Are you thinking of selling your home? Have you considered selling it yourself–without a realtor? Selling your home on your own is often referred to as a For Sale By Owner (FSBO) sale. And when it comes time to sell your home, every home-owner should consider whether FSBO is an option worth exploring.
To determine whether FSBO is right for you, consider these key questions:
- How quickly do I need to sell my home?
- Do I have time to interact with potential buyers?
- Do I possess the skills to do this on my own?
- Will the financial savings be worth the extra effort?
Waiting for Buyers
It’s important to recognize that selling your own home may take longer than selling through an agent.
The time it takes to sell your FSBO home will depend on the speed of your local housing market and on the energy you put into marketing your home.
FSBO may be the right choice if you don’t need to sell by a certain date. Give yourself a certain number of months to try the FSBO market. If you don’t sell within your set time period, reassess your options.
Making Time for Potential Buyers
If you have a hectic schedule, you may find it difficult to make time to return phone calls or show your home to potential buyers.
Potential buyers will want to view your home according totheir schedules. Being available is integral to making a FSBO sale.
If you can’t free up a lot of time to accommodate buyers, a realtor may be your best bet.
Skills: Legal Contracts
In order to sell your own home, you will need a lawyer. Hiring your lawyer or notary public early in the process will make for a smoother sale. Make sure to have all your paperwork drafted and ready to go beforeyou put your home on the market.
Your lawyer may be able to assist you with the creation of contracts, but don’t rely too heavily on his or her advice. Do your own research. Think of your lawyer as your boss; he or she will catch your mistakes, but it’s up to you to do the work. Remember, it’s in your best interest to possess basic real estate knowledge!
Almost anyone can master the basics of real estate law if he or she takes the time to learn. But if you aren’t prepared to take an interest in the legal side of real estate, it may be best to leave it to the experts and hire an agent.
In order to succeed in the FSBO market, you will need to market your home enthusiastically. Staking a “for sale” sign in front of your home is often not enough.
You will have to work hard to let potential buyers know that your home is for sale. The key is to diversify your strategies. Be creative! The more effort you put into the sale, the more likely it is that you will find a buyer for your home.
Is the Extra Effort Worth it?
In the United States, the seller pays an average fee of six percent of the sale price to a realtor. Whether the extra effort of selling your home yourself is worth this savings is up to you.
If you’re a busy individual with little time to spare, then hiring an agent might be worth saying goodbye to that six percent.
But if you can get excited about selling your own home, then success is almost certain if you take the time to do it right.