It's unquestionably a buyer's market in real estate deals. Prices have yet to stabilize and bankers are taking a new, hard line in qualifying buyers. Those buyers are looking to get a great deal on a house and sellers find themselves in a rather unenviable position, especially if they need to sell quickly. These are just a few of the reasons that the for sale by owner websites are increasing in popularity, as a real estate advertising vehicle, on both sides of the market.
Just 5 years ago, neither buyers nor sellers gave more than a passing thought to the for sale by owner websites. Most automatically initiated their search on one of the big name real estate brokerage sites. Now, things have changed.
Bypassing the traditional real estate brokerage means no broker's fees, which gives both buyer and seller plenty of wiggle room in final negotiations, to arrive at a deal that makes everyone happy.
With the surge of interest in the for sale by owner websites, this type of real estate advertising gives the seller real exposure. Posting pictures of your property allows you to showcase your home and gives buyers a preview, just as the big real estate brokerages do on their sites.
Whether you're buying or selling, you can check out the for sale by owner real estate advertising venue for yourself. Do a Google search, using 'for sale by owner your-town-area' as the criterion. You probably have an idea of your local pricing in the home market, so you'll be able to spot a deal when you see it. I was astonished when I tracked down the possibilities in my area. One home that caught my eye was in a nice area, priced just over $100,000, with 1600 square feet, a large, nicely landscaped yard, new appliances, tons of amenities and owner financing. Just several years ago, this home would have easily fetched twice the price.
While I was browsing around, I noticed too that many of these sites have links to foreclosure auctions as well. This hot new real estate advertising trend seems here to stay unless the economy takes a great big upward turn for the better, soon.
One bit of advice: when you don't use a real estate broker, there are a few things you need to do for yourself. When you find a property you want to make an offer on, find out what other properties in the area have sold for, what this property last sold for and what the property taxes are now. Contact your city planning department to ascertain whether any development plans are in the works that might impact your decision to purchase. For example, if there are plans to reroute the freeway through your property three years from now, you need to know. You'll also want to consult with an attorney who specializes in real estate transactions to look over any contracts before you sign your life away.
Real estate advertising isn't what it used to be. That may be a very good thing indeed.
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