internet.

Finding the information is child?s play but finding pertinent information is what counts. Buy a scrapbook one month before you plan to put your property on the market. Cut out pictures of comparable properties for sale in your area. The key word being comparable. Group them in neighborhood, land size and house size. Don?t compare 3 beds with 4 beds or small blocks with large even though the houses look similar. Now this can be tricky as there simply may not be houses comparable to yours at the time you are selling. Don?t despair or get frustrated if that?s the case.
Real estate agents often have exactly the same dilemma and you can only work with what you?ve got.

A word of caution here regarding doing this pricing research.

Most people fall into the trap of imagining that the quoted prices in newspapers equates to the real house price. Of course it often doesn?t and many times it varies wildly from the actual sale price. This seems blatantly obvious but the truth is that we almost unconsciously connect the advertised price with the selling price in our minds.

This phenomenon happens more with house sellers than house buyers. House sellers often correctly assume there?s negotiation value built into the price. Sellers know about this to but are hopeful of the full price. Anyway, in doing your pricing just keep this tendency uppermost in your mind when viewing other houses?asking prices.

Pricing is not an exact science but with a little effort there is no reason you cannot accurately determine the market value of your house to within say 5% of the true value. You may well be more accurate than the real estate agent because you are only viewing a narrow band of pricing when undertaking your Real Estate for Sale By Owner campaign. A real estate private sale isn?t beyond you and all you need is a little guidance early in the piece.

For more info about real estate for sale by owner in Australia visit our website PropertyNow

Source: http://www.allblackshop.co/37-real-estate-private-sale-the-priceing-of-success.html

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