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What does your home value at? What would a prospective buyer be willing to pay for it? When selling a home for sale by owner (FSBO), sellers often badly miscalculate the true home value in today's market. They have no idea what their home should value at, so simply think up some ridiculous figure in the hope that someone will rush in and pay their grossly inflated asking price. Truth is; if you price your home too high, then your home might start to get “shop-worn”, as it sits on the market month-after-month waiting for a buyer that may never arrive. If this happens you’ll no doubt get discouraged as you continue to pay your mortgage, taxes, insurances etc. When you do finally reduce the price, you may have to sell it for less than you would have, if you had set the right price in the first place. Most buyers will want to know how long a home has been on the market. They may think something is wrong with it, or that you are desperate to sell --- which you might be. On the other side of the coin; if you price your home too low, you’ll get thousands of dollars less than you would have if you had done your homework by knowing the true home value. When selling your home for sale by owner (fsbo) it pays to do some research rather than simply guessing the home value. Look around to see what similar homes in your area have SOLD for, ask some agents to value your home, or consider contracting an appraiser to give you a more accurate home value. When selling your home for sale by owner (fsbo), pricing your home for sale at the right price is critical. Home Value Pricing Tip #1 Avoid this BIG trap. Many homeowners value their home based on what some other homeowner is asking down the street. Your neighbor can ask a million dollars, but it doesn’t mean to say they’ll get it. The asking price is NOT the selling price. Base your home value on what the market will stand, not on some ridiculously inflated price that some neighbor might be asking. People tend to exaggerate when talking about the fantastic “deal” they pulled off. It’s an ego thing. So, be wary if a neighbor tells you they sold for ________ dollars. Work on facts, not fiction. Home Value Pricing Tip #2 Forget about what you paid for your home – it has no relevance to the current home value or what it might realistically sell for in today’s market. Home Value Pricing Tip #3 Take care valuing your property based on your Tax Assessment (sometimes called Rateable Value), plus some magical percentage added on for good measure. Depending on where you live, Tax Assessments can be quite different from the “true home value.” Home Value Pricing Tip #4 What you “want” or might “need” in monetary terms from the sale is irrelevant. This has no bearing on the home value. A buyer will not be interested in your personal circumstances. Your home is only worth what someone is prepared to pay for it, which in most cases will be the true home value. At the end of the day, price will determine how quickly your home sells. If you need to sell your home in a hurry, then in most situations, you will need to price it at or below the market value. If time is not so critical, then you can try to get full market value. A good marketing campaign can only do so much. Price will determine how quickly your property sells. For more property for sale by owner (fsbo) tips visit http://www.instantsellhome.com © Noel Peebles Market Leaders Limited.
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