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‘For sale by owner’? Make sure to set the right price

‘For sale by owner’? Make sure to set the right price
‘For sale by owner’? Make sure to set the right price
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The real-estate market is in full swing and super-hot. That usually means more folks will try selling on their own (without an agent). Trust me, this isn’t the best choice. But for those sellers determined to list their home “For Sale By Owner,” be sure to set the price properly.

What is your first step? Request the opinion of a real-estate agent. This document is called a Comparative Market Analysis, or CMA. It’s a free service performed by real-estate agents seeking your business. Be open with the agent by acknowledging your intentions. The agent will respect your honesty. They may still provide the service in case you need their help in the future.

An alternative to a CMA is a professional appraisal. This report provides greater accuracy than a CMA because its investigation goes beyond the sale price. An appraisal report will add credibility to your position, when negotiating with buyers.

The appraiser is viewed as an independent source of information, with no “skin in the game” regarding your sale. Written appraisal reports typically cost about $500.

Whether you get a CMA or an appraisal, make sure to act quickly after identifying your home’s value. With rising prices like we are seeing in this market, each sale sets a new price standard.

Attorney James Haroutunian offers specialized representation to owners selling real estate on their own. Contact him at 790 Boston Road, Billerica with questions at 978-671-0711 or by email at james@hlawoffice.com.