FSBO 1st Aid Kit
For Sale By Owner is a challenging endeavor that you shouldn't manage alone. Click on the links below for important information about selling your home and then contact us regarding advertising your home on this site for free today.
Tips for Pricing Your Home
comparables. What have other homes in your neighborhood sold for
recently? How do they compare to yours in terms of size, upkeep, and
- Consider competition. How many other houses are for sale in your area? Are you competing against new homes?
your contingencies. Do you have special concerns that would affect the
price you'll receive? For example, do you want to be able to move in
- Get an appraisal. For a few hundred
dollars, a qualified appraiser can give you an estimate of your home's
value. Be sure to ask for a market-value appraisal. To locate
appraisers in your area, ask me for a recommendation.
a lender. Since most buyers will need a mortgage, it's important that a
home's sale price be in line with a lender's estimate of its value.
- Be accurate. Studies show that homes priced more than 3 percent over the correct price take longer to sell.
- Know what you'll take. It's critical to know what price you'll accept before beginning a negotiation with a buyer.
10 Ways to Make Your House More Salable
rid of clutter. Throw out or file stacks of newspapers and magazines.
Pack away most of your small decorative items. Store out-of-season
clothing to make closets seem roomier. Clean out the garage.
- Wash your windows and screens to let more light into the interior.
everything extra clean. Wash fingerprints from light switch plates. Mop
and wax floors. Clean the stove and refrigerator. A clean house makes a
better first impression and convinces buyers that the home has been
well cared for.
- Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows.
higher wattage bulbs in light sockets to make rooms seem brighter,
especially basements and other dark rooms. Replace any burnt-out bulbs.
- Make minor repairs that can create a bad impression.
Small problems such as sticky doors, torn screens, cracked caulking, or
a dripping faucet may seem trivial, but they'll give buyers the
impression that the house isn't well maintained.
your yard. Cut the grass, rake the leaves, trim the bushes, and edge
the walks. Put a pot or two of bright flowers near the entryway.
- Patch holes in your driveway and reapply sealant, if applicable.
- Clean your gutters.
- Polish your front doorknob and door numbers.
Is Your Buyer Qualified?
Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. If possible, try to determine a buyer's financial status before signing the contract. Ask:
the buyer has been pre-qualified or pre-approved (better) for a
mortgage. Such buyers will be in a much better position to obtain a
- Does the buyer have enough money
to make a down payment and cover closing costs? Ideally, a buyer should
have 20 percent of the home's price as a down payment and between 2 and
7 percent of the price to cover closing costs.
- Is the
buyer's income sufficient to afford your home? Ideally, buyers should
spend no more than 28 percent of total income to cover PITI (principal,
interest, taxes, and insurance).
- Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.
- Does the buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.
Back to Top
All reports reprinted from REALTOR Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS. Copyright 2003. All rights reserved