"Can I sell my home on my own, as a For Sale By Owner?"
As the real estate market continues to heat up, many homeowners are questioning if they can sell on their own and save on the commissions that would be paid to a real estate agent. Yes, you could try it yourself, and you might be succesful, and you might save some money - but, it is a risk. Selling real estate is more complicated than people would think. When a real estate transaction goes through smoothly, most sellers and buyers do not quite realize that the smoothness may have been from the expertise and professionalism of the Realtors involved. However, if you want to know a little more about selling on your own, we have some good info for you below.
Here is a quick snapshot of the current real estate market conditions for the Old Town neighborhood of Park City, Utah.
Old Town is one of the most popular areas in Park City as it is the area's "downtown" community. Most homes and condos in Old Town are within easy walking distance to popular Main Street. On Main Street you'll find many great options for shopping, dining and nightlife (yes, we do have nightlife in Utah!). This is such a fun location to live and vacation, and is great year round. Although we have always been primarily a ski resort town, we also enjoy some of the most amazing summers. Each summer the weather is ideal, generally between 75-85 with low humidity. With many festivals and events,
After 5 years of decreasing prices, and seeing some great buys come and go, we are noticing some significant changes in our market. The major changes are Declining Inventory and Multiple Offers. For a while now we have been talking a lot about trying to recognize if we are at the bottom of the market. We have known, or had a strong feeling that we were there, but pin-pointing it is tough. Often you cannot truly identify the bottom until you have passed it. We are now starting to see the Pendulum beginning to swing to the other direction.
Declining Inventory There simply is less to choose from now in our market. Many of the distressed properties have been bought up, and many of the low priced "deals" also have been sold. Don't worry, there are still great
138 Condos listed for sale. They are priced from $119,900 to $2,695,000 The average price is $578,323 There is 1 short sale
59 Single Family Homes listed for sale. They are priced from $475,000 to $4,595,000 The average price is $1,242,831 There is no short sale
You can view them all at: http://enjoyparkcity.com/old-town.php
Also, currently in Old Town there are:
11 Condos under contract for sale. They are priced from $299,000 to $2,950,000 The average price is $962,255 There is 1 short sale under review
9 Single Family Homes under contract for sale. They are priced from $373,000 to $1,875,000 The average price is $1,089,778 There is 1 short sale under review
We all have been in this very tough real estate market for many years now, too many years if you ask me! Here in Park City, Utah, we are in a unique market, in that most of our buyers are cash buyers, and most are purchasing a second, third, or even a fourth home - primarily for vacation use, and maybe some nightly rental use. So obviously we are dealing with a very high-end, very sophisticated, intelligent clientele. But I am continually amazed, at how blinded these potential buyers are when they see what they think is a great opportunity in a Short Sale, Foreclosure, Bank Owned and REO Property.
The reality is that these distressed properties are not always the best deals out there. At least, not from what we see in our little ski town real estate
Did you know banks can come after you for Deficiency Judgements after foreclosure?! If you are in the unfortunate position of considering a short sale, or near foreclosure, YOU NEED TO READ THS ARTICLE. We are surprised by how many people still think a short sale, or a foreclosure is the end of the mess and headache. It's not. In fact, it is often just a "time-out", and the lenders could come after you for the deficiency debt years down the road, maybe when you have finally become financially healthy again. This article form the Wall Street Journal is very informative, and eye-opening. If you are in this position, you really need to contact a lawyer who can analyze your individual situation. We can help with recommendations of lawyers if you need
