Consult with a mortgage specialist

Regardless of who else helps, YOU will always be the most important member of the team. You are the person who has to market your home, find a buyer, negotiate the contract and coordinate the whole process from start to finish.

Networking is tremendously fruitful if done correctly. Some people are time wasters so it is important to select the "right" people.

Remember that there needs to be a reasonable amount of give and take on both sides. If you continually pick someone else's brains without returning the favor in some way, you will run the risk that the other person, will lose interest in helping you. A good net worker has two ears and one mouth and uses them proportionately. Listen and ask questions.

If you have a mortgage then it pays to consult with the person (or company) that loaned you the money. This could be a mortgage broker, a banker, a lender or for the purposes of this we'll call them a mortgage specialist. If they can't help you, or if you don't want them to help you, then you might need to look for someone else who can.

You need someone who is knowledgeable and truly professional. Friends or associates may be able to recommend someone who fits the bill. A mortgage specialist will have the knowledge to help you complete the transaction smoothly.

Selling? Seek help from the right people

Although you are selling your house yourself, you shouldn't try and do everything on your own. I guess you already understand this, which is why you are reading this manual.

Selling your home alone can be disheartening and in many ways scary. You have to shoulder the responsibility all by yourself. The key therefore, is to find the "right" people who can help you through the sale and closing process. Accept that you can't do all the things necessary to close the transaction yourself. There is a lot at stake, so it is important to seek help, in order to get things right.

Be wary of bargain hunters and Plan for the unexpected

Just like those real estate agent, you'll probably get calls from bargain hunters. Some people think that just because a property is advertised FSBO, that the buyer is desperate, or that the normal agents commission can be knocked off the price even before starting to negotiate. Keep an open mind but be wary.

Plan for the unexpected

An opportunity (or problem) could present itself at any time. It is best to be prepared to grasp opportunities, or nip problems in the bud before they get out of hand. Plan for the unexpected.

Be prepared for calls from agents

Facing a barrage of calls from agents wanting to list your property is something you need to be prepared for. They are only doing their job so don't get too annoyed or upset. Besides they are use to knock-backs and in most cases immune to abuse. Just be polite and tell them you are handling the sale yourself.

They may even offer some tips and guidance.


Be prepared for the oldest trick in the book

Some agents will ring telling you they have a buyer. Don't slam down the phone too quickly, because they might be telling the truth. They might genuinely have a buyer for your house. What they usually mean is that they have buyers who are looking to buy a house in your area. Not necessarily your house, but "a" house in your area. There is a big difference!

They may even ask, "Is it alright if I bring someone around to have a look? "

Again that doesn't necessarily mean that they have a buyer for your home. Remember, they are in the business of showing people through houses.

Most agents will just be fishing for a listing. They just want to get their foot in the door so they can pitch for your commission.

If you do want to sell your house yourself then just tell the truth.

If they persist then suggest they post you some information. They probably won't bother.

Be prepared for calls from agents

Facing a barrage of calls from agents wanting to list your property is something you need to be prepared for. They are only doing their job so don't get too annoyed or upset. Besides they are use to knock-backs and in most cases immune to abuse. Just be polite and tell them you are handling the sale yourself.

They may even offer some tips and guidance.


Be prepared for the oldest trick in the book

Some agents will ring telling you they have a buyer. Don't slam down the phone too quickly, because they might be telling the truth. They might genuinely have a buyer for your house. What they usually mean is that they have buyers who are looking to buy a house in your area. Not necessarily your house, but "a" house in your area. There is a big difference!

They may even ask, "Is it alright if I bring someone around to have a look? "

Again that doesn't necessarily mean that they have a buyer for your home. Remember, they are in the business of showing people through houses.

Most agents will just be fishing for a listing. They just want to get their foot in the door so they can pitch for your commission.

If you do want to sell your house yourself then just tell the truth.

If they persist then suggest they post you some information. They probably won't bother.

Stay positive & Don't worry unnecessarily

You will get knock backs when selling your house. Not everything will go your way. So try and remain positive regardless of what happens.

Positive people are inclined to ooze with enthusiasm, encouragement and confidence. It is contagious!!!

Negative thinkers on the other hand, make it a habit of dragging others down. Their destructive attitudes and pessimistic ways of reasoning can instil fear and cast doubt. Stay positive!!!

