FORSALEBYOWNER.COM “IS YOUR PRICE RIGHT” WINNERS ILLUSTRATE TRICKY PROCESS OF ESTIMATING HOME VALUE IN TODAY’S MARKET
CHICAGO, IL – August 31, 2011 — Estimating the current market value of your home is one of the most important, and most challenging, financial tasks facing homeowners today. Whether they are preparing to sell, refinance, update their insurance coverage or revise estate plans, homeowners need to know about what their homes are worth. The resources and pricing guidance available at ForSaleByOwner.com equip homeowners to estimate the current value of their homes accurately and swiftly.
The winners of the ForSaleByOwner.com “Is Your Home Priced Right?” contest learned the current value of their homes based on the longstanding recommendations of ForSaleByOwner.com. Reinforcing its perennial advice that an appraisal is the final word – and the only valuation accepted by lenders – ForSaleByOwner.com commissioned appraisals so the four contest winners could compare their homegrown valuations to the opinions of professionals.
• Nathan Towne hopes to recoup the cost of buying his Madison, WI contemporary house, but learned that current market value is $40,000 short of the outstanding mortgage
• Jean Feingold figured her vintage Gainesville, FL bungalow was worth $140,000, but the appraiser valued it at $115,000
• Matt Townsend’s eight-bedroom log home in rural Delaware would probably sell for $505,000 — $45,000 less than he anticipated
• Yetta Levitt of Cortez, FL, just sold her home by owner for $500,000 – $198,000 less than the original asking price two years ago
“Homeowners across America are struggling to reconcile market realities with their hope that their own homes are worth a bit more than the neighborhood norm,” said Stephanie Hammell, ForSaleByOwner.com Director of Public Relations. “The pricing tools and guidance available through ForSaleByOwner.com can help all homeowners closely estimate the market value of their homes so they can align their homeownership and financial plans with market trends.”
ForSaleByOwner’s nationwide “Is Your Home Priced Right?” invited homeowners to explain in 200 words or less, what they believed their homes were worth, and why. Contestants were encouraged to use all pricing tools available to complete their assessment, including the new ForSaleByOwner.com Pricing Guide. The ForSaleByOwner.com, “Is Your Home Priced Right” winners won: • A $1000 home improvement gift card • A $689 listing package on ForSaleByOwner.com • An appraisal to find out once and for all what their homes are worth
The winners’ full stories can be read at http://www.forsalebyowner.com/education/selling-your-home/pricing.
ForSaleByOwner.com is the nation’s largest and most robust “by owner” real estate website designed to empower and educate the consumer in the process of buying and selling their home. By selling directly, homeowners can recoup more of their home equity by controlling transaction fees. The company offers plans that start at $80.95 for its wide range of advertising, listing services and related information and tools. A homeowner selling a $300,000 home through a full service real estate agent would lose $18,000 in equity, based on the traditional 6% commission. 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. In 2010 alone, ForSaleByOwner.com facilitated sales of $1.8 billion worth of residential real estate, enabling homeowners to keep at least $72 million* in home equity for themselves. ForSaleByOwner.com was acquired in 2006 by Tribune Digital, a division of Tribune Company, and is based in Chicago. *Based on some home sellers paying a 2% commission to the agent representing the buyers of their homes. The traditional real estate commission is 6%.