Opting for sale by owner or FSBO approach for selling your house makes sense. This way, you do not need to pay the commission to the real estate agent. This not only provides you with a better financial proposition but also allows you to take full control of your house sale. However, you also need to know that the process is not as easy as it sounds. It needs you to dedicate a lot of time and effort to sell the house on your own. You must prepare yourself for the stressful ride, where you are expected to take up the realtor’s role and do everything yourself.
As per the Zillow Group Consumer Housing Trends Report 2019, only 11% of sellers were able to sell their homes without needing a real estate agent in the past 12 months. 10% of people tried to sell on their own but finally sought an agent’s help. Millennial sellers and urban sellers who are younger ensure to attempt to sell on their own. Most of them succeed in doing so. Around 36% of millennial sellers and 34% of urban sellers were found to be successful in selling their homes without needing an agent. You can also look forward to the FSBO services of List with Freedom. List with freedom reviewsis quite impressive.
If you also want to be successful in your endeavor, you need to know How to sell a house by owner and other things to sell your own home like a pro.
What is “for sale by owner”?
For sale by owner is a home-selling approach where the seller is responsible for listing their home. The process does not need the intervention of the real estate agent.
What are the benefits of “for sale by owner”?
Here is the outline of the benefits of FSBO.
- Firstly, you don’t need to pay the listing agent commission, saving a lot of money and making the process of home selling extremely profitable.
- When you manage the listing on your own, you can exercise complete control over the listing price, process, listing details, marketing strategy, and more.
- When you are handling the home scheduling and open houses, you can arrange the timings at your convenience. You can also take care of the last-minute appointment.
What are the drawbacks of “for sale by owner”?
FSBO suffers from drawbacks too.
- As per many studies and industry research, the sellers who hire an agent get a considerably higher profit than FSBO sellers. Even when they pay commission, it becomes a more profitable proposition for them. The agent can push up the sale price and get you a higher sale price due to the skills such as local expertise, best marketing tactics, networking, negotiation experience, and more.
- When you start to sell your home without an agent, it may be tough and time-consuming for you to get the listing up so that the potential buyers can view the listing. you will constantly have to struggle with managing your home listed online and participate in marketing efforts too. You will have to remain updated on your social media account, print flyers and brochures, and thinking other ways to get buyers.
- Other than answering inquiries, scheduling showings, coordinating open houses, and more, there are tons of other things that are time-consuming.
- If it is your first time selling your home, you may make mistakes such as pricing your home too high or too low.
- Even if you don’t hire an agent, the seller needs to pay the buyer’s agent’s commission.
Here’s a list of best fsbo sites to refer to.
Go through List with freedom reviews and seek hassle-free MLS services.
How to sell a house by owner in 2023?
Here is the list of the steps to know how to sell home by owner or FSBO.
Set the home listing price
You need to be careful with this one. Do not consider overpricing your home because it is never a good idea. It will keep your home for more time on the market and finally, you will have to make a price cut. Keeping a reasonable price and the accurate listing price is the best option. If you price your home correctly, you can ensure faster selling of your home.
To sell faster and for the right price, pick the peak selling time for your home. Find out which month is best in your area. Usually, the month of May sells listed homes faster within two weeks.
When you hire a real estate agent, they usually carry out a comparative market analysis or CMA to find a good listing price. If you want to sell your home without needing an agent, you will have to arrange CMA on your own. Run a comparable home check-up to find homes similar to your homes at the same location.
- The best comps are located in your own area and closest to your home.
- Take the data of the homes that are sold recently like in the last few months.
- If you are using an online tool, search for the homes that have recently sold and try to find the actual home values and not the asking price. Latter is not the correct indicator of the price.
The professional appraiser may charge you some money but they will help you get an accurate listing price for your home. An appraiser will walk through the home, consider local market sentiments, test recent comps, and brief you on your home details and estimated value. If you have your own appraisal done, your buyer may also go for an appraisal as a part of the process.
Prepare your house
Give your house a kick before starting the for-sale-by-owner approach. Make your house look desirable so that you can get as much money as possible. You can do so by considering the following:
- Declutter your home and throw away all the junk.
- Give your home a deep cleaning. Shampoo the upholstery, carpets, rugs, etc.
- Clean doors and windows. Clean every nook and corner of the home.
- Clear the home’s storage space to make it look bigger.
- You can also hire a professional stager to make the space look roomy and organized.
- Add a lot of light to make your home bright. Open curtains and blinds and let the natural light seep in.
- Fix small issues that buyers may notice during a home inspection.
- Clean up the garden and landscaping. Plant fresh flowers and repaint the front part of the house
Click great pictures
The buyers are attracted to homes that look great in pictures. So, take high-resolution professional pictures of your home. Refer, Real Estate Photography Tips
This is all that is needed to know How to sell a house by owner successfully!