Seven Tips for FSBO (For Sale by Owner) Selling
So you have decided to sell your home on your own. I applaud your courage and am glad that you are up to the challenge. As a motivated seller, you can move that house using the same tactics that a real estate agent would. Here are seven things that you should know if you have decided to sell your house by yourself.
1. Exposure is the key. Advertising your home increases the traffic to your door. Don’t invest in just one way to get the word out, use all that are available to you. The first thing that people think of is advertising in the newspaper. The newspaper is a great resource, but it is only the beginning. Home buyers search for homes on the Internet, on television, in real estate magazines, and by driving through neighborhoods on a sunny Saturday afternoon. Think of the ways that you would look for a home and be sure to advertise in those ways.
2. Price your home for sale. One of the biggest mistakes that sellers make is to price their home incorrectly. Your home may be worth $250,000, but in a buyer’s market you may not get that much. If you paid $150,000 for it and a buyer offers to pay your asking price of $210,000, you have made a $60,000 profit. You want to get more for your home than you paid and you have done that. The alternative is to ask for the entire $250,000 and get no nibbles.
3. Use staging to prepare your home for sale. Staging is like a magic varnish that makes a good home shine ten times brighter. Artistic professionals will make your home a showplace by rearranging furniture, adding new features, and creating eyecatching displays. Staging can be expensive but it is a plus when trying to sell your home for a good price.
4. Fix any major damage to your home. You want the home to sell on its own merits. Major repairs create negotiation points for buyers to ask for a lower price. Hire someone to fix the leaky faucets, retouch peeling paint, repair siding, and replace the cracked linoleum in the kitchen. The more you can do to prepare the home, the more likely the asking price will be received.
5. Answer the telephone. You put a sign in your yard with your telephone number on it and people will call. Most may not leave a message so it is good to answer when they call.
6. Know the real estate laws in your area. This is especially important concerning disclosures. Disclosing any structural damage is law. A buyer can sue you for not telling them these things.
7. Don’t neglect the yard. We de-clutter the house but forget the yard that people have to see before they reach the home. Trim the shrubs and cut the grass frequently.
Follow these tips and give your home every advantage in the selling arena. For sale by owner homes are marketable if you take the time to learn how to do it correctly.
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