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by David B. Zwiefelhofer
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page 8 of 21 |
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aisals can range from $200-$400.
Following is a list of characteristics for comparison purposes:
1. Is the comparable in the same part of town or same neighborhood?
2. Does it have the same number of bedrooms and baths?
3. Does it have about the same square footage?
4. Is it about the same style?
5. Does it have roughly the same amenities (fireplace, pool, garage, etc)?
Remember that the biggest mistake most FSBOs make is thinking that they can keep the entire commission savings for themselves. Consider the following illustration:
You’ve done your homework and determined that homes like yours are usually listed for $100,000. You also know that three of such properties have sold in the past six months for $95,000, meaning that buyers are buying these homes for 5% less than listed price. If the average commission is 6%, then the sellers of these homes are actually receiving $89,300 (not including closing costs) because the commission is $5700. If you choose to also ask $100,000, you will have difficulty selling it at that price. At the same price, buyers will chose to make offers on listed houses for a number of reasons. Buyers will be more interested in FSBO properties if they see savings sharing.
If you list your house at $92,500 you are much more likely to get offers, and you will still be saving $3,200 in commission charges when compared with listed sellers who sold at $95,000 and netted $89,300.
For the exact same price, why do buyers prefer to deal with agent listed properties? The main reason is because of confrontation. There are things about the home that buyers will say to agents that they feel uncomfortable saying to a seller. When these things come up, you’ll need to be “thick-skinned.” Also, many buyers will s |
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