1. Pay attention to the market! You stand a better chance of selling your home by owner at the price you want, if the current housing market is hot. Remember, if you sell in a hot market, you will most likely be buying in the same market. Make sure you respond quickly to offers and be prepared to be aggressive in your search for your next home.
In a weak market, your home may stay on the market longer than you originally planned. You are in essence in competition with other homes being sold in your area. Make sure you take care of all necessary repairs and consider taking back a mortgage (VTB-Vendor Take Back) if the market is really slow and you do not need all your cash immediately.
2. Never overprice in a weak market! Your selling price is determined by the current market not by an appraisal, nor by what you want or have to get out of the sale. If your house is not priced competitively for the current market buyers will be looking at other properties not yours. The longer your house stays on the market the greater the risk of incurring additional expenses such as carrying costs and upkeep.
3. Do not become a stale listing! The longer your home is on the market the less likely you are to get full price. If houses in your area are selling (especially by sale by owner) and you are not getting any serious offers, make changes! Re-think your asking price, offer incentives or make some improvements or repairs. Then make sure your changes are mentioned in your advertising.
4. If something needs to be fixed, fix it! Make sure you make all the necessary repairs even the little ones. They are most likely the least expensive of the repairs to fix. Do not think potential buyers will not notice the little things, they do. Little repairs can add up to look like to many repairs and turn buyers off.
5. If large repairs are necessary do them before your house goes on the market! - If this is not possible, adjust your asking price accordingly. You need to be honest and up-front with your buyer. If you try to hide large repairs you are going to get caught and lose the buyer and your time. In this business, time can certainly costs you money.
Hans Anderson is a Real Estate Investor, whose passion is helping people purchase their own investment properties. http://thetruthaboutforsalebyowner.com/index.php
http://realestateinvestingfacts.com/blog
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