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Knowing the value of your home in the present market

A common mistake FSBO sellers make is pricing their home too high, leaving the property to fade on the market. When a home sits for a long time, buyers start to wonder what is wrong with it. The best option is to come out of the gate knowing the value of the home. To market a home competitively, sellers should research the final sale prices of similar properties in their community. Real estate websites typically offer local sales trend information, selling prices for comparable homes in the community and the average length of time on the market. But these websites do not have all the data that a real estate agent has access to so calling Dependable Homebuyers may be a better option for you. Websites offering a quick estimate are not doing a market analysis; they’re just writing an algorithm. Before you list the property on the Multiple Listing Service (MLS) or anywhere else, make sure you’ve priced the home competitively. Many people attempt to use the internet to get an idea of selling prices for comparable homes in the neighborhood. It is easy to get hung up on this step and, especially if you’ve lived in your home for some time, you may feel compelled to overprice the home. That brings us to the next major factor when considering why trying to sell your property yourself may not be as quick and simple as you were lead to believe.

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Can you handle criticism of your home?

The emotional aspect of selling a home is often overlooked, but it’s an important part of the selling process. Owners will probably hear a lot about their home’s shortcomings from buyers trying to negotiate a lower price. Or worse, they may not receive any interest in their home, especially if the price is too high. It can be easier to sell a home as an FSBO if you don’t have an emotional attachment to it and can take an objective view of its value. However, that is usually not the case. If you do decide to try it on your own make sure that when writing your ad copy for websites or brochures, you include basic information about the house, such as the price, number of bedrooms, number of bathrooms, lot size, location, and of course the specific details that make the house unique to potential buyers. You can also take a look at other listings on Craigslist, Realtors’ websites, and Yahoo! Real Estate to get a sense of what sort of details sellers and agents are including in their listings. However, this is once again a cautionary tale. It is impossible to gain proper information about your individual house from these types of social media sites. For example, you’ll quickly find out that features like granite countertops, stainless steel appliances, and oversized windows entice buyers, however, this is not necessarily what is special about your home in your eyes.

You will also have to take on the burden of preparing your house for showings and open house events. You will have to deep clean the house, including scrubbing the kitchen counters and the appliances, shampooing the carpets, cleaning the linoleum, and storing your keepsakes in a closet, even more so than a regular spring cleaning. The final result needs to be a home that is squeaky clean and stripped bare of most personal items. Additionally, you will have to incur the cost of additional keys and a lock box and take on answering seemingly endless calls from other agents or buyers. If you are at home during the day, you will be able to show the house yourself but if not you will have to hire someone you trust and verify the identity of the person before giving out your lockbox combination. This does not include the overall possibility that theft can occur within your home if you are not careful enough putting your valuables away. Another option is to find an a la carte real estate agent who will perform this function for you. However, you will have to pay a hefty fee that is similar to the commission they would get on a home. After an agent shows your house, you will have to be sure to call to follow up on the showing. Some agents will share the buyer’s feedback with the homeowner if they feel it won’t compromise their clients’ confidentiality. If this seems like too much of a burden, you should call (855) 741-4848 and speak to one of our professionals. We can help you determine alternative options for your home.

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Can you work with a buyer’s agent?

In a traditional and expensive real estate transaction, you would hire an agent to list your home, and you would pay a fee, somewhere in the region of about 6+ percent of the purchase price. The buyer’s agent and seller’s agent often split the commission in half. But if you’re selling on your own, sometimes you can offer a commission to the buyer’s agent to incentivize them to show your home. However, the commission is still between 3 and 4 percent of the sales price. A buyer’s agent typically expects this, so not paying a commission could shrink your pool of potential buyers. Therefore, you will be paying an agent a commission regardless of how much work they are doing to sell your home. Additionally, you will have to first learn about your state’s real estate laws, so you don’t overpay the buyer’s agent or get stuck in a transaction that’s more harmful to you. A lot of real estate agents don’t know the laws or don’t follow the code of ethics. If you offer a commission to a buyer’s agent, you must familiarize yourself with state and local laws first. This can turn into a lengthy and frustrating process.

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Are you prepared and willing to handle extensive sales, marketing, and legal duties?

Some FSBO sellers underestimate the amount of effort it takes to market their house. You need to keep the home clean, clutter-free and show ready at all times. You have to take good, professional photos of the property and write effective sales descriptions and you must buy and install a “FOR SALE” yard sign. You have to print and distribute promotional flyers that include contact information as well as listing the property on several classified advertising and real estate websites. You’ll also want the home placed in the Multiple Listing Service, or MLS, a real estate brokers’ database of properties for sale. FSBO sellers can’t submit to an MLS, but some companies have brokers who will list a seller’s home in the MLS for a flat fee, typically a few hundred dollars. This is just another additional expense. In addition to marketing their own property, FSBO sellers often need to find and hire people to help them complete the sale. These professionals include real estate attorneys (to review contracts and offer advice), appraisers and contractors (to make any necessary home repairs) which can add up to thousands of dollars. The money is a huge factor, but the real cost is the amount of time and energy you will need to put into selling your home. It is also critical that you comply with the laws in your area related to selling homes. Some laws are universal and will apply to the sale of your home no matter where you live. The Fair Housing Act stipulates that sellers cannot discriminate against buyers for reasons including race, religion, and sex. Contracts and agreements found online can help get you started on the selling process, but remember, those forms are not specific to your unique situation. It’s best to have a real estate attorney review all documents and contracts related to the sale of your home which will cost you an additional fee.

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Are you willing to screen potential buyers?

If you’re going to be an FSBO seller, you must be willing to screen the buyers. Before you sign a contract with a buyer, make sure the purchaser will be able to come up with the money. You don’t want to take your house off the market to negotiate with someone who was never qualified for the home in the first place. Before accepting an offer, ask for a current mortgage pre-approval letter from a reputable lender. The letter should show that the buyer spoke to the lender and has been preapproved for the purchase price of the home. Real estate negotiations take the form of a contract that is submitted to the seller. The seller can accept the offer, or revise the contract and submit it to the buyer. The process continues until both parties sign a contract. This can be a long and arduous process, and many people are not prepared to provide the time and effort to do this on their own. If you do end up going with a typical real estate agent, use caution. Agents like to close deals quickly so they can get their commission, even if you don’t ultimately receive the price you want for your home. They may even inadvertently relay your negotiating position to the buyer. If you are a distressed seller, that is the last thing you would ever want an enthusiastic buyer to learn. Doing your own negotiating ensures that you do not give away important indications of your financial strengths and weaknesses but can be daunting. The best course of action would be to give us a call today to discuss selling your house in an easy and cost-effective manner. Selling a home is not for everyone. Many people will not have the time or patience to deal with the process. And for some, if the listing price is low enough, the potential savings might not be worth the effort necessary to sell the house without a realtor. Whatever the case, if you are planning to list your home, at least consider the significant savings you could enjoy by selling the house to Dependable Homebuyers. That way, you can save a tremendous amount of money by selling your own property to a trusted company who will lead you in the right direction.

What Do You Have To Lose? Give us a call NOW at: (855) 741-4848

Our goal is to help make your life easier and get you out from under the property that’s stressing you out… while still paying a fast, fair, and honest price for your house.