FSBO Louisville KY! It Can Be Done...But Know Your Chances
Coming from your Louisville REALTOR®, you may find my words of encouragement a bit odd. Truth is, I don't take t issue with a homeowner wanting to first try selling their home ‘For Sale by Owner', or FSBO. It's all a matter of motivation and what supports the goals you have established for you or your family. This is not a ‘How To' FSBO Louisville guide, nor will you find any tips on ‘How to Sell Your FSBO Home Quickly'. What you will find are some statistics and commonly shared difficulties from those who have walked before you.
Selling your home FSBO seems like a rather simple concept. You're simply selling your real property (a.k.a. - your home) without the assistance of a professional...like selling your family car. I successfully sold two vehicles in 2009 and I ironically took on the mindset of a FSBO seller during the process. When I received calls from firms specializing in selling higher-end vehicles, I politely declined. They claimed to have access to a pool of buyers, knew the existing market for such vehicles, and so on. I was just fine on my own. However, don't for a minute think that selling real property can compare to selling a car...it can be whole different beast!
What Are The Odds?
Every year, National Association of REALTORS® (NAR) surveys thousands of consumers on the details of their recent home purchase or sale. According to the 2009 NAR Profile of Home Buyers and Sellers, only 11% of the surveyed homes sold as FSBO. Don't happen to already know the buyer who will be purchasing your home? Well, now you are much lower...1-in-16, or 6%. I have spoken to several Louisville homeowners who were successful in selling FSBO Louisville, so I can vouch for this probability of success. So why don't more homeowners sell without the assistance of a real estate agent?
Most Difficult Tasks for FSBO Sellers
Selling a home in a timely manner while preserving the equity established in the property comes with its share of challenges. I can attest that it is a full-time job to identify and maintain the tools and systems needed to make this process successful and repeatable. As you can imagine, those who have recently sold their home FSBO have discovered some of the obstacles involved. Per the 2009 NAR Profile of Home Buyers and Sellers, the most difficult tasks realized by FSBO sellers who sold to a previously unknown buyer were as follows:
- Preparing or fixing up the home for sale
- Getting the price right
- Understanding and performing paperwork
- Selling within the length of time planned
- Attracting potential buyer
- Having enough time to devote to all aspects of the sale
Was the Experience Worth It?
It should be no secret that 69% of those sellers pursued a FSBO sale to avoid paying commission to a real estate agent. The percentage of those who paid a commission to an agent representing a buyer wasn't revealed, however from experience I expect it to be the majority. Of those who successfully sold FSBO, only 46% stated they will sell their current home FSBO when the time comes. Could they possibly realize that, while selling FSBO under the pressure of lost equity, maybe they lucked out?
If there is a move in your future, feel free to check out Real Estate Marketing and Your Home or any of the many homeowner specific topics at The Louisville Drop. You'll find information on pricing, marketing and showing your home. Have concerns you'd like addressed personally? Contact me via e-mail, or call (502) 641-9802. As always...don't forget to visit the home of your REALTOR in Louisville KY to search all Greater Louisville homes for sale!
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