I know that is easier said than done (not to worry).

There is a big difference between being prepared and worrying yourself sick over what might or might not happen. Worry, stress and nervous tension are big problems in this fast paced society we live in. Most of the things we worry about will probably never happen. Many seemingly unsolvable problems often fix themselves given a little time.

Thinking and then taking action solves problems, but worrying often compounds and magnifies the problem. Break problems down into smaller components and deal with each part one at a time.

Just keep in mind that selling your house is not going to happen instantly. Selling your house will take time and perseverance. Try and relax, stay focused on your game plan and do the right things necessary to bring potential buyers through your front door. If you are well prepared then you will have more confidence and be more in control.

Stay positive and don't worry unnecessarily

You will get knock backs when selling your house. Not everything will go your way. So try and remain positive regardless of what happens.

Positive people are inclined to ooze with enthusiasm, encouragement and confidence. It is contagious!!!

Negative thinkers on the other hand, make it a habit of dragging others down. Their destructive attitudes and pessimistic ways of reasoning can instil fear and cast doubt. Stay positive!!!

I know that is easier said than done.

There is a big difference between being prepared and worrying yourself sick over what might or might not happen. Worry, stress and nervous tension are big problems in this fast paced society we live in. Most of the things we worry about will probably never happen. Many seemingly unsolvable problems often fix themselves given a little time.

Thinking and then taking action solves problems, but worrying often compounds and magnifies the problem. Break problems down into smaller components and deal with each part one at a time.

Just keep in mind that selling your house is not going to happen instantly. Selling your house will take time and perseverance. Try and relax, stay focused on your game plan and do the right things necessary to bring potential buyers through your front door. If you are well prepared then you will have more confidence and be more in control.

People don't always do what they say they will do

If you have ever run a business you'll realize that dealing with "the public" can be frustrating at times.

People don't always do what they say they will do. They don't always keep appointments. Some people will tell you they will be bring their husband or wife for a look through the house - and they never return. Others might tell you they will call around on Friday to sign the contract - they never turn up.

It is normal for these things to happen, SO DON'T LET IT GET YOU DOWN!

Keep hope!

Selling your home... get details right!

Many home sellers have high stress levels, or fail to succeed to sell their own home because they won't, or cannot, sweat the details. It is important to see the big picture, but it is equally important to get details right.

Any expert in time management will tell you to prioritize your tasks. The best way to achieve this is to detail everything you have to do. Write tasks down on a "TO DO" list and then prioritize them. Do the most important tasks first and the least important last.

Selling your home: Organize and prioritize your time

You will need to give up some of your spare time in order to get your house ready to sell and to show prospective buyers through it.

That's why it's important to gain control of your time and use it wisely. It is easy for days to "just slip away" without having made much progress in selling your house. Being busy and being productive are two different things.

In some ways selling your own home can be likened to being under "house arrest." But think of how much you could save in commission by doing the jobs an agent would normally do!

One way to boost efficiency is to prioritize tasks. Draw four squares on a piece of paper. Mark the squares as follows:

• IMPORTANT AND URGENT

• IMPORTANT BUT NOT URGENT

• UNIMPORTANT BUT URGENT

• UNIMPORTANT AND NOT URGENT

Now put each of your daily tasks into one of the four boxes.

The point I'm making is that it is important to prioritize your tasks and know the value of everything you do. Why I say this is because most of us spend too much of our time working in the wrong squares.

We do tasks that are IMPORTANT AND URGENT because we have to. That's good!!!

We do tasks that are UNIMPORTANT BUT URGENT, because they demand our attention. Things like personal phone calls etc.

We do things that are UNIMPORTANT AND NOT URGENT because we want to... they are a good way to pass the day and can be fun. Again phone calls can be in this category, so can reading irrelevant mail, clowning around, trivia, gossip, escape activities like TV etc.

Most of us don't spend enough time doing things that are IMPORTANT BUT NOT URGENT.

Eg. Prevention, forward planning, relationship building, preparation, goal setting, devising marketing strategies, cash flow budgeting, setting values and standards, introducing efficient systems etc.

We often put IMPORTANT tasks off because they are NOT URGENT or get overshadowed by the day-to-day activities in our lives.

