Quote:
Originally Posted by Greys138
thank you Kekee. We are in Westfield We do not have high expections on trying to overprice our house we do know what the realistic value is but we would like to keep most of what we list it for in our pocket, We are going to be looking for a new house so the more we can keep the easier it will be for us
|
1) Definitely get an appraisal. Your idea of a fair price and an actual fair price may be two different things. You are not objective about your own house. Nobody is.
Furthermore, an appraisal done for you now will give you an idea of what a buyer's bank appraiser is going to come in at. That is important, because in most cases you need the home to appraise high enough to justify a mortgage. Appraisals are defensive and conservative right now. You don't want to face a situation where you negotiate a deal, get past the home inspection issues, and have the deal fall apart because of a low appraisal.
2) Asking prices in your neighborhood are irrelevant. Closed sales are all that matter. Price your house to the closed sales, not the active listings.
3) If you are buying in the same market area as you are selling, most listing agents will reduce their commission even further if you agree to let them represent you on the buying end. You could end up at 4-4.5% which would reduce the savings over doing it yourself to very little in the final analysis.
4) If you are in Westfield, you probably have an older home. Be aware that home inspections of even the most well preserved homes usually turn up a lot of problems, and buyers are super picky right now and definitely enjoy re-negotiating the price when the inspection comes back with a laundry list of present and soon-to-be problems. Beware.
5) If you have an underground oil tank, you have to remove it before you sell the house. Period.
6) Professional photography is a must. The highest price comes from the most buyers being interested at the same time. If your pictures are "average", many buyers will not even schedule an appointment.
7) Most buyers know you are paying a reduced commission and will expect to pocket some of the savings. Remember, you are not paying the commission, the buyer is. Home prices in an area that is dominated by agents reflect and include the prevailing commision rate. Since you don't face that expense, many buyers will expect a 2.5-5% discount from market value. Buyers without agents representing them will want 5-6% off. I'm not saying you should give it to them, but they are going to try. Especially in Westfield, where the typical buyer is pretty well informed.
Other than that, give it a try if you like. You might save a few bucks. Or you might pull your hair out. There is a luck factor in selling any home. Some people sell horrible homes in 2 weeks. Others cannot get rid of beautiful homes without months and months of work.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
