How Home Buyers Search For A New Home

The National Association of REALTORS (NAR) has some great ideas for homeowners who are thinking about how to sell a house by owner

. I'm not entirely certain that their goal in compiling the statistics was to inspire for sale by owner sales, but in fact they may have done just that. Anybody who is thinking about marketing their own home for sale will want to sit up and take notice of the following statistics now, because they show you exactly where your potential buyers are looking for their new homes.

The percentage of buyers who are shopping for a new home using the following methods in 2010 was: internet 74%, real estate agent 69%, yard sign 22%, open house 12%, newspaper 9% and home book or magazine 6%. This list is quite revealing, and it confirms my belief that the vast majority of buyers are looking online for a home, even if they are working with an agent. Meaning, they might want the professional services of the agent when it comes to looking at a home and obtaining financing, but they are out on the web looking at homes on their own as well.

That doesn't mean a prospective buyer will email you or call you directly on your posting for selling a home, but you may hear from an agent on that buyer's behalf. Then you will have to decide if you are willing to pay a commission to a particular agent who brings a client to see your home. One of the interesting challenges of selling for sale by owner is dealing with decisions like this one - are you willing to pay a commission to an agent if he or she brings you a buyer who decides to buy your home?

That is a very likely scenario so it's best to have given consideration to this possibility well in advance of the phone call from an agent. The most important part of your consideration is how much you are willing to pay as a commission. It may be a flat dollar amount or a percentage of the sale price, your choice. There is no longer and "industry standard" that you must pay, so don't feel any obligation to pay more than you can afford.

Once you've got that for sale by owner sign in your yard and you're prepared with some sales agreement forms as well as a clear idea of your asking price and bottom-line selling price, you're good to go. You have a great chance of selling your own home with your internet postings and your yard sign in the present market.

by: Leo Kingston

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