In today’s troubled Salt Lake real estate market if you’re a seller you are probably asking how can you compete with the short sales and banks? We’ll if you have been following you blog posts on pricing a home you have to look at the absorption rates of a market and price in the % of homes being looked at by buyers. 30 homes on the market from $100,000 to $160,000 of similar qualities and area and 3 to 5 selling a month you would have to being the best 15 house for bang for the buck of a buyer. How do you do that if your let’s say on South mountain and your own $230,000 on a home that you bought in 2004 that was appraised for $290,000 in 2006 for your no-cash out refinance to remove your mortgage insurance. You think Ok my home is not worth $290,000 but it worth $260,000. We’ll in reality the bank owned and the short sales are selling for $230,000 at $80 a SQFT. You’re priced at $86 a sqft and your not getting any showing. Worst off if you sell for the $230,000 you will have 6% commission and title fees of $2,300; you come out of pocket with $16,100 to move. We’ll the sobering fact is that selling a home isn’t only about exposure to buyers, that just gets buyers to your home. Ok once they’re there you still have to have the best bang for the buck home no home buyer wants to pay top $ for a nice paint job. Everyone what to think their home is the nicest in an area it the best kept staged etc. Those aspects don’t matter to buyers, period unless you’re also the best buy! Continue reading Flat Fee Listing Services that work in Salt Lake housing sales
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Allow me to give you some credential, I was the nation Real Estate Broker working for ForSaleByOwner.com from May 2005 to May2008. I listed dozens of flat fee listing a month for most of the Watch Front and consulted with national listing agent and customer support problems. Created new programs for ForeSaleByOwner.com to market to seller and buyers and yes sold real estate. For you people keeping score that was during the boom of the real estate flipping era. So I know a little about the For Sale By Owner way of selling. I’ll be honest you can sell your home as a FSBO. In today’s buyers market it harder. It not easy because buyers are looking for the great deals of bank owned and short sales they want a great deal and those two category of homes are being show by Realtor’s only. So buyer tend to become clients of Realtors and end up seeing only listed homes not FSBO homes. I’m sorry that is the nature of the market right now. If it becomes a seller’s market again FSBO will be very effective again. I don’t see that happening anytime soon. Even if they don’t buy a short sale or bank owned home they buy a listed home. So how do you get listed without paying 6%? Now that’s a really great question! Continue reading Selling Your Home For Sale By Owner in Salt Lake County Now that we have the economics 101 out of the way let’s look at the Reality As Is way a market behaves, or in this case misbehaves. Markets for housing are constantly in flux, having homes sell and new home come on the market and how that relates to pricing. To price a property correctly in this type of market with an absorption rates less than 8 months but not less than 3 months, you would have to be an attractive home in the lower 30% of the price range for similar properties in order for it to sell in the next 12 months. [...] |
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I thought I would write a blog to help all the For Sale By Owner selling in Salt Lake. Selling For Sale By Owner or FSBO is something I know a lot about. Ok, I know some of you are rolling your eyes saying this is where the Realtor is going to tell us we have to list to sell because 80% of homes are sold by Realtor’s etc. Maybe and maybe not; it all depends on the market conditions at the current time.
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