Wanted: Your Home

Now is an ideal time to list your home for sale because there are many buyers, but not enough homes for sale. This means you can get a higher selling price now that the market is in the seller’s favor.

Interest rates are still low which encourages homeowners to move. More competition is always good for sellers who may be in a position to review multiple offers. Sometimes a bidding war can break out, driving the final sales price up higher than the listing price.

According to James D. Shilling from DePaul University’s Institute for Housing Studies, the seller’s market is driving home prices up higher. This helps homeowners with negative or low equity to make more money from a sale and eases the burden of being upside down on their home. This gives the seller a chance to enter the market as a buyer when interest rates are near record lows.

Shilling predicts rates will stay low through 2013 and most likely into 2014. But the interest rates won’t stay low forever. When rates do rise, homeowners won’t want to sell their homes and lock into a new, higher interest rate. This shift means fewer buyers and lower offer prices for your home.

It’s a sweet time to be a seller. Contact a Mel Foster Co. agent about listing your home and take advantage of the market conditions.

The Pitfalls Of For Sale By Owner

Selling a house sounds easy. Take some pictures, get them on a for sale by owner website and watch the offers come in. The reality is, your home may sit on the market longer and you may price it below market value. These mistakes could cost you thousands of dollars.

Get an agent on your side when you decide to list your house. Agents and FSBO companies have different motivations. Your agent is working hard to sell your home for you and is only compensated once your home is sold. An FSBO website makes money when your home doesn’t sell and you pay for another month of listing.

Only your agent can help you determine a fair selling price based on comparable listings and sales in your neighborhood. This competitive market analysis can give you a realistic sales price. A home that is priced right will sell quickly in most situations. An FSBO site won’t offer specific information to determine how to price your home.

With an FSBO listing, you are responsible for scheduling and facilitating the open houses. It can be frustrating to watch potential buyers enter, then exit, your home in less than five minutes. They won’t stick around long enough to tell you honestly what’s keeping them from choosing your house. But an agent knows how to engage potential buyers in a meaningful dialogue that can reveal buyer concerns that might be keeping your home from selling.

Your agent also has the necessary paperwork for a buyer to make an offer. Selling you house is a transaction of many thousands of dollars. This is not the time to play agent and lawyer for yourself. Be smart when you list your home and use an agent.


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