5 Tips for Selling Your Own Home

According to the National Association of Realtors, about 12% of home sellers decided to sell their homes without the help of a real estate agent. Since these figures do not include those sellers that put their homes on home listing databases, the percent is actually a bit closer to 21%.

Despite the large percentage of home owners that are deciding to sell their homes on their own, however, many choosing to sell their own homes are struggling a bit in our current economy. Just a few years ago, For Sale By Owner homes were practically selling overnight. Today’s sellers, however, have to work a little hard to get their homes to sell. If you are trying to sell your home in today’s market, these five simple tips are sure to help.

Tip #1: Determine the Right Price

If the price you are asking is far more than the value of the home, you certainly will never find a buyer. Therefore, it is important to do your homework and determine the proper price for your home. During this step of the process, you might want to consult with a real estate agent in order to learn the prices of homes in your area that are similar to yours.

Tip #2: Place Your Home on MLS

In the past, selling your home without a real estate agent was as easy as putting a sign in your yard and an ad in the newspaper. In today’s market, you are going to have to cast your net a little further. By placing your home in an MLS, you will be able to reach more potential buyers and increase your chances of selling your home.

Tip #3: Stage the House Before Showing It

When you sell your home, you need to see it through the eyes of the buyer. It can be difficult to separate yourself from your home, so you may want to get the help of a friend that isn’t afraid to be honest with you about what needs to be changed in your home. Make sure your home is clutter-free and smells fresh. Complete any necessary repairs and make certain every room is designed in the way that is intended.

Tip #4: Choose Renovations Wisely

While making some renovations to your home can really give its value a boost, going overboard can coast you more than you get back in return. Bathrooms and kitchens are good places to make renovations. Landscaping can also go a long way toward increasing the home’s value and can be done fairly cheaply when you do it yourself. In addition, it will increase the curb appeal of your home, which will help draw in potential buyers.

Tip #5: Do Your Research

Before you get involved in selling your home yourself, make certain you are fully aware of what you are getting involved with. Selling your home on your own can be a time consuming process. Also, be prepared to hire a real estate lawyer once you have a serious buyer. This way, you can be certain you are following the proper legal procedures.


About the Author:

Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Avoiding Lender Scams

One of the unfortunate side effects of being a homeowner is the fact that it makes you the target of a multitude of scam artists. Sadly, some of these scams are pulled off by seemingly reputable lending institutions, which makes it even more difficult to know who you can trust and who you cannot. Fortunately, if you are aware of these scams and you proceed with caution, you can avoid being taken advantage. Here are a few of the more popular scams being used against homeowners today.

The “You Can Afford This” Equity Scam

With this scam, the lender actually encourages you to lie on your loan application and to stretch your budget further than you can afford. By encouraging you to claim a higher income, you can get approved for the loan. Of course, this puts you at risk of defaulting on the loan, at which time the lender forecloses on your home. How to Avoid This Scam: Never lie on your application or take on an equity loan you cannot afford.

The “These Benefits Will Really Help” Credit Insurance

After applying for and being approved for a home equity loan, the lender provides you with a few unexpected papers at the closing. These papers are meant to provide you with extra “benefits” such as credit insurance. Of course, these extra benefits drive up the cost of your loan and, when in the midst of signing so many papers during the closing, you might not even notice what you have agreed to. How to Avoid This Scam: Check all paperwork carefully at the closing and don’t get bullied into signing papers you don’t agree with.

The “You Can Refinance It Again” Scam

This scam, which is often referred to as loan flipping, takes place when a lender encourages you to repeatedly refinance your loan. Of course, each time you refinance your loan, the lender adds on additional fees. The fees are added to your total loan amount, so you may not even realize you are actually putting yourself in more debt. How to Avoid This Scam: Only refinance your home if it will help reduce your overall debt or if you are truly in a financial bind and have no other options.

