Even Zillow says their popular Zestimate feature is a ballpark guess at best and doesn’t reflect the true value of a home. Still, everyday I hear someone who takes the Zestimate as gospel… Poor misguided foolz…
Most sellers are unrealistic about the true market value of their home. Most buyers are unrealistic about how much home they can actually afford. Until both sides bring their expectations down to earth, it’s impossible to do a deal.
When you buy a home, you’re likely to run into a number of real estate terms. Let’s look at one. Down Payment. A down payment is made by the buyer at the beginning of a home purchase to show commitment to the transaction. It’s usually a percentage of the total price of the home, and paid through a wire transfer. This payment is immediately applied to the buyer’s equity position in the property.
Some people think inspectors appraise property and appraisers inspect property. Nothing could be further from the truth. Appraisers work for the buyer’s lender to come up with an appraised value of a property to make sure the lender isn’t lending more than the property is worth. Inspectors inspect properties looking for defects that the seller will ultimately have to pay for. Neither works on behalf of the seller, which is why so many deals go down the drain after a bad inspection or low appraisal.
One of the reasons many For Sale By Owner properties don’t sell is because most FSBO’s take LOUSY pictures. People shop for houses online and if your photos suck, people will think your house sucks, simple as that. Use a professional photographer to take your pics or enlist the help of an agent who can get it done for you.
When you’re selling your home on your own you have to do it all: price the property correctly; clean, repair and declutter; take pictures and videos; effectively market the house to buyers, and finally, master the fine art of negotiation. Things typically get tense when it comes down to price. And if you suck at negotiation, do not — I repeat — do not try to sell your home yourself. You will always come out on the short end of the deal.