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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.
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
 First off if you get a notice of defaults for your lender don’t get too upset. Please call a Professional like us at Project Hope for Home Owners 800-604-0281. We specialize in helping people sort out their situation and chose powerfully how they want to deal with this. You have lots of options and time to create a plan. You by no means are alone in this. Salt Lake County Notice of Defaults or NOD’s are up 289% over 2007 levels and 150% over 2008.
I want to look at the trend in # for the last 2 years of foreclosures in Salk Lake County. I will be using the Data form New Reach the best real estate data source available for real estate in Salt Lake County. Below is a chart breaking down the Notice of Defaults for sale Lake County for 2007 -2009? It’s rather sobering to see that for July of 2009 were up 289% over 2007. Continue reading Foreclosures in Salt Lake County up 289% what to do if you get a notice?
My man on the streets view, of how short sale relate to purchasers in Salt Lake, is they are prices way below the average price per square foot (PSQFT) the PSQFT for short sale range $55 to $75. Where the median listed PSQFT in Salt Lake County in June was $97. See why the buyer only sees those homes as the homes for sale. They are the desirable good buy bang for the buck homes. So buyers rule mentally out the $100 + PSQFT and look at the lower priced higher bang for the buck, short sales and they become the Real homes for sale in their mind. Since buyers will only look at 20 or less homes before they make there mind up and make offers, the best homes become the homes for sale. [...]
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. [...]
Because real estate has seen a perfect storm over the last 2 years. Lending being turned upside down with an outcome of few people can now qualify for homes. Pricing drove through the roof by investor buying. The lending industry allow state income loans, builders and home seller could sell their over median income qualifying home, easily to almost anyone with no money down on a 100% stated income loan. Literally anyone could buy and home with no money down. Now all loans are fully qualifying with verified income. [...]
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