By selling your home as a For Sale by Owner (FSBO), you’ve decided to waive the real estate agent. Without representation you could save as much as six percent of commission costs, which could easily add up to thousands of dollars. However, the FSBO route isn’t for everyone; it takes significant time and effort. Still, if homes are in high demand in your area and you’re willing to put in the work, there is no reason you can’t sell your own home.
If you’re thinking about a FSBO, here’s what you’ll want to consider:
Know Your Home’s Value
We recommend hiring a real estate appraiser when determining your home’s fair market value. From there, you can more wisely determine your asking price. But even before you contact an appraiser, educate yourself on how to increase your home’s appraisal value.
You should also check local sales trends, selling prices of comparable homes in the immediate area, and the average length of time those homes stay on the market.
There are several online resources, like real estate websites Zillow and Trulia, to find existing market data. Zillow’s “Zestimate” gauges your home’s worth based on factors such as square footage, the number of beds and baths, and your home’s location.
Price your home too high, and it won’t sell. Price your home too low because you haven’t done the adequate research, and you’ll lose out.
Advertise
Buyers start their search on the internet, so you’ll want to look into real estate listing websites. Some options are Zillow, Trulia, and ForSaleByOwner.com. Most real estate brokers use Multiple Listing Services, which is available to you through sites like ForSaleByOwner.com.
Take high-quality photos of both the interior and exterior of your home. Be sure to include all amenities such as pools and garages, and emphasize anything that might attract a buyer or heighten interest. When photographing the interior, be aware of clutter, improper lighting, and avoid shooting in the direction of mirrors.
Post your home’s photos online, along with a detailed description of the listing. Share posts and images on your personal social media accounts and ask friends to help spread the word. Consider other advertising methods such as flyers, brochures, yard signs, or even building your own website. Don’t forget to explore advertising options in your local publications.
Show Your Home
Schedule showings of your property after you’ve thoroughly prepared it. Both the exterior and interior of your home should be cleaned, decluttered, and staged. Try to gather feedback from these showings. If your house doesn’t receive any offers, use the comments to improve future showings, your marketing materials, or your asking price.
Negotiate and Close
Once you’ve received a worthy offer, negotiate a deal. Following the acceptance of the offer, you’ll have to go through another series of steps to get to closing, like getting a home inspection. Learn more about the process with The FSBO Sellers Guide to Closing.
Don’t be overwhelmed if you choose to sell your home by owner; instead, keep these tips in mind and you could save a substantial amount of money. Make sure you’ve properly assessed your situation and are ready to take on the responsibility.
