Selling your home privately is the way to go these days. With markets flooded with homes and real estate commissions through the roof, taking matters into your own hands is becoming more common. However, there are a few things to keep in mind when considering a FSBO sale.
Setting your price.
You’ve probably already been doing your homework on this one. You need to know what the market will bear. How much comparable homes have been selling for in your area (these are known as “comps”). What improvements have you put in the house? Does your home have any features that make it more attractive than others? Bigger lot, better location, etc. You can also hire an independent home appraiser to come up with a professional and unbiased list price for you. The most important piece of advice here is “don’t be greedy”. Do your homework and set yourself a fair price that will allow you to sell your house easily. Highly priced homes often stay on the market longer and then look “stale.”
Staging.
Have another person walk through your home as the buyer. What are the things you’ve been living with that you no longer notice? Clutter is the biggest culprit and makes your house look smaller and sloppier than if you had done a general house cleaning first. Consider the scents too. A little cinnamon on a baking sheet in a warm oven creates a homey atmosphere. However, it will not mask a dirty house.
Your signature
Go big or go home. If you’re going to do it, do it right. Do it professionally. This will give buyers confidence that you know what you’re doing. First impressions are paramount, so don’t put up the cardboard sign with the phone number on it. A seller support company could also be the way to go here. They can provide all of your signs PLUS advice, support, paperwork, advertising and more, often for less than you’d pay to make the signs alone.
Advertising
This is often the biggest hurdle for private home sellers. You put your ad in a local newspaper and when nothing happens, what do you do? Are you continually advertising with no end in sight? Look around you: where would your search for a house begin? More than 76% of people start with the Internet. If that’s where they’re looking, then that’s where you should be advertising. Again, a seller support company might be the answer, as most will provide you with a flat rate, meaning you pay once and advertise until it sells. That at least gives you a budget cost to sell. You know what you’re getting into before you start. In addition, seller assistance companies can pool resources, create interest in multiple homes, and generate more looks at your home than if you were to individually list it.
Start. If selling with a seller support company is what you’re looking for, then do your homework. There are many out there, but check their listings, see who sold with them before, and look for testimonials. There will be some work involved, but the reward of selling FSBOs could easily be in the tens of thousands for you. It’s worth a little effort.
