Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Apparently, it's worth $227,500 -- according to the agent who has been doing the prep work for this listing. Why not just tell them $227,500? Don't get caught up in a round of "well, but then you'd have to pay commission." A house is worth what someone will pay for it.
We are actually looking at a house in Tennessee right now that the owner is selling without a realtor. His comment to me was "I didn't want to give $12,000 to someone to sell a house that will probably sell in less than 2 months". Apparently he still has to pay something because I asked my realtor about it and she said "don't worry, I get my payday if you buy it"
In mid-February I will be contacting a real estate broker who will work to sell my house for a 5% commission.
Meanwhile, just by word of mouth, I am getting a couple of nibbles.
If I were going to price the house at $227,500 through the real estate agent, how much should I price the house if I don't use a real estate broker (I realize there are still expenses without a broker, but I have no idea what they are)?
Thanks for any input.
As others have said, the market value of a home (and an appraisal) is what it is, regardless of your expenses in selling it, including a commission.
However, buyers will want to buy your house for less, realizing that you have no commission to pay. I've approached a couple of buyers in my day about buying their houses. It was so unpleasant and uncomfortable. Buyers are not objective about their homes and are emotionally involved. I wouldn't do that again, unless I could save money by doing it.
As a buyer, when I'm looking at houses, I count on getting a house for $5k less than the list price (at least) in the area I'm looking in. That's because most sellers set the list price higher than the house is worth, for some odd reason. If it's a fsbo, I'd expect to pay more than $5k less, if it's priced like the ones that have agents.
Note: It seems to me that most fsbos are priced above market, rather than the reverse. I guess they don't realize what their homes are worth. As I said, they are not objective about their homes. Just as I'm not objective about mine (but I think I have more of a handle on it than most other sellers; my problem will be to ask enough for mine!)
If the house is worth $225K going through a broker it's worth $225K period.
That may be true, but you could wait a while before a buyer comes along who agrees with that. Most buyers will expect all or some of the commission not being paid to be taken off the sellers price.
In mid-February I will be contacting a real estate broker who will work to sell my house for a 5% commission.
Meanwhile, just by word of mouth, I am getting a couple of nibbles.
If I were going to price the house at $227,500 through the real estate agent, how much should I price the house if I don't use a real estate broker (I realize there are still expenses without a broker, but I have no idea what they are)?
Thanks for any input.
closing costs 1500
add cleaning and upgrading costs
list it on ComFree (owner gets a kit)
get free estimates from 3 agents
check MLS.com for comparable listings in your area
If the house is worth $225K going through a broker it's worth $225K period.
This is the correct answer. I would be more negotiable on price, since there is no 5% broker fee.
1. Don't be afraid to sell your home on your own. It isn't hard!
2. If the buyer is going to have a mortgage, it is up to the buyer to get it closed for the most part. The bank will close the deal for you, so relax. You can hire a real estate attorney if you get stuck and that would be WAY cheaper than 5%.
See if you can get it sold without a broker. That would be great for you.
So what are those "nibbles" offering? Where did the $227,500 come from? If you don't know the market, that 5% commission may be more valuable than you think.
No, I know what the houses in this development are going for, and $225,000-230,000 is the sweet spot. There have been a very few that have gone lower, and a very few that have gone higher, but the reasons they were higher or lower were pretty well known in the community.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
