Spring is the perfect time to consider putting your home on the market and with home prices starting to come back up from the housing crisis; you may be considering selling your home yourself. While the savings of not having to pay a Realtor may be enticing there are increased responsibilities of selling your home by owner or FSBO. Before you run and get the “For Sale by Owner” sign, look at these few tips to consider. While this is only a partial list, it will help get your mind ready for the responsibility of selling your home by owner.
Ensure you are prepared to sell your home by owner
Image via: Minnetonka Custom Homes, Inc
When selling your home, you will have to play many roles:
When considering selling by owner, remember you now are the seller, the “Realtor”, the “Home Inspector” and the impartial party trying to sell your home. This means you will need to manage showings when potential homebuyers want to see your home as well as clean and declutter your home beforehand, and know the history of your home and its repairs. You also will need the savvy know-how of monitoring and analyzing comparable home sales in your neighborhood, and be able to set an asking price that is competitive and realistic for the age of your home, amenities, and location of your home. While none of these tasks are impossible, they will require your diligence, patience, and research on your part to ensure you are competitive and “house smart” when it comes to speaking with Relators representing their potential home buying clients.
Selling your home by owner has many benefits
Image via: Cardea Building Co.
Arm yourself with knowledge:
Home buying and home selling has become easier for those selling their homes due to the internet and more transparency in finding information about selling your home. Consider hiring an attorney who can look over contractual agreements, asking offers, and closing details to ensure you are covered and understand all of the legalities with selling your home. There are several MLS (multiple listing(s) services) that you can gain more exposure selling your home, but do your research on their credibility, and history of helping FSBO customers in the past before you send any money. While you don’t have to know all the ins-and outs of the housing market, you will need to be flexible and patient in seeking out information. Lastly, don’t be afraid to hire a Realtor if the task gets overwhelming. Often, Realtors have more resources, people, and experience of housing trends and legal options to assist you if you feel it’s too many “hats to wear”.
Selling your home by owner can be a real challenge, but also rewarding for those who enjoy multi-tasking and learning the real estate business long enough to sell their homes. Use these tips to determine if selling your home by owner is the right option for you and your home.