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Real Estate "For Sale By Owner" in Appleton, Green Bay, Fox Valley, Oshkosh, Fond Du Lac, and all of Northeast Wisconsin!
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Marketing…. Where do I Start? |
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Regional and local markets.
Home values vary greatly between regional and local markets. In some markets, home
prices have actually gone up from last year, contrary to national trend. In addition,
demand will change depending on the price range and even the neighborhood.
What you need to know:
• What's the demand for a house like yours in your area? You have to be looking
at what's being sold and at what price. Look at comparables for similar houses.
Study prices and sales for one year ago, six months ago, three months ago and current
numbers.
• What are the trends? Are prices going up or down -- and by how much?
• How many days are homes staying on the market? If they are on the market longer,
how much of that could be seasonal? In many areas, spring and summer are the busy
seasons. Pay special attention to the difference between the list price and the
sales price. Perhaps most homes are selling for 5% less than the list price.
Since you're not using a real-estate agent, it's especially important to use the
Internet, visit open houses in your area and study home sales in your Sunday paper.
But you also need to realize that the paperwork alone tells only part of the story.
While sales and prices are public, many times seller concessions are not.
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Who’s buying and selling
What's your competition? Who are the buyers, and why are they shopping? Do you live
in an area that has a growing market or are you living in an area that doesn't attract
a lot of new residents, where many shoppers don't have to buy but are looking to
pick up a bargain? Are you competing against a flood of new houses from builders
eager to sell, or are you selling a newer home in an area where most of the housing
stock is older?
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Home value and pricing
Get an appraisal from a certified professional appraiser. Look at your comparables.
With this information you will get a pretty good idea of what your home is currently
worth, and what a prospect buyer will be able to attain financing for. Consider
strategic pricing. If prices in your area are dropping 1% each month, and you want
to sell within the next three months, you take 3% off your price. If you were going
to put your home on the market for $200,000, set the price at $194,000. You'll have
the competitive edge over the guy who's dropping his price every month, without
the air of desperation.
Still unclear about which way to go? Feel free to contact us. We would be more than
happy to get you going in the right direction.
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