Top 10 FSBO Tips for Selling Your Home by Owner

By using some simple FSBO (For Sale by Owner) tips and techniques, the average homeowner can sell their own home without the help of a real estate agent. Like many others have done in the past. You can sell your own home and save thousands, but it takes work and commitment.

Here are some simple strategies that can stack the odds in your favor, greatly increasing your chances of success when selling on your own.

FSBO Tip 1. Understand the real estate market.

Getting an idea of ​​your local market conditions makes sense. Like any other product, having an idea of ​​what’s hot and what’s not can help you make decisions that affect the sale of your home. Consider your neighborhood and the characteristics that distinguish it from others. If you are comfortable, contact a real estate agent to discuss what the current market environment is like.

FSBO tip 2. Timing is everything.

Timing the decision to sell and evaluating current market conditions could be two of the most critical decisions you make. If you need to sell your home quickly, you may have less flexibility. Conversely, if you’re not in a rush, you can sit back and wait for the perfect buyer. Just remember that the real estate market is a cyclical environment. If now is a slow period and you are in a position to wait, then it might be a good idea to wait for the next rally.

FSBO Tip 3. Assemble a team of professionals to assist you.

While it’s nice to think that you can handle things on your own, selling a home requires specialized knowledge. It is more than just writing a sales agreement. Depending on what part of the country you are in, you will need to find a real estate attorney or title / escrow company to help with the legal details. As a general rule of thumb, if you are east of the Mississippi, you are usually a real estate attorney. If it’s west of the Mississippi, it’s a title company. Either way, they will be an essential part of the process of selling your home. Another important partner to consider is a reputable bank / mortgage lender. They can help you pre-qualify potential buyers. We’ll talk more about qualified leads as you read.

FSBO Tip 4. How to determine the fair market price of your home.

This always seems to be really complicated. For many home sellers, this often turns out to be a major point of contention. Trying to decide on a price, guessing or basing your selling price on hearsay or non-traditional methods immediately reduces your bargaining edge. Basing your price on what the street house sold or what the media perceives as an increase in market value is also not the way to get a legitimate price. There are only two legitimate and well-recognized ways to determine a fair market value. One way is to contact a real estate agent or broker for a CMA, also known as a comparative market analysis. The best and most accurate way to determine the price comes from a complete appraisal by a professional real estate appraiser.

FSBO Tip 5. You are selling a house, not a house.

While it is important to detach yourself emotionally, you do not need to become a robot. After all, this is your home, be objective but don’t be cold. Keep in mind that people will perceive your home differently than you do. Either way, stay positive and ultimately the right person will walk through the door and buy your home.

FSBO Tip 6. Preparing your home for sale.

Today’s real estate market rewards homeowners who highly value neatness and cleanliness. Not only does it add value, but it also promotes a faster and more profitable sale overall. Once again depersonalizing your home helps your prospect with such an emotional decision. Cleaning the interior of a house is also key to its preparation. If necessary, rent a small storage space and store some household items there. Just as a side note, having a yard sale is also a great way to get rid of items that clutter the house. Not only do you get rid of the items, but you also make a bit of money in the process.

FSBO Tip 7. Start spreading the news.

It should be understood that if you are going to sell your house and are going to do it yourself, the easiest way to get the word out is to put up a sign in your yard. This will immediately catch the attention of anyone passing by. Naturally, this is the essence of selling on your own. It is imperative to create a highlights sheet to outline the key features of your home. With the easy use of word processing programs, it is easy to put together a simple highlight sheet.

FSBO Tip 8. Knowing some negotiation skills will go a long way.

You don’t need to become the next great diplomat. You will need to keep in mind that it is necessary to control your personal emotions and feelings regarding the negotiation price of your property. When discussing the sale price, it is important that your calculations and numbers are correct. This allows you to have more flexibility and leverage and you can trade from a position of strength.

FSBO Tip 9. Qualify buyers and stop peepers.

So what is a lookie loo? A lookie loo is a person who comes to your house and looks at everything. They, they look in cabinets, cupboards and drawers, they go through everything, but they never make you a serious offer. You need qualified buyers looking at your home or it will get very daunting. One of the best ways to get qualified prospects is to have them recommended by your mortgage broker / lender. You can also take the direct approach. If you are arranging a visit over the phone, go ahead and ask them if they are prequalified. Don’t be too shy when it comes to your prospects. If you are hosting an open house and someone expresses interest in your home, go ahead and ask. Most of the time, if they’re pre-qualified, they’ll be happy to tell you. So don’t worry about asking, it’s the right thing to do.

FSBO Tip 10. If all else fails, head to the place where the realtors hang out.

If after a while, you are not getting the results you expected, you can always go to the MLS option. This does not mean that you have to check with a real estate agent or broker. As a private party, you can list your house with your local multiple listing service. This typically costs a fee, but by doing so, you automatically expose your home to thousands of potential prospects across the country. The advantage is that you should be able to sell your home in no time. The obvious disadvantage will be that you will have to pay an agent cooperatively. Only in exceptional situations would the cost of co-option be practically impossible, due to poor equity or some other mitigating circumstance.

These FSBO tips should give you a solid foundation for successfully selling your own home. There are many specific ideas and recommendations that are beyond the scope of this article when it comes to pricing, preparation and staging of your home and all of the items described above. You should definitely do your research and prepare for the process of selling your own home. In the long run, it will make things easier and could save you or even earn you thousands of dollars.

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