4 SALE BY OWNER "FSBO"
Pricing your home to sale in your area!
Pricing your home is probably the most complex and critical step. Did you know that most homes that sell in the "FSBO" market are under priced? A survey by National Association of Realtors in 2002 showed that real estate that was sold through real estate agents, sold for 21% more than properties marketed without an agent. It is unfortunate to lose 19% by selling it yourself, trying to save 3% in agent fees, but it happens often! The problem for owners selling property is" what is true market value"? Did you know that the tax assessment values are poor market value indicators? Tax assessments are typically lower than true market value. A real estate agent will always use an analysis of current sales of comparable properties in your neighborhood to arrive at a CMA "Comparable Market Analysis" to price your home. This is not an appraisal. An appraisal will arrive at values by many different methods of comparison. Since the CMA uses like properties that have sold recently in your neighborhood it is probably the best information available. After all, real estate agents are in business to "sell" the property and have fiduciary (trust relationship) with their clients to protect the clients interest. If the property is over priced, the agency will waste time and resources advertising a property that may not sell in a timely manner.
Pricing is a compromise between current market conditions and your time line requirements to sell the property. If you can wait and do not have pressures to move from the area, then you can attach a higher price than if you need to be at a new job in another area in 3 weeks. Did you know that part of the fiduciary (trust relationship) duties of your real estate agent is not to reveal anything that will compromise your bargaining position? ie.. you need to be out in 3 weeks! Your agent represents "YOU" and is bound by duty to get you the best price. Before you call another agent to discuss purchasing a house remember "THEY" represents the seller. If he sells you a house that he has listed he keeps the total commission. If I approach him as your agent, he splits his commission with me and I represent "YOUR" interests! Either way you pay the same commission , however, as your agent I will work hard to secure you a lower price and better deal. If you just call the listing agent he has no "fiduciary" duties to you, but represents only the seller. It won't cost you any more and may save you money to have an agent represent your side of the transaction!
Did you know if you are a buyer that there is no charge for me to represent you to another agent and the seller? Also Free, if you are a seller, I will provide you a CMA with no strings attached...no phone calls...no kidding!!! For a Fee, I will put more work into the CMA and do a very complete and thorough workup of your property comparison. Remember, it is still not an appraisal, but will represent what is happening in the market compared to your house and neighborhood.
I have tried to market "FSBO's" in my pre-licensed days and know that the job the owner takes on is a big one that will consume a lot of time and may result in disaster for any number of reasons. Remember, what I said, "Pricing is a compromise between current market conditions and your time line requirements to sell the property". If you don't have the time required to properly market the property, consider giving me a call. If you still want to market it yourself, I respect that and will help you all I can.
Market conditions are affected by the law of supply and demand.
We have the best market research tools available to determine a price that will sell your property.
MORE INFORMATION ON HOW WE MARKET YOUR HOME!
Talk to me about Oregon buying or selling:
James L. Wardrope Principal Broker
Oregon River Realty.com
Information changes with time and may not be correct. Always contact an attorney for legal matters and me for Real Estate!
eMail: jlaselle@gmail.com RESIDENCE: 541 389-2359