Selling your house is IMPORTANT and URGENT. You are either going to do it or you are not! So spending more time on tasks that are IMPORTANT and either URGENT or NOT URGENT will prove to be productive.

Accept that not everyone will like your house

When you use an agent he or she usually hears all the comments (good and bad) about the property. The agent will usually provide you with feedback. However, when you are selling your property yourself, you'll probably hear these comments first hand. Although, realize that sometimes people will have a different attitude when talking directly with the property owner. Either they'll be more polite by not telling you what they really think, or they'll be very direct and attempt to knock the price down by criticizing the property at every opportunity.

Anyway, be prepared for people to pick holes in you home. It may not always be pleasant as to some extent they are criticizing your personality. You probably chose the decor... you planted the trees... you designed the kitchen layout etc. So when someone says "it sucks!" ... that's not very nice to hear.

Accept that you are never going to please everyone.

TO SELL YOUR HOUSE -IT TAKES ONLY ONE QUALIFIED BUYER !

By using a systematic marketing plan you should have a steady flow of potential buyers that make the negative observations of any single person look irrelevant.

To sell, you have to know your strengths and weaknesses

Your role will be essential in the whole process. You will be director of operations, chief organizer, sales person, negotiator etc.

So start by making a list of your strengths and weakness. You'll then be better prepared to capitalize on your strengths and overcome your weaknesses. You might be quite surprised at what you come up with.

When selling your home, develop a systematic plan

Selling your own home is not like selling some goods at a flea market or holding a garage sale. Your home is more important than that, so the sale deserves far more attention to planning for the right outcome. Unlike a garage sale, your house will have a higher price ticket and it's not going to sell in a few hours.

The key here is to be organized and to have a systematic plan for reaching your goal. One of the advantages of having a plan is that it helps you keep your eye on the ball.

It is easy to get distracted by what might be happening on the sidelines. Don't be put off by a neighboring property suddenly coming on the market. Be aware of what they are doing and understand their strategies and tactics (if they rave any). Know their strengths and their weaknesses. Know your strengths and your weaknesses. Don't be put off your game... just run your own race.

This blog will help you draw up that road map. That way you'll be able to rest assured knowing you're doing everything you possibly can to get your house sold.

So, don't just put an ad in the newspaper and expect to sell your house... there's more to it than that. Have a plan, because it can be your road map to help you get were you want to go.

When you sell, set your goal and then take ACTION

It's been said that knowledge and awareness is power. But, in my opinion knowledge is NOT power. Knowledge PLUS action is power, great power.

You see, the thing is, the information in this blog will NEVER work if you don't work it.

It's one thing to want to sell your own property, but quite another to actually set goals to make it happen. Moving from a "gonna-doer" to actually "doing it" means working towards goals in a conscious and dedicated manner.

If you set yourself up to expect success you will achieve success. It starts by telling yourselves that you can do it. It is about making things work rather than focusing on what you can't do and telling yourself you can't. The basic concept is really that simple, but extremely powerful.

Be patient and stay committed as you overcome each obstacle in the selling process

Every great athlete, businessperson, or great individual had to stretch and reach for his or her goals. They know that obstacles are a part of the goal achievement process and so they focus on succeeding rather than on what may be keeping them from succeeding.

It means overcoming hardships and setbacks, rather than giving up at the first sign of opposition or misfortune. Selling your own home is no different.

To do this you have got to be willing to take some calculated risks and be prepared to fall down from time to time. As kids we made mistakes all the time, that's how we learnt. However, as adults we have a thing called "pride" and we hate making mistakes.

Think of when you first learnt to ride a bike - you fell down, you got up, you fell down, you got up, and you kept getting up until you mastered it. You didn't give up. If one way didn't work you tried another way until you finally got the hang of it.

Obviously, with selling your own home you don't want to be trying forever. This manual will give you the helping hand you need, but you still need to be prepared to pick yourself up and move forward under your own steam.

Accept that you will make mistakes when you are selling or buying a house

With most new or big projects that you tackle, you will make mistakes. And when you look back on them, they'll seem so obvious because you've already made them.

Accept that you will make mistakes when selling your home- but the trick is to minimize them. This manual is designed to help you identify some of those potential mistakes in advance... before they happen. It will help you get the job done better and hopefully faster. By knowing potential mistakes upfront you'll have more confidence and control over the final outcome.

