FSBO – For Sale But Onerous
Selling your own home might sound like a good idea at first, but many sellers quickly realize they’ve gotten in over their heads or may have sold their home for much less than they would have had they worked with a Realtor®.
The 2008 NAR Profile of Home Buyers and Sellers found that two-thirds of “For Sale By Owner” sellers found some
aspect of the home sale to be difficult.
Twelve percent of sellers who knew the buyer thought that getting the price right was the hardest task. Among FSBO
sellers who didn’t know the buyer, 16 percent found it difficult to sell within the time planned, 1
5 percent found fixing up the home arduous, and 12 percent found it difficult to get the price right.
Here are some common mistakes that FSBO's make:
- Not getting it in the MLS (multiple listing service)
- Not working with and cooperating with Realtors ( cooperation with the local Realtors is very important as it may be one of them that brings you a buyer, and they will expect to be compensated for doing so)
- Setting the asking price too high. We all have varying opionions of what our house may be worth. Sometime they are a bit inflated because we have an emotional attachment to them. Spend the extra money and have an appraisal done, then you'll know your right on the spot as far as price is concerned.
- Failing to get your home inspected prior to listing. No one likes surprises, especially right before closing. Make sure your house has been inspected and in good repair prior to placing it on the market.
- Not prequalifying your buyers, screen your buyers and be sure they have been pre-qualified prior to showing them your home.
There are numerous things you can do if you decide to go it alone. Some of these things include but not limited to:
- Yard signs
- Weather proof flyer boxes
- Advertising in magazines and on websites
- Postcards to apartment buildings
Not as easy as it looks… Did you know 25 percent of FSBO sellers took no action to market their home and 72
percent didn’t offer incentives to attract buyers? Talk to a Realtor® about other missteps FSBO sellers risk
when attempting to go it alone.
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