First time home seller beware

First time home seller beware!

People are out there and for the right price they are willing to buy. The housing market is very much like the stock market in more than a few ways and one of the first rules we come across is this “Buy low sell High”

If you are the seller you need to be offering something. Is it a low price? A piece of heaven? Something that is rare? What is it that you have that is going to drive someone to make you an offer?

People buy for different reasons. They could be upsizing, downsizing, buying investment property, buying their first home or buying in for one of their children.

These different people are looking for different things. The investor is just looking for the bottom dollar. It could be a house that the person is looking to fix up and flip or it could be a long term investor who is looking to rent out the property for a small profit each month. It could be someone looking to buy the home to live in it themselves.

The person who is looking to flip wants to get a house that looks rundown yet has good “bones”, is structurally sound, has good working plumbing, has an electrical system that is up to current code and is all working. They want to go in replace the carpets, give it a fresh coat of paint, replace old appliances, and put it back on the market for a quick sale and a good profit.

The Investor is looking for a property that is in good condition and hopefully even a long term renter in place where the rent will cover the mortgage, taxes, maintenance, and still leave money over for the investor to bank and show a bottom line profit.

The First time buyer. These people usually buy on emotion. They love it, they want it, and they must have it. These first time buyers sometimes have more dollars than sense, they don’t know how much it will cost to fix any problems that they come across and often won’t know how to fix the problems themselves. With low interest rates they will also like try and buy the biggest and best property that they can afford.

Now, first time home seller beware!

The first thought of a lot of home sellers is that they don’t want to give up a lot of their hard earned equity that they’ve invested in their first home. They don’t want to pay out some big commission and closing cost. Here many opt for selling the house themselves depending on the market and location somewhere between 10% - 30% of all homes start as “for sale by owner” and yet when you drive down the average street very few for sale by owner signs can be found.

Ever wonder why so few for sale by owner signs can be found? The answer is easier than you might think. Many realtors actually look for "For sale by owner" signs and listings. Depending on the home and the price the home may not be on the market for very long. If you do list as "For sale by owner" your phone will ring and you will draw the attention of many different people so expect to receive calls from anyone. It could be a realtor, could be a builder, or a renovator, just be forewarned you need to know what you are going to say and you will also need to know how much you want to get out of the sale, that being bottom dollar after expenses.

Here at Istockhomes we give you a platform to list your home on and give you as much advise as you need to help you market your home. We charge $249.95 for this and let you keep the rest of your equity for you next purchase.