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For Sale by Owner Articles • Owners.com - How to Price a Home

What an Appraiser Would Say

When pricing your home, you first need to step back and take an objective approach. Unfortunately, your buyers are not concerned with the number of weekends it took you to repaint or remodel your home. You may have put a lot of sweat equity into your home but the buyers don't see that, They are only interested in the finished product compared with other homes they have looked at today.
Consider the following before you set your price:
The value of your home related to local sales prices.
Your local economy: Are there more homes for sale than buyers? That impacts prices. You may have to offer a discount if there are more sellers than buyers.
What you feel you need to sell it for is not a consideration for buyers when they see other similar homes for less money.
It doesn't matter what your home was worth 3 years ago if the housing market has slowed today. Today's prices are the only thing that matter.
Set the price after gathering information from a variety of sources
Go to open houses in your neighborhood.
Visit websites that offer free valuations like zillow.com and RealestateABC.com.
Pay for a professional appraisal.
Call several real estate agents for a free comparable market analysis (CMA). The report will have actual sales prices of homes like yours that recently sold, as well as sales prices for comparable homes on the market. We offer a free no obligation CMA from a top local agent in your area.
Buyers expect a discount from a FSBO seller
Buyers like working with agents because they don't have to deal directly with the seller. And as Americans generally aren't 'negotiators', they can rely on the agent to negotiate price. If they have to choose between two identical homes priced the same, they will always choose the home represented by an agent.
So you as a FSBO seller start off at a disadvantage. You need to let the buyers know that you are flexible. One way to do that is in setting the price of your home. They know you are saving on the commission so why not share some of the benefit? By reducing you home by several thousand dollars compared with a comparable home, the buyers know you are willing to work with them. It becomes a win-win situation for both of you. And you sell your home more quickly.

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