If you are planning to sell your house in the near future but do not feel comfortable with hiring a real estate agent to market your property, you should consider the option of FSBO which means For Sale by Owner. In such cases, the owner markets and sells the house himself, without the help of a real estate agency. This way, one can save money as no commissions would need to be paid since no agents or brokers would be involved with the sale of the home.
However, research suggests that most home which are initially put up for sale by the owner eventually require a real estate agent’s help to market their property and find potential buyers.
If you are interested in selling the home by yourself, without having to involve a real estate agent and paying commissions, there are certain guidelines you should follow to market your property in an effective way and attract maximum attention in the real estate market.
Best Time to Sell a Home by Owner
Usually, the best time to go for an FSBO is when the market demand is high and competition is low in the real estate market in your area. This limits a customer’s choices and compels him/her to consider the given options as their only available choice.
Deciding a Price for your House
The most important part of FBSO is choosing a suitable asking price for your property. It is understandable that you have an emotional attachment to your house and value it greatly. But basing the asking price on your emotions is a big mistake when it comes to real estate matters. The best way to decide a suitable price is by using one of the following sources:
- Comparing your house price with similar houses that are up for sale.
- Consulting an appraiser or real estate agent to estimate an appropriate price based on facts about your house.
- Making a list of features of your house and considering market value of houses with similar features.
- While finalizing the price, make sure it can boost your house in the real estate market and market it as a fine home or investment. The price should neither be too high or too low.
Marketing a House
Once you have decided the house price, you will need to market it to attract and get in contact with interested customers. You can market your house through one of the following ways:
- Putting a For Sale sign in the front yard to attract passersby’s attention.
- Investing in Newspaper ads and marketing agencies.
- Hiring professional services to list your home in the MLS list which the customers are most likely to go through while searching for a house.
Discussing a Home Purchase
Once potential customers contact you, it will be entirely up to you when it comes to choosing from one of them. It is best to arrange a proper meeting to bargain the price and discuss matters related to the house up for sale including taxes, repairs and payment procedure. In this stage, it is wise to consult or hire a lawyer to come up with the purchase deal terms to avoid any legal problems. California55Plus Real Estate can answer any questions you may have. It is important to consult a professional before making a big decision.