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Sunday, March 2, 2008

Fargos Real Estate Tips: Fargo Real Estate Tips: 8 tips for pricing your home in a buyer's market

Getting ready to sell? The more you know about conditions in your local Fargo Moorhead market, the better your chances of getting the best possible price for your home.

1. Recognize that housing markets are local.

Home prices are like the weather -- very different in different areas.

2. Analyze who is buying and selling in your fargo market.

What's your competition? Who are the buyers, and why are they shopping?

3. Ask the professionals in fargo moorhead.

Don't ignore the elephant in the living room. When you interview real-estate agents, ask about the market conditions for your area and price range.

4. Know what your house is worth.

Talk to a handful of agents. Get an appraisal from a certified professional appraiser. Look at your comparables. Taken together, that information will give you a pretty good idea of what your home is currently worth.

5. Consider strategic pricing.

Here's how it works: If prices in your area are dropping 1% each month, and you want to sell within the next three months, you take 3% off your price right off the bat. So if you were going to put your home on the market for $400,000, you set the price at roughly $388,000.

6. Rebate your "commission."

If you're selling it yourself and need to move quickly, consider subtracting half of what would have been the commission from the sale price. The standard commission is about 7%, so if you subtract 3%, your $300,000 house would go on the market for $291,000, he says.

7. Evaluate whether you really have to sell now.

8. Assess the market where you plan to buy.

If you're selling one house and buying another, look at the market where you plan to move. "It might be that, with the housing there, it's a great time to buy."

1 comment:

arrielle_p said...

Lawyer, this was WONDERFUL. HUGE thanks for the tips. You made this a wonderful, but simple, blog. This is a great resource. KUDOS!

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