How to Price the Real Estate Sales by Owner
Selling your property as a “real estate sales by owner” venture without the involvement of a property agent can make it difficult for you to receive the correct amount for your house. You must do some legwork to determine the market price of your property like an agent would have done. You must research for the similar houses in the same town to compare the prices and determine the optimal price range for your property.
The price opinions of both the property agents and appraisers are based on the comparable sales. The ideal period extends from last three to six months in the closet comparable subdivision and in your neighborhood. You must also take into account factors such as the numbers of bathrooms and bedrooms, location, age of the house and condition of the property when you use the comparable price as a yardstick for determining the optimal price range of your house.
Other considerable variables include the type of house. The reason for it is that the highest price of a property is typically garnered by the preferred style of the houses in any area. Also, the number of bathrooms and bedrooms play a major role in the valuation process of a property than the actual square footage area. For instance, a three bedroom apartment will be preferred over the two bedroom apartment or you can say that it would be easy for you to get discount on a two bedroom apartment if there are plenty of the three bedroom apartments available in the same town.
The same rule applies on the number of bathrooms in the building and its impact on the valuation of that property. People prefer to have attached bathrooms with their bedrooms. Thus, you can say that the more number of bathrooms in a property, the higher price range you can settle for it. Similarly, if most of the houses in the neighborhood offers the facility of air conditioners and the weather requires it as well, then the lack of facility in your property can cut off its price instantly.
After determining the price range based on the condition of the property and availability of the facilities, you must consult some more reliable valuation resources in your area such as the Federal Housing Finance Agency. These institutions keep track of the recent trends of the real estate markets and help you determining the right price for your house.