So, success doesn't necessarily go to the person who never makes a mistake. The fact is; those people tend to avoid risks at any cost. Rather, success tends to shine on those who recognize that life is basically a game of percentages. It isn't the making of mistakes that's so critical. What's really important is fixing them when they do happen, without losing site of objectives and goals.

Home selling: Face your fears

So what stimulates that niggling little voice? What's stopping you from making that important decision to sell your property by yourself or with a real estate agent?

One of the most common answers is FEAR. Fear is the greatest single barrier to success in our personnel and professional lives. And this is not a selling myth. It is just there. The emotion of fear is intended to warn us of danger and to act as a cautionary tool.

Fear should make us stop and think before taking action. What fear shouldn't do is dictate the course of action we take.

When you sell your home, be mentally prepared

Everyone, at some point in his or her existence has listened to their little voice cautioning them against following a certain action. If you frequently question what you do and think, and swerve away from making decisions, then you may be stopping yourself from reaching your fullest potential.

Selling your own property is precisely what I am talking about. Because it may come as a surprise to learn, that most of the problems you will encounter when selling your own house, will be in your own mind.

There is nothing you can't achieve if you set your mind to it. And, it is a good thing that these problems are in your mind... because that way you are in control. Having advance warning of possible problems when selling your own home, will make the ideas discussed in this blog much more useful to you.

House selling or buying: Communication is the key

It you are using a real-estate agent, keep those lines of communication open. Some agents are not all the time upfront with the seller. For any number of reasons, the real-estate agent may keep potential problems to his or herself. They might not communicate the concerns they have.

In this type of circumstances, the seller might be wrongly led to believe that the property will sell. When in reality, the home seller could be waiting forever!

Both the seller and the real-estate agent have a responsibility to each other, to keep the lines of communication open. If the agent and the seller stop communicating, or worse still, start verbally abusing or blaming each other - the intended sale will be the victim.

Both the seller and the agent must stay focused on the goal - to get the best price in today's market.

Consider all possibilities when selling your home (2)

REASON FOR SELLING #6: Change in your living circumstances.

Alternative Solution: If you are experiencing major life changes you could consider selling your home at a later date.

Pros: Sudden illness, a family mourning, or marriage breakup is stressful and can trigger a rethink in your selling position. Rather than be rushed, it may make more sense financially to hold-off selling right now. This is especially true if the real estate market is depressed. A marriage breakup could require you to refinance to pay off your partner's share of the equity in the property.

Cons: If the market is buoyant and near its peak, a delay may cost you dearly especially if there is a sudden downturn.

Consider all possibilities when selling your home

Reason #4 for selling your house

Need less space than is in your current home.

Alternative Solution: Renting out part of your home could be an option. Alternatively you could rent out the entire house and buy a smaller house to live in..

Pros: If local property values are on the rise it might pay to not sell your home right now. By renting your home out you might gain some tax benefits and be able to claim rental expenses.

Cons: Becoming a landlord takes some work and can have its problems. You will need to find good tenants and keep the property in good renting order. You may need to consult a tax advisor, carry liability insurance and you will be required to keep good financial records.

Reason for selling #5:

Escalating costs of keeping your current home.

Alternative Solution: Again renting out part of your home could be an option. You could buy another house in a less expensive area.

Pros: If the property market is on the way up, your home might be worth holding on to as a longer-term investment. This is especially so if you are considering buying in a lower-priced neighborhood. By not selling you'll also save on real estate costs.

Cons: You will need to be in a position to carry another home loan as well as your current mortgage. Also, by waiting to sell, you may be disadvantaged when the market and prices level off.

When selling, consider all possibilities

REASON FOR SELLING #1:

Expensive monthly mortgage interest payments.

Alternative Solution: Refinance your current loan.

Pros: If you have owned a home for several years and have not refinanced, you may be able to refinance at lower interest rates and significantly reduce your monthly payments.

Cons: Refinancing essentially resets the clock on your loan. This may cost you money over a period of time, however it is worth doing some calculations.

REASON FOR SELLING #2:

No money available to upgrade your home.

Alternative Solution: Refinance or consider applying for a home renovationloan.

