The ‘need-to-know’ about FSBO

Posted on September 27, 2013 by Jesse

Not sure if you’re able to sell your own home?

For Sale By Owner is a growing trend in the real estate market which could save you thousands in real estate fees. Going the FSBO route, home sellers skip out on listing agent costs and instead list and sell it themselves. After all who knows your home better than you!

Although you will save on listing your home, you must still be prepared to give your buyers listing agent a commission. A tip to take advantage of your lowered real estate fees is to increase the commission to the buyer agent by a bit more than the average, as incentive for real estate agents to bring more buyers to your home.

Being your own agent requires you to become knowledgeable in the market your selling in. Understanding fair market value is crucial for the pricing of your home. The best way to establish this is to look at recently sold comparable MLS Listings. It’s important to know for how much similar homes in area with common features, have been sold for in the current market. This will help you to price your home competitively.

When you are the only point of contact for interested buyers you will have more of a sense of how your home is being perceived. You will be there for the showings, open houses, and be the one negotiating purchase contract yourself. When you have direct contact with your buyers and less agent back-and–forth negotiations, closing a deal is quicker and easier.

When your selling you home, you’re also in control of all the major decisions including where and how to advertise. According to the National Association of Realtors, over 77% of homebuyers use the Internet to search for homes. There are many sites (including this one!) which are focused on advertising for sale by owner homes to ensure you get the most exposure.

All of the tools you need to sell your home are at your fingertips. Now it’s up to you to take them and save money!