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Selling Your Own Home In A Tough Real Estate Market
- Five Tips
If you are in a tough real estate market and are looking to sell
your home quickly, you might want to consider doing a For Sale By
Owner. My wife and I recently bought a new house and after trying
unsuccessfully to sell our existing house through a real estate
agent for several months decided to try For Sale by Owner. We found
a buyer within four days and closed on the house three weeks later.
However, through our experience we discovered a few things. Here
are a few tips if you are considering a FSBO in a less than
ideal real estate market.
1. Consider paying to have your home placed in the MLS. There are
several companies out there that will do this for a few hundred
dollars. With sales down, real estate agents are desperate to earn
a commission. By putting the house in the MLS you are agreeing that
if an agent brings a buyer to you that you will pay the agent their
part of the commission (you still save the listing agents commission).
If you can sell the house on your own with no agent then you won't
have to pay an agent. However, in a tough market you want as many
possible eyes on your property as possible.
2. Get the word out to as many places as possible about your house.
One of the best places to do this is on the internet. There are
dozens of free websites that will allow you to post your house for
free. Consider starting with craigslist since it has so much traffic
and then spread out to the other sites on the net. It will probably
take you an entire evening to get thehouse posted on all the sites
and you will want to keep a spreadsheet with your usernames and
passwords so that you can go back later and remove the listing once
the house sells.
3. Design a professional looking flyer and put out for sale by
owner signs and a flyer box. If you aren't the artistic
type anddon't know that much about designing things like flyers
consider a site like vflyer which will give you templates for designing
a flyer. Take some good pictures of the house with your digital
camera and put them on the flyer. If you use Vflyer or a program
like it you can probably use the same template to post the house
to craigslist and ebay (if you decide to pay for a listing).
4. Be creative. When we put our house on the market we ordered
an eight foot full color printed banner to put on our fence. Our
house backed to a major street and we were able to get some major
exposure from the banner. I have heard of people offering free vacations,
big screen tvs, cash bonus' to the listing agent and even a free
car. I have also heard of people giving away a cool prize at their
open house. These things can help get your house noticed which is
the first step to getting it sold.
5. Make sure that your price is competitive. Consider using the
money that you are saving on real estate commissions to cutthe price
of your house so that it is more competitive. In tough markets it
is going to be very important that your house isn't priced too high
or people will find another option. In our area there were a ton
of houses on the market and most of the housesthat were selling
were 5% or more undervalued. If that is what it takes you might
need to swallow hard and cut the price of your house.
Of course all of these things are just suggestions. Still, when
things get tough and you need to sell your house these could be
an option for you. They worked for us.
About the Author: Jeff McRitchie is the director
of marketing for www.MyBinding.com
and lives in Hillsboro, Oregon. He writesextensively on topics
related to Binding Machines, Binding Supplies, Report Covers,
Binders, Index Tabs, Laminators, Laminating Pouches, Roll Film,
Shredders, and Paper Handling Equipment.
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