Pros: Renovating and improving your home can increase its market value. This could prove to be a good investment for when you do decide to sell.

Cons: Increasing the value of your home may also increase the amount of property taxes you pay (depending on the laws in your country).

REASON FOR SELLING #3:

Need more space than is in your current home.

Alternative Solution: Consider remodeling existing home rather than buying a new one. A more open-plan style may provide more living space. Consider enlarging, or adding, a bedroom or bathroom.

Pros: Remodeling should improve the resale value of your home. It will also save you agent's fees and other costs associated with moving. You may need to use your home equity to finance the project.

Cons: Remodeling may mean an increase in the property taxes you pay. There is also the danger of over-improving your home. Some people fail to recoup their investment when they come to sell.

What are the alternatives to selling your property?

Homeowners faced with financial or personal problems sometimes sell their home for the wrong reasons. The Truth is, they might have been better off, had they thought more about their situation and considered some alternatives, without selling.

That's why before putting your house on the resale market it would pay to: think not only about why you are selling, but also consider the alternatives and carefully weigh-up the pros and cons to selling.

When you are selling a property, being in a state of indecision can be very exasperating and can cause needless stress and anxiety.

Not making a decision, or making the wrong choice, also has its downside. Don't only think about your reason for selling -- think about the alternatives -- then consider the pros and cons before you rush out of your house and put it on the market. And remember; regardless of your reason for wanting to sell your house, it usually pays to talk your ideas through with a financial advisor.

Be careful of what you say to a possible buyer

Although you should always be honest - by saying the wrong thing, or by having a simple "slip of the tongue", it could cost you dearly. You will need to choose your words carefully.

Decide how much information you are willing to give to a buyer without revealing too much, or misleading, or deceiving the agent or the homebuyer.

How desperate are you to sell your home?

Both the real estate agent and the homebuyer know that your level of motivation will be the driving force in the way you manage your house sale. They will want you to reveal how urgent the deal is and how negotiable and flexible you are with the sale of your property.

Are you desperate and willing to sell your home at any price? Have you already made a conditional offer on another house? Are you relocating to start a new job in a new town? Have your family status changed? Those are the types of questions that can reveal how motivated (or desperate) you are when you want to sell your home. They can have a big influence on the final outcome in terms of the conditions of sale and the negotiated price for your property.

That's why it is really important to decide exactly what you are going to tell a real estate agent or a potential homebuyer when you put your home on the market. Decide exactly how motivated you are to sell, before you put your property on the market. Think of how you are going to answer each and every question before they gets asked.

Selling your property: What reason will you give a buyer or agent?

The reasons and motivations for selling your home can be many and varied.

Most potential house buyers know this and will be quick to ask, "Why are you selling?" How would you reply to that question?

Sometimes the potential homebuyer is just being curious. However, in most cases, your potential buyer has good basis for wanting to know the motivating reasons for the sale. The homebuyer will want to know what's wrong with the home - if your property is so good why are you selling?

In order to sell your house, you have to prepare your answers to these questions.

Home for sale: Be clear on why you are selling

If you've decided to sell your house or your property, chances are you're caught up in a horde of emotions.

You may be looking forward to trading up to your new dream home or facing the uncertainty of a major relocation to another town.

You may hesitate to leave a big part of your memories behind or keen to start a new adventure.

Whatever tumultuous emotions you're experiencing right now, you need to be clear on exactly what's motivating you to sell your home.

Selling your home? Are you prepared to sell?

If deep down you don't expect your property to sell, then it might be a indication that you are just not prepared enough (or motivated enough) to make the sale happen.

If you don't feel positive enough to sell your house yourself, then you may be better off facing reality and listing your property with an agent... if you can find a good one.

This blog is designed to help you sell your house by yourself or with the help of a real estate agent, and if you do decide to list with an agent, by reading this blog you will be better informed and in a stronger position to make those all-important decisions.

If you're not fully prepared to sell your property yourself... don't even bother trying. Start interviewing agents.

You are Selling Your Home. So what are Your Expectations?

All parties involved in the sale must have the same expectation... that the property WILL SELL.

Sometimes sellers get all excited thinking their house will finally be taken off their hands by a keen buyer in a matter of hours or days. Unfortunately, this is usually wishful thinking, when in truth the agent might not be expecting that house to sell at all!