The “We’ll Just Confuse You Into Paying More” Scam

Some lending institutions simply send you so many account statements with confusing information that you are never quite sure what you are paying. This tactic is referred to as deceptive loan servicing and may include increasing your house payments for no good reason or adding on additional fees that you don’t understand. How to Avoid This Scam: Never take additional fees or payment increases lightly. Demand to have the costs explained to you and get a second opinion if you aren’t certain the costs are on the up and up.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

Washington MLS Service Making Innovative Changes

In an interesting move that can certainly help homebuyers in the buying process, the largest MLS in Washington has decided to start listing how long a property has been on the market. Armed with this information, homebuyers can better strategize when they make an offer and how much they offer to pay. In addition, it will make it possible for sellers to track the sales of homes that are located near to their homes. As a result, they can have a better idea of how long it will take to find a seller.

“Right now, there’s tremendous anxiety about what a property is really worth and what you should offer,” said Glenn Kelman, who is the chief executive of an online brokerage based in Seattle, in an interview with the Seattle Times. “It is a much more progressive MLS than almost any we deal with. Our hat is off to the NWMLS. Those guys have guts.”

By looking at the price history on a home, buyers can easily see whether or not the price has already been cut back and when the drop occurred. If it has not been dropped or if the house has been on the market for a very long time without a recent drop, it may indicate that the buyer is ready to accept a lower offer. A house that has recently been dropped, on the other hand, likely isn’t quite yet willing to accept an offer that is much lower than the current asking price.

The decision to make this information available on their site is not the first time the Northwest MLS stood at the cutting edge of real estate. In fact, it was the first MLS in the nation to allow its brokers to put their entire inventory on the site – a move the MLS made back in 1996.

Tom Hurdelbrink, who is the president and chief executive of the listing service, is taking all of the hubbub in stride. In fact, he told the Seattle Times that he was just taking “a natural step toward providing more thorough information to consumers.”

Hurdelbrink went on to say that the listing service is trying to help brokers better meet the needs of their customers while also helping them become a trusted resource among buyers and sellers. Kelman agrees with that assertion.

“We want our own sites to be the authoritative source for information about real estate,” he said. “That’s why you’re starting to see more progressive policies.”

What remains to be seen is whether or not other MLS services around the country will be making the same change and whether or not home sellers will appreciate the new transparency or if they would prefer to keep this type of information a little quieter.

About the Author:
Shannon Kietzman is a well known author and trusted resource. Shannon regularly writes for http://www.byownermls.com/, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit http://www.byownermls.com/.

For Sale By Owner Real Estate Trends for August 2008

Most Popular*

Top Cities 1. Virginia Beach, VA 2. Louisville, KY 3. Chicago, IL 4. Philadelphia, PA 5. Lexington, KY 6. Houston, TX 7. Jacksonville, FL 8. Kansas City, MO 9. San Antonio, TX 10. Chesapeake, VA Top States 1. Florida 2. Texas 3. New York 4. North Carolina 5. Pennsylvania 6. Georgia 7. Illinois 8. Virginia 9. Tennessee 10. Kentucky Most Viewed Properties 1. Condo/Townhome - $369,000 - Wildwood, NJ 2. Log Cabin - $195,800 - Cuba, NY 3. Single Family - $900,000 - San Diego, CA 4. Duplex/Triplex - $128,000 - Denton, TX 5. Log Cabin - $219,000 - Towanda, PA 6. Duplex/Triplex - $329,900 - Philadelphia, PA 7. Cabin/Home - $450,000 - McVeytown, PA 8. Duplex/Triplex - $220,000 - Louisville, KY 9. Cabin/Home - $169,900 - Flinton, PA 10. Condo/Townhome - $699,999 - Long Branch, NJ *Based on property views on ByOwnerMLS.com in August 2008.

About the Author:

Greg Sullivan is the President of www.ByOwnerMLS.com, a For Sale By Owner MLS service, the leading real estate search engine of homes for sale by owner (FSBO). For more information, please visit www.byownermls.com.