FSBO - Ensure that the Price is Right

By: Gloria Smith
Submitted: 2007-01-17 16:16:36
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A lot of home sellers, particularly those who opt to sell their property without the aid of real estate agents, make the mistake of setting the sale price too high. Home sellers do this because of two probable reasons: they expect home buyers to negotiate and offer to purchase the unit at a lower price; or they simply want to earn more.

It is very important that you set the right price for your property. If you put a very high price tag, your house would take longer to sell. If you decide to reduce the value to what it really is worth, by the time you do it, the excitement of potential home buyers would have waned. In addition, buyers who once looked at your property will think, once they get wind of the price reduction that you are getting desperate and are eager to sell.

In case you find a buyer who is willing to purchase your property at your initial asking price, don’t get your hopes up just yet. Most likely, the buyer will get a mortgage (as very few people can pay for homes in cash) and lenders often require that the property in question be appraised. If the figures gathered by the independent appraiser show a significant discrepancy with your asking purchase price, the financing company may refuse to go on with the sale. When this happens, you will be forced to drop your price and renegotiate with the buyer (if he is willing to enter into a renegotiation with you). Else, you will find your house back in the market once again.

It really pays to set the right price for your home. Naturally, since it is your property, to you it is priceless. If you’re selling your home, you have to stop thinking of it as your home and start seeing the property as just a house. If you do not know how value it, request a valuator or appraiser to visit your property and to help you draw up the right amount. The valuator will take several things into consideration when pricing your home, and these include the age and condition of the house, and the area where it is located, among others. Securing professional services may entail an additional cost, but knowing that the price stated is indicative of all the similar properties in the vicinity and that you have a higher chance of getting what your home is really worth, makes the additional expense all worth it.

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