Now, I know what you are thinking - "without doubt both the seller and the agent expect the property to sell... don't they?" Well, they most likely both HOPE it will sell, but do they both EXPECT it to sell... and at what price?

If either the home seller or the real estate agent has reservations about whether or not the house will sell, then those issues should be discussed openly.

Think about it; either side could have reservations relating to price, condition, location, terms, market, timing or some other factor that could possibly prevent a sale at this time.

Be upfront and identify any reservations or apprehensions before going to the market.

Home selling - Is the motivation there to make it happen?

There's that very wise saying, "it takes two to tango!" Well, if you are selling through and agent it might take three! This is not necessarily bad!

You see; to bring any deal together it takes a very motivated buyer, a motivated seller and a motivated agent (if you're using an agent).

I will repeat what's already been said - Before putting your home on the market -- or any property for that matter -- think carefully about how motivated you really are to sell.

The truth is; you are either going to be realistic in setting your selling price expectation or you're not. That could make a big difference to what happens (or doesn't happen) when your house goes on the market.

Is your home "seriously" for sale?

Do you really want to sell and shift house? It sounds like a simple enough question, but many homeowners would fight with an answer. Here's what often happens.

Some people will put their house on the market at a absurdly high price. Not because they expect to sell it for that amount, but because they can't decide if they really want to sell. If a buyer is willing to pay their overblown price, it makes their decision a whole lot easier.

But, isn't that the incorrect way to go about selling a home? If money were the only motivating factor, wouldn't the seller be better off considering other types of moneymaking schemes?

If a home is not "seriously" for sale it can be a waste of time for all concerned.

Less than 10% of For-Sale-By-Owners will sell their homes without outside help

The vast majority (90%) of For-Sale-By-Owners that will sell their houses WITH outside help will do it with a real estate agent!!!

Of the 10% that do sell WITHOUT outside help, 60% will sell to someone they know, or to a relative.

If you are a For-Sale-By-Owner, don't get too depressed. Most of the ex-For-Sale-By-Owners are probably not well organized and have the wrong mindset. As a matter of fact, most fail to have a clearly defined plan of action (well... not all, some).

They don't attract enough potential buyers and by not having any serious buyers, they fail to get offers on their home. Many give it a less than really motivated go and then they give up after a couple of weeks. This can cause considerable stress within families and can damages relationships.

If you really want to do it by yourself, you must act differently than those who just put a small effort into it. So the first thing you should do is to Decide In Your Own Mind That You Can and Will Sell Your Home Yourself.

The key is to have the right mindset when you start. Understand exactly what you are doing, talk through the issues with your spouse and make the commitment. It's not that easy to sell your home. (Thats why real estate agents exists!)

Price, Condition and Location of Your home

If your home has not sold because of (or regardless of) its location - alter your price and it will sell.

If your house has not sold because of its condition, either fix what's wrong, or alter your price until it does sell.

As any good agent will tell you, "when priced correctly, a property will sell regardless of condition or location."

If the location is wrong, well... you just can't do anything about it. Adjust your price accordingly.

You have to think carefully about the whole sales process. It is not just a case of accepting everything I say as "a fixed rule". I'm sure that some of the ideas will be best adapted to suit your own situation. The key is to pose the right questions so that you come up with the right answers.

Very often I will mention the possibility of listing with an agent. If you are a For-Sale-By-Owner, don't completely rule that option out, as a high percentage of For-Sale-By-Owners will list with an agent within the first 6 to 8 weeks.

As I understand it, something like less than 10% of For-Sale-By-Owners will sell their houses without outside help. In most instances that will mean a real estate agent.

Pricing: the Home Condition

The key factors that determine whether or not a house sells are:
• PRICE
• CONDITION
• LOCATION

The previous post was about the home price. This one is all about the home condition.

No two homes are exactly alike and that's why some properties are easier to sell than others. For example I sold a home with magnificent downtons views, 2 ½ minutes from the city center... in fact is was of a similar size and standard to the surrounding houses. However, I sold it for higher than market value because, unlike the others, it had drive-on access for 3 cars. That was the reason I got a higher price.

Rule of thumb is that if a property is in excellent condition, then it should sell close to the frill market value. If the property is not up to scratch, then the sale price is likely to somewhat be less, all depending on its condition.

