Now that the market has showed signs of recovery, some sellers may be tempted to try and sell their home on their own (FSBO) without using the services of a real estate professional.
Real estate agents are trained and experienced in negotiation. In most cases, the seller is not. The seller must realize their ability to negotiate will determine whether they can get the best deal for themselves and their family.
Here is a list of some of the people with whom the seller must be prepared to negotiate if they decide to FSBO:
The buyer who wants the best deal possible
The buyer’s agent who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house.
The termite company if there are challenges
The buyer’s lender if the structure of the mortgage requires the sellers’ participation
The appraiser if there is a question of value
The title company if there are challenges with certificates of occupancy (CO) or other permits
The town or municipality if you need to get the COs permits mentioned above
The buyer’s buyer in case there are challenges on the house your buyer is selling
Spring is the start of the hot real estate season for a few obvious reasons, nice weather and the desire to move during the summer when kids are out of school at the top of the list. But embarking on a home search during the holidays can be advantageous to buyers. Thinking about taking the plunge? Here are a few reasons you should be looking for a new home now.
The potential for a great deal
There's an assumption that anyone selling over the holidays, and thereby taking time away from family get-togethers and Christmas shopping and is selling because they have to, not because they want to. That assumption tends to be true. And it can payoff for buyers.
"Sellers tend to avoid the end of the year due to the short days, wintry weather and conventional wisdom that says buyers are otherwise occupied, says Tim Deihl, associate broker at Gibson Sotheby's International Realty in Boston," said Bankrate. "But those who do choose to sell at year-end are often under pressure and highly motivated to cut a deal. And that's why the year-end might be a smart time to buy: Determined house-hunters can take advantage of sellers' urgency."
Experts say that homes listed over the holidays may have a lower sales price.
Of course, most sellers want to maximize the value they get for the house. However, the price they set might not be reflective of the other comparable homes in the neighborhood. As the article stated:
“People tend to view their homes emotionally, and that can become quickly apparent when they decide to sell.”
That doesn’t mean that the home won’t necessarily sell for that price.
A seller can set an asking price and actually have a buyer agree to that price. However, that value may not be necessarily in agreement with what most buyers are willing to pay. For example, one person can view a property, determine it is exactly what they are looking for and well worth the asking price, whereas another person could look at the same property and feel the asking price is too high.