The internet has certainly leveled the playing field for people that want to sell by owner. Let’s not forget that there are still some basic marketing principles involved in the process. There are two things you must know to increase your chances of selling by owner.
Know Your “Comps”
Most homeowners look to similar homes nearby to approximate the value of their own home. Most homeowners also stop right there. Here’s how you can increase your odds of success: Get the whole picture. The price you ask for your home should be arrived at based on several very different criteria. The first is obvious. The industry calls them “comps” or comparisons. Nearby homes that have sold in the last couple of months that are similar in style, square footage, bedrooms, bathrooms, year built, garage size are among the first set of numbers that need to be collected. The trouble is, when you are selling by owner, there are plenty of things you may not know to take into consideration. Location is a big one. This is where industry professionals can be a helpful resource. For example do you know how much it affects the value of two identical homes in the same neighborhood if one of them is on a busy street? It can vary from city to city. Doing thorough research will likely involve the expertise of local professionals. Work with experts that don’t have a financial motive in the sale of your home, like real estate appraisers, and trust their expertise. Continue reading ‘Selling by Owner? You Need to Know These Two Things’ »