The price a buyer is willing to pay will generally reflect the condition of the home. The condition of the home is something that can often be improved with careful thought and careful use of money.

So don't stick to the LOCATION, LOCATION, LOCATION myth. If a real estate agent is really honest, he will tell you that 'over pricing' is usually the number one reason why a property fails to sell.

Price: Price your house to sell

There are 3 key factors that determine whether or not a home sells. They are:
• PRICE
• CONDITION
• LOCATION

This blog post is all about price.

Price your house to sell! Why? Because, price is usually the most critical facet in selling a home. Just as you want the best value for your money, your buyer will want the best value for their money too.

Unless your buyer knows something you don't, or unless they are stupid, it is unlikely that any buyer will pay more than what the market says the property is worth.

Again, there are exceptions to the rule. For example, in some cases a "buyer frenzy" can develop when two or more buyers are chasing after the same property. In such cases, the successful buyer may end paying more than the true market value.

However, generally a property will sell for around what similar homes in the same area will sell for. These are homes of a similar size, with similar amenities, similar in style, age etc.

MARKET VALUE is what recent sales will tell you your house is worth TODAY!

This is why it is important to price your house correctly. Base your price around what similar homes have sold for recently, not on some "pie in the sky" dream. It really doesn't matter what you "want to get" or what you "need to get"... you home is only worth what someone is prepared to pay for it. Recent sales of comparable properties in comparable areas are usually the best indicator of what someone might be prepared to pay.

Lets face it; we are only interested in ourselves. It's the old WIIFM- "What's In It For Me." A buyer really doesn't care about how much you might want or need... they really only care what the property is worth to them.

If you over-price your house above the market value then you might be left sitting there with all those other over - priced homeowners who can't sell either. In cases like this, the agent usually blames the seller and the seller usually blames the agent.

Price, Condition and Location of Your House

Price, Condition and Location: the 3 key factors that determine whether or not a home sells.

Of the three, location is perhaps the least important because of one often overlooked point, which is - Location cannot be changed by anyone in the negotiation process.

Just think about that for a moment. Location cannot be changed by anyone in the negotiation process. So, unless you can put your house on wheels, it will stay where it is, meaning you (and your potential buyer) must accept the location as a fixed negotiating point.

Now, there are possibly a few exceptions. For example, it is not uncommon to move a house on the back of a truck from one location to another. In fact, I once watched as a multi-level hotel was lifted and moved on rails from one side of a busy city street to the other. It wasn't a small building, so I couldn't believe what I was seeing!

Also, without physically moving a property, it is possible in some circumstances to have a property rezoned by the local authorities. It does depend on your laws relating to where you live, however I have seen properties triple in value when they were rezoned from 'rural' to 'commercial'.

But, as I say, the laws are different from country to country. Anyway, unless you can alter the location or status of the location, you must generally accept the location as being fixed.

Which brings us to the other two points -price and condition. Both price and condition are variables that you can control. That's why I rate them above location in the negotiating process. In my next blog entry I will look at these two variables. You can control those!

LOCATION, LOCATION, LOCATION!

Destroy The Greatest Real Estate Myth And You will Come Out Better Off!

We've all heard it said, "The most important thing in real estate is LOCATION, LOCATION, LOCATION!" For years real estate agents have been peddling that line. As many will say, "it’s the reason why real estate does or does not sell."

To that I reply, "CRAZY, CRAZY, CRAZY!"

Sure, location is important, but to elevate it to the status of "the most important reason" is in my opinion, unjustified. In truth, there are 3 key factors that determine whether or not a home sells.

They are:
• PRICE
• CONDITION
• LOCATION

You'll notice I put location last on the list. Now don't get me wrong, location is important, but to say it is the most important factor in any real estate sale is just not true! Let me explain this in my next blog entry...

Introduction - How to sell your own home

Before we get really started there are a couple of points I want you to fully know above anything else. I'm about to explain precisely why many properties stay on the market while other properties get sold around them.

I will also show you why many home / house owners get bitterly disappointed with the final outcome from the sale of their house.

If you do nothing else - please read the next few blog entries, because what I'm about to write might change your whole approach to selling your property. In my experience these points are critical and are too often overlooked.