Real estate for sale is one of the most frequently searched terms online. Newspaper classifieds often consist of multiple pages of residential homes for sale. Most neighborhoods contain dozens of homes listed through realtors or as for sale by owner. With all this real estate on the market, buyers can find exceptional deals, but sellers must often lower prices to remain competitive.
Nearly one-third of real estate for sale consists of preforeclosure and bank owned properties. Foreclosed realty is usually priced below market value to entice a quick sale. Due to the number of foreclosure homes, property values have declined by as much as 40-percent in some areas of the country.
In order to reduce selling costs many homeowners are now electing to list their property as for sale by owner. FSBO offers the opportunity for sellers to further reduce their asking price because they do not have to pay realtor commissions. However, sellers who choose this path must become educated about the process.
The Internet offers sellers most of the information and resources they will require. Property owners can join real estate clubs to learn the ropes from professionals and network with potential buyers.
Many real estate websites offer FSBO kits which include signs, purchase agreements, and contracts. Homeowners can locate real estate attorneys, property appraisers and home inspectors. They can also find ‘For Sale by Owner’ websites which allow them to upload photos and provide information regarding their property.
After gathering required materials and information, buyers need to establish the current market value of their property. Home values are based on multiple factors including condition, amenities, location, and the sale price of other homes in the area. In order to obtain accurate property values, homeowners must retain the services of a professional real estate appraiser.
Sellers should also obtain a whole house inspection to reveal potential problems which could interfere with the sale. Home inspections are required prior to closing so it is a good idea to conduct one prior to listing the property. Doing so allows ample time to make repairs and prevent problems at closing.
Property owners must become familiar with real estate jargon and sales contracts. It is crucial to learn how to negotiate sale terms and understand legalese contained within closing and settlement documents. It is strongly recommended to retain the services of a real estate attorney to draft contracts and record property transfers.
Selling a home in today’s real estate market requires preparing the property to make it better than other properties for sale in the area. The interior and exterior of the home should be thoroughly cleaned. Broken or outdated items should be repaired, replaced, or removed. Paint interior walls and ceilings, if necessary.
The exterior appearance is just as important as making the interior shine. Remember, the home’s exterior is the first thing prospects will see. Strive to give the exterior ‘curb appeal’ by trimming trees and bushes, removing weeds and debris, washing windows, and making certain exterior lighting is in good working condition.
One way to spread word about the real estate for sale is to host a yard sale. In addition to selling items no longer needed property owners can let guests know the house is for sale. Offer a finder’s fee to get people excited about telling others the house is on the market. Create a flyer that can be passed out at the yard sale. Explain how the finder’s fee works and include a coupon that entitles them to the fee if they refer someone who buys the house.
Create a second flyer about the house. Include photos of the kitchen, living room and master bath, along with exterior photos of the home. Be certain to include contact information, along with the property address and asking price. Encourage yard sale visitors to pass out flyers on your behalf.
Selling a home on your own puts everything in your hands. When possible hire professionals to perform tasks such as painting, cleaning, or landscaping. If the task becomes overwhelming or you aren’t attracting buyers consider enlisting help from a real estate agent.