For Sale by Owner: 2 Common Questions Answered

Whether we sell our homes on our own or with the help of a licensed real estate professional, we’re going to have some questions or concerns about the process (or even how to get to the process) that lies ahead.  We thought we’d take some time to address a couple of common questions about selling your home for sale by owner.

Number 1:  Can I Sell My House Myself?

Many would like to try to sell their homes themselves because they believe they’ll be able to save a considerable amount of money by doing so.  They look at the average commission on a house and may remember stories of their friends or relatives who were able to get through the process seemingly easily. 

In 2010, 9% of home sales were FSBO’s. But in order to be successful at it, you need to realistically assess what is involved.  So what’s involved?  Well, the job includes pricing your home accurately (which was the top most difficult task for FSBO Sellers in 2010), determining whether or not the buyer is qualified, creating and paying for your own advertising, familiarizing yourself with enough basic real estate regulations to understand – and maybe even prepare – a real estate contract, and then coordinating the closing and everything involved with that.  One of the biggest downsides to selling on your own would be the possibility that a mistake would cost you the money you’re trying to save.

What about working with a real estate professional?  The best reason to do so would be the enormous amount of information they have right at their disposal.  They know the market trends, the houses in your neighborhood and the people that are most likely to buy there. The know how to reach the largest number of people who might be interested in your home and they are trained to screen potential buyers and negotiate with them.  Besides that, they’re willing to do what we don’t want to do: They’re always on call! They’ll work on the weekends and answer the phone at any hour. 

As a homeowner, it’s important to weigh the benefits and drawbacks to both trying to sell on your own and using the help of a real estate professional. Only you know your personal circumstances, abilities and limitations.

Number 2: What Makes A House Sell?

You want to know how to sell your home. That’s an important question!  So what’s going to sell your house?

To successfully sell your house, there are 5 considerations you’ll need to focus on: Your price, terms, condition, location and exposure.  Of course, you can’t control all of these factors – you certainly can’t change the location!  So you may have to overcompensate in some areas in order to offset the disadvantages in others. Of course, there are many different things you can do to make your home as appealing to buyers as possible, like making necessary repairs, keeping the exterior clean, tidy and attractive and giving your home some curb appeal.  (These things are discussed in other articles.)

We hope you’ve found the answers to these two questions helpful! Check out our other articles for more helpful advice about listing selling real estate!

To list your home for sale by owner online at no charge to you, visit http://freerealtyonline.com/