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One of the very first things any individual who has chosen the For Sale by Owner route has to do is determine their initial asking price. It is very important that a home is priced correctly, especially if there are other homes in the neighborhood that are also on the market. There are many reasons why overpricing your home is a bad idea and may seriously impact your chances of getting the property sold at all. By overpricing your property you may: • Help your competition. If you are asking too much for your home other properties for sale in the area will end up looking like bargains compared to yours and the buyers will flock to them instead. • Drive potential buyers away. Savvy buyers do their pricing homework as well, so many of them will realize right away that the amount you are asking for is unreasonable and will not even consider giving your home a look. • Lose a sale. Even if you can get a buyer who is willing to pay your inflated price their lender will probably not be. So just how does the FSBO seller come up with the right price? This first step is to get a honest valuation of your home from a qualified outside party in the form of a property value report. Sites that are aimed at assisting for sale by owner sellers such as buymyplace.com.au offer such reports at a very low cost (and in some cases even free) and these reports are a great first step in determining just what price tag you should put on your home. The next step is to try to find out what other comparable homes for sale in your area are priced at. You can even get a little crafty here. Attend an open inspection and listen carefully to what other buyers are saying. That will give you an insight into not only what they think about prices but what they are looking for in a property in general so that you can consider adjusting you marketing to highlight some of those sought after features that your home has. Once you have all of your research together you can sit down and finally work out a fair asking price for your Real Estate that will attract buyers to your home without selling your property short.
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