When it is time to sell your home, one of the biggest decisions you need to make is about your asking price. The asking price is the number you are going to use in all your marketing material and in all your communication with potential buyers. It is probably the most important number in the whole home selling process.
But before you name your price you need to do some homework first. You will need to research and get an in-depth understanding of your local real estate market. And by local I don’t mean your state, or city, or even the general area where your home is located like North Scottsdale or North Phoenix. Local here means the immediate area around your home. This is the area that you could cover walking if you wanted to.
So, what happens when you need the cash up front or the buyer stops making their payment as agreed, whether they’re late or stop completely? In situations like that you can actually sell your promissory note and get paid in cash upfront for that note. Why would it be profitable to sell your note and take the money upfront? Money’s value de-appreciates every year.
How much time do you have to dedicate to selling your home? If you work full-time and has very little time to dedicate to marketing your home, you may be better off hiring someone to do that on your behalf. In the other hand, if you do have the time and inclination, you can do a lot of the marketing yourself.
How much other similar houses sold for in your neighborhood. Make sure you focus on recent sales (within the past 3 to 6 months), not old sales. If most similar homes sold between $230k and $250k, you will probably have a hard time getting $270k for your home.
How many similar houses are available for sale in your neighborhood and what are their asking prices. If all the similar houses in your area are being offered below $350k, it would be difficult to sell your home for $400k.
And remember that although most people thing it is an all or nothing proposition, you can always go half-way. You can hire a REALTOR to help you with some parts of the process, and do the rest yourself. For example, you could hire a REALTOR to negotiate and do the paperwork on your behalf, but do the marketing yourself. Or you could hire a REALTOR to keep you updated on the local real estate market trends while you manage the marketing and negotiation yourself.
And the best place to find this information (recent sales, pending transactions, and houses available for sale) is through a local, knowledgeable REALTOR with access to the multiple listing service (MLS) in your area. The fact that you decided to sell your home yourself does not mean that you should completely discard the services a local REALTOR can provide you. Why not get the best of both worlds?
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