The local and national real estate markets are smack in the middle of a seller’s market. That means that folks are looking for houses to buy and it also means that sellers are weighing the options of how to sell their home. In a market like this it’s common for homeowners to think FSBO is the right way to go.
An FSBO is also more commonly known as a For Sale By Owner. This means that the owner of the home has decided to sell his or her property without enlisting the help of a Real Estate Agent to list and market their property. It can make sense for some homeowners, but for the sake of making an informed decision I am going to lay out the things to consider when deciding to how to list your home.
What are some common reasons for selling a home by yourself?
IT’S ABOUT SAVING
Who wouldn’t like to save a little money by not paying a commission? This can seem like a good reason up front, but selling a home will take time and energy from every homeowner. That’s time you could be spending doing other things, but if you look forward to dealing with all the things that go into selling your home, then FSBO might be a good choice after all. Just make sure you get good advice on how to price your home to actually see more money at the closing.
IT’S YOUR HOUSE
Very true, and every homeowner should be proud of the work and special touches they have put into their home to make it personal. You could be a great spokesperson for your home, just make sure you try to see the house through the eyes of the buyer. They might come into the purchase from a different perspective.
What are some disadvantages of selling your home by yourself?
PRICING STRATEGY
While pricing is not an exact science, Real Estate Professionals who tend to do a large volume of business are constantly in homes throughout the area. They have a finger on the pulse in the market and may give you a more accurate pricing strategy. A For Sale By Owner may have some data, but perhaps not enough to know where the price should be. Regardless of whether it should be higher or lower, get a professional opinion.
IT’S TOO PERSONAL
No one wants an hour long story about what you did to your home. Regardless of how expensive, complicated, or taxing those renovations were, most buyers will spend an average of 7 minutes in your home. They will want to make quick decisions based on first impressions. Because it’s your home they are less likely to give you honest feedback and it might be a challenge to make small but important changes to make your home more appealing to the next set of buyers.
IT’S A SECOND JOB
You have to be on call all the time. Scheduling showings, taking fantastic photos that create great impressions online, building websites, maximizing exposure. It truly can feel like a second job. Real estate agents get phone calls daily, sometimes an hour beforehand, from buyers that want to see a property. Do you have a systems in place to maximize the exposure of your home to almost 300 websites in a matter of hours and can you reach out to a vast network of social media contacts and to a professional network that reaches thousands of buyers? There’s great value in bringing some expertise to this process so homeowners can get the best price for their home, plus a good real estate agent will have a passion for this job and will love selling your home. Will you?
WHO KNEW ABOUT THAT?
A seller may not be aware of all of the loan programs available to buyers or potential pitfalls with some loans. For example, do you know all of the guidelines that an FHA appraiser must look at while appraising a home?
The opportunity to net more is extremely appealing, but what if we could net you more, save you time and do this all in a matter of 60 days. There might be some value in that too, right? Plus we realtors love selling homes.
Looking to sell your home in Madison? Call Mark today to get an idea of what your home could be worth in the Madison market. 608-658-0467
