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OH NGIN HONG

Senior Marketing Director
CEA Reg: No. R023962G

ERA Realty Network Pte Ltd

Agency Licence: L3002382K

CAN I SELL MY HOUSE MYSELF?

Many people believe they can save a considerable amount of money by selling on their own. They look at the average commission on a house, and remember stories of friends or relatives who managed to get through the process with seemingly little trouble. "People sell their own homes," they say ~ "so why can’t I?"

In order to join the ranks of the successful ones, you need to realistically assess exactly what’s involved. The routine part of the job involve pricing your house accurately, determining whether or not a buyer is qualified, creating and paying for your own advertising, familiarising yourself with enough basic real estate regulations to understand (and possibly even prepare) a real estate contract, and coordinating the details of a closing. The greatest downsides are the demand on your time, and the possibility that a mistake may cost you the money that you’re trying to save.

WHAT MAKES A HOUSE SELL?

To be as concise as possible, a successful sale requires that you concentrate on these considerations: the selling price, condition of your house, location, and buyer exposure. Since you can’t control all of them, you may have to compensate in one or more areas to offset a competitive disadvantage in another. For example, if the location of your house is not ideal, it may not command as high a price.

When is the best time to list a house for sale?

As soon as you decide to sell it.

If you want to get the best price for your house, the key is to give yourself as much time as possible to sell it. More time means more potential buyers will probably see the house. This should result in more offers; it also gives you time to consider more options if the market is slow.

WHAT IS “FAIR MARKET VALUE” AND HOW DO I DETERMINE MINE?

Simply put, the fair market value of a house is the highest price an informed buyer will pay, assuming there is no unusual pressure to complete the purchase. It is usually not the asking price. given in a CMA is very helpful in determining the right asking price.

To get an estimate of fair market value, call a real estate salesperson and ask for a Comparative Market Analysis (CMA) of your house. The analysis will give you a realistic figure based on the most salient points of the real estate market. It should provide information about recent sales of similar houses. The price range given in a CMA is very helpful in determining the right asking price.

WHAT IS THE DIFFERENCE BETWEEN FAIR MARKET VALUE AND ASKING PRICE?

Generally speaking, the owner’s asking price ~ the advertised price of a house when it goes on the market ~ is set slightly higher than fair market value. You can assume that some negotiation will be necessary to reach an agreement with a buyer. In most cases, the real estate salesperson who presents you with the results of your CMA will be willing to help you establish a competitive pricing strategy.