Press Release Source: ForSaleByOwner.com on Tuesday June 29, 2010
CHICAGO–(PR Newswire) — Sell a condo by owner? Can you do that?
Yes, you can…and it’s easier than you might think. Condo owners are discovering unexpected advantages of selling direct in a difficult market.
Today, ForSaleByOwner.com launches a new guide to selling and buying condos by owner. It equips condo owners and buyers with tactics and tips for finding, pricing, marketing and purchasing condos directly from each other.
The ForSaleByOwner.com Condo Guide outlines these top tactics:
• Appraisals are easier when similar units have recently sold to verify the purchase price – removing one barrier plaguing single-family sales.
• Property managers and neighbors are on-site to help with showings for out-of-town owners.
• Condo associations, property managers and densely developed neighborhoods make it easier to spread the word when selling by owner.
• With condo values still sliding in many markets, eliminating the sell-side commission may be the only hope an owner has of retaining any equity.
These dynamics helped former Milwaukee resident Jason Fisher sell his two-bedroom condo in just six weeks.
Career demands prompted his move to Florida. Meanwhile, the condo that had been so appealing in 2005 was now just one of many on the glutted downtown Milwaukee market.
A listing with ForSaleByOwner.com quickly drew interest. Neighbors helped show the unit when Fisher was in Florida arranging his move. The eventual buyer looked at several units in the building. She decided on Fisher’s because it was easy to validate the upgrades and better location of his unit when she did an apples-to-apples comparison.
And without a sell-side commission, Fisher extracted the equity he’d put in.
He purchased the unit for $178,800 in 2005 and sold it for $175,000 in 2010. “I considered it a wash because I didn’t have to pay an agent’s commission,” said Fisher.
“Condo owners can leverage these hidden advantages to price and market their units for a prompt, profitable sale,” says Joanne Cleaver, senior content producer for ForSaleByOwner.com. “Selling by owner gives them flexibility in negotiations and credibility in a cluttered market.”
ForSaleByOwner.com is the nation’s leading “by owner” real estate website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by coaching and equipping them with information, tools and services that enable them to buy and sell houses directly.
By selling directly, homeowners can control costs and fees, recouping their home equity. The company charges $89 to $899 for its wide range of advertising, listing services and related information and tools. A homeowner selling a $300,000 home through a real estate agent would be charged a 6% commission and pay approximately $18,000, plus additional fees.
ForSaleByOwner was acquired in 2006 by Tribune Interactive and is based in Chicago.