FSBO – How to Determine Your Listing Price

By shaye • June 24th, 2010

When you list your home for sale, a professional real estate agent will advise you on a listing price according to the market in the area that you live. If you are selling your home on your own, it may be a bit tricky to come with a realistic listing price to sell your home fast. When potential buyers are searching for homes, they will look in the price range that they know they can afford. Most of these home buyers are pre-qualified or pre-approved, and they have a clear notion of the type of home they can afford. In reality, buyers are the ones who determine a price in a particular area, depending on the condition of the market. A real estate agent may suggest an asking price to list the house, you set the price, but the buyers are the ones who determine the selling price.

These days, buyers are more informed than in previous decades. With the advance of technology and computers, buyers educate themselves on the

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procedures of buying a home, they search for homes in the internet, and they come prepared with an idea in price. If you set your price too high for the current market, you will scare buyers away. They will not even bother to make you an offer since they think that you will not negotiate; they determine this due to the unrealistic price they see. On the other hand, when you price your home right, you will have many potential buyers wanting to look at your home. The right price generates the right amount of traffic. The right asking price will determine if you sell your property in a desirable time frame.

There are many factors why sellers overprice a home. It may be the prime location, it could be that the seller needs to get out with some money in the pockets, but the market in the area is slow or down. It could also be that the seller is not well informed about real estate in the area, or has no knowledge of the basics of selling a home.

Most activity occurs during the first month of putting a home for sale.

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If you overprice, you will be missing a good pool of buyers, and your home will get stale in the market. In addition, consider that the bank will do their own appraisal of the home, when lending money to buyers. If your home is overpriced, even if you have a buyer, the bank will only lend so much, and the buyer will have to come up with the rest – an unlikely scenario.

It is better for you to be a bit under the ideal price that overpriced. At least if you are under, you may get several offers and they could go

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up. If you are not sure of how to price your home, you can ask an agent for a free consultation. Most are happy to do it, even if you are not listing with them. An agent can only suggest a price according to the conditions of the market. Real estate agents do not set prices; you do, as a seller. You can also see what homes are selling for in your area, and use comparable homes to set a price. In an unstable market, like the present one, this is a bit hard to determine since prices are all over the place. You may need to consult a professional real estate agent for advice.

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