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The Six-Step Home-Selling Process( FSBO Insider tip #1 of 16, Sign In at eMail Box to receive 15 more FREE Articles !) |
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Studies have shown that home sellers want three main things:
If you are like most sellers, you probably want the same things. Only because you are selling the home yourself, you are willing to compromise a bit on number three, because you are going to have to take on the work that a real estate agent normally does. Yes, that’s right: You must do the job of the real estate agent!
This can be a very overwhelming task, so the best way to tackle it is to learn and understand the six-step home-selling process. The Six-Step Home-Selling Process Let’s get right to it, and examine the six steps in closer detail! Step 1: Understand Market Conditions and Price Your Home This is by far the most important, yet most often misunderstood step. Failure to understand the market and properly price your home is the single biggest factor that will cause it to not sell for top dollar and sit unsold for months on end! |
To make sure that this doesn’t happen to you, you must first focus on two main areas:
Let’s look at how current market conditions can affect selling and pricing. Suppose that there were very few homes on the market for sale, and a large number of eager buyers. What would that do to prices? That’s right, they would go up. This is referred to as a seller’s market. Conversely, if there were very few buyers and lots of eager sellers, what would that do to prices? Sure, they would go down. That would be a buyer’s market. Pricing follows the basic law of supply and demand. Of course, that is a very simple example. Your local market may be at one of the extremes, or anywhere in between. You must consider things like interest rates, new home sales, and local economic factors such as large businesses opening or closing, etc. To properly analyze your current market conditions, you will need to research homes presently available, under contract, and recently sold in your area. There are several ways to get information on homes that have sold. The first way is to do the research yourself. The sales prices of homes that have sold and closed is public record, so you can go to your county or city records office and dig for all of the information. I don’t know exactly how long it would take, but don’t make any other plans that day!
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© 2006 Ray Hamilton