Vermilion Realty Blog » FSBO

Vacant Homes Harder To Sell

Don Grafues — Mon, 19 Apr 2010 12:28:58 +0000

A vacant house makes it more difficult for prospective buyers to make an emotional connection with the home. Also defects are more apparent. Read more by clicking on the Resource link below.

Resource: REALTOR.org

How to Get the Most Out of Craigslist

Don Grafues — Sun, 04 Oct 2009 14:44:20 +0000

Josh Schoenly, who blogs about real estate investments and operates Capitol City Investments in southeastern Pennsylvania, says Craigslist.com helps generate quality leads for his business.

Here are his six steps to getting the most out of Craigslist as a low/no-cost marketing tool:

Create an account. If you don’t already have an account (you don’t have to have one to post), sign up.

Pick your campaign. Decide what kinds of leads you want to generate. For instance, first-time home buyers, or buyers in a certain school district, or luxury-home buyers.

Create your campaign. Create several ads to post and generate traffic. Craigslist won’t let you post the same ad over and over. So in order to post frequently, you need several posting options. Design the ads so they send consistent traffic to your landing page or to your e-mail or phone.

Put it to work. Post the ads at least twice daily during the week and once on weekend days. Don’t post early in the morning because the ads will fall to the bottom of the list quickly. Be consistent about posting. If you don’t have time, assign it to an assistant or hire your children.

Follow up. Collect e-mail, phone numbers, or both, and follow up with something attractive like a free list of homes new to the market or recent foreclosures. Send out a new bonus list once a week. Other free offers could income teleseminars, home tours, or group open houses. The trick is to find something that will motivate buyers and/or sellers to work with you.

Track and tweak. Track the results and see if you can improve them by identifying which ads generate the most e-mail and result in the most sales.

Source: RISMedia, Josh Schoenly (09/25/2009)
© Copyright National Association of REALTORS^®, Reprinted from REALTOR.org with permission.”

FSBO: Is Your Buyer Qualified?

Don Grafues — Fri, 18 Sep 2009 16:53:07 +0000

Yesterday we published a Post titled “FSBO: Tips For Pricing Your Home.” Believing that you priced correctly, you now have a potential buyer. What do you need to know about your buyer?

Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. If possible, try to determine a buyer’s financial status before signing the contract. Ask the following:

Has the buyer been prequalified or preapproved (even better) for a mortgage? Such buyers will be in a much better position to obtain a mortgage promptly.

Does the buyer have enough money to make a downpayment and cover closing costs? Ideally, a buyer should have 20 percent of the home’s price as a downpayment and between 2 and 7 percent of the price to cover closing costs.

Is the buyer’s income sufficient to afford your home? Ideally, buyers should spend no more than 28 percent of total income to cover PITI (principal, interest, taxes, and insurance).

Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.

Does the buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.

FSBO: Tips for Pricing Your Home

Don Grafues — Thu, 17 Sep 2009 17:33:45 +0000

Consider comparables.
What have other homes in your neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?

Consider competition.
How many other houses are for sale in your area? Are you competing against new homes? [and at what price]

Consider your contingencies.
Do you have special concerns that would affect the price you’ll receive? For example, do you want to be able to move in four months?

Get an appraisal.
For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. Be sure to ask for a market-value appraisal. To locate appraisers in your area, contact The Appraisal Institute (www.appraisalinstitute.org) or ask your REALTOR® for some recommendations.

Ask a lender.
Since most buyers will need a mortgage, it’s important that a home’s sale price be in line with a lender’s estimate of its value.

Be accurate.
Studies show that homes priced more than 3 percent over the correct price take longer to sell.

Know what you’ll take.
It’s critical to know what price you’ll accept before beginning a negotiation with a buyer.

Value of Good Photos

Don Grafues — Thu, 27 Aug 2009 15:48:47 +0000

Whether you are considering a For Sale by Owner (FSBO) or using an agent to help you sell, the value of good photographs cannot be understated. For those sellers using an agent, did you know that MLS search has the capability of excluding all listings without photographs from the search results? So be certain your agent takes photographs and then check how they look on MLS. If you are not happy with the results, let your agent know. Here is an article from The Wall Street Journal about photographs.

Good Pictures Can Make a Sale
These days photographs that accompany online listings are primary part of advertising. Poor quality photos that don’t flatter the property or fail to show most of it discourage potential buyers from taking a look.

Hiring a top-notch photographer can cost as much as $1,000, but a good amateur working slowly and thoughtfully can probably manage to do the job effectively.

Here are some suggestions:

Take lots of shots. Unlike film, digital pictures have no individual cost, so shoot as many photos as possible from many different angles. The more you shoot, the more you increase the likelihood of getting some good ones.

Avoid shooting empty rooms. While clutter isn’t good, having some furniture and even a few personal items makes the photos more interesting.

Put away clutter. Dirty clothes on the floor and dishes in the sink are all turn-offs.

Get the light right. Shoot an exterior when the sun illuminates it or it will look flat.

Make sure the inside is well lit, ideally with some sunlight.

Edit discreetly to get rid of extraneous distractions like wires.

Source: The Wall Street Journal, June Fletcher (08/21/2009)
Copyright National Association of REALTORS®, Reprinted from REALTOR.org with permission.”

Source: The Wall Street Journal, June Fletcher (078/21/2009)