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APTOS TIMES - December 2018 "For Sale by Owner (FSBO)"

December 06 2018
December 06 2018

APTOS TIMES – DECEMBER ISSUE

By Ruth Bates

 

BUYERS – Do I have to have 20% down to buy a Home?

Having 20% down is not a requirement to purchase a house. Of course, the more you have to put down, the better your loan terms will be, but most lenders now have low down payment programs. FHA only requires 3.5% down. I have seen 5% and 10% down loans recently. And you can use “gifts” with your loan. Contact your LOCAL lender for details.

SELLERS – When is the Best Time to Sell?

It used to be May, but this year both Zillow.com and Realtor.com reported that March/April is the time that Sellers will sell the fastest and at the highest sales price. So, if you are thinking of selling next year, the time to start preparing is NOW!

FSBO (For Sale by Owner) – Why not to do it!

Some Sellers think they will save money and time by selling their property themselves. Data shows that not to be the case. A recent Zillow study showed that only 11% of FSBO sellers actually closed the deal. Here are 7 reasons why FSBOs mostly don’t work out. 1) Home is not priced correctly. 2) Emotional attachment is a barrier. Seller gets very upset with any negative comments about property. 3) Marketing is truly a huge undertaking these days – Internet and Tons of Social Media options, Professional Photography, Virtual Tours, Staging, and the list goes on. 4) Home has to be shown – when Seller is present, Buyers are uneasy. 5) Legal Liability – FSBO Sellers have no Errors & Omissions Insurance, all real estate agents do. 6. Scams – a FSBO is much more likely to be targeted by fraud schemes. 7) Bottom line – FSBOs
sell for less, they may have saved a 6% commission, but the net sales price is much lower than that savings (per NAR – Nationwide FSBOs were 8% of 2016 home sales, typical home sold for $190,000, compared to $249,000 for agent-assisted sales). Why would you put your most valuable asset into inexperienced hands or no hands at all – Hiring a Local Real Estate Expert will yield you the best possible results.

For anything Real Estate – call me, text me, email me and… Get Results With Ruth!

Happy Holidays to All!


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