More Thoughts and Tips in Selling Your Home

FSBO Tip 1. Understanding the real estate market.

Getting an idea of your local market conditions makes good sense. Just like any other product getting a feel of what’s hot and what’s not can help you make decisions that affect the sale of your home. Consider your neighbourhood and the features that distinguish it from others.

FSBO Tip 2. Timing is everything.

Timing the decision to sell and gauging the current market conditions could be two of the most critical decisions you make. If you need to sell your home quickly, the less flexibility you’ll be able to have. Conversely, if you’re not in a big hurry you can sit back and wait for the perfect buyer. Just remember the real estate market is a cyclical environment. If it’s a slow period now and you’re in a position to wait it out then it might be a good idea to wait for the next upswing.

FSBO Tip 3. How to determine the fair market price of your home.

This always seems to be a tricky area. For many home sellers this typically reveals itself as a major point of contention. When trying to decide on a price guessing or basing your asking price on hearsay or nontraditional methods immediately reduces your negotiating advantage. Basing your price on what the house down the street sold for or what media outlets perceives as increased market value is not the way to get a legitimate price either. There is only one way in to determine a fair market value. The best and most accurate way of determining price comes from a full-blown appraisal done by a professional real estate appraiser. Keep in mind that a real estate agent’s thoughts or opinions of what a home may be worth is just that a thought or opinion. No matter how one looks at it we believe this can create a conflict within the real estate agent. Do they give you a price you want to hear in order to get the listing or do they give you an accurate price that may cause you to call someone else? The fact is there is a tremendous amount of pressure created between the agent giving a price he knows the home may sell for and what you want to hear.

FSBO Tip 5. You’re selling a house not a home.

While it’s important to become emotionally detached, you don’t have to become a robot. After all this is your home, be objective but don’t be cold. Keep in mind that people are going to perceive your home differently than you do. Either way remain positive and ultimately the right person will walk through the door and buy your home.

FSBO Tip 6. Preparing your home for sale.

Today’s real estate market rewards those homeowners that place a high-value on neatness well as cleanliness. It not only adds value but also generally promotes a quicker and more profitable sale. Once again the de-personalizing of your home helps your prospect with such an emotional decision. De-cluttering the inside of a home is also key to your preparation. If necessary, rent a small storage space and store some household items there. Just as a side note, having a garage sale is also a great way of getting rid of items that clutter up the house. Not only do you get rid of the items but also you make a little money in the process.

FSBO Tip 7. Start spreading the news.

It should be understood if you’re going to sell your home and you’re going to do it yourself, the easiest way to get the word out is to put a sign in your yard. This will immediately get the attention of anybody that happens to pass by. Naturally, this is the essence of selling on your own. Coming up with a highlight sheet to outline the key features of your home is a must. With the readily available use of word processing programs, putting together a simple highlight sheet is easy.

FSBO Tip 8. Knowing a few negotiating skills will get you a long way.

It’s not necessary to become the next great diplomat. You will want to keep in mind that it’s necessary to keep your emotions and personal feelings regarding the negotiating price of your properly in check. When discussing the selling price it’s important that your calculations and numbers are correct. This allows you to have greater flexibility and leverage and you can negotiate from a position of strength.

FSBO Tip 9. Qualifying buyers and Dealing with the ‘lookie-loos’.

So what’s a lookie loo? A lookie loo is a person that comes to your house and looks in everything. They look in cabinets, closets and drawers, check everything out but never make you a serious offer. Don’t let this type of person discourage you. You can also take the direct approach. If you’re arranging a showing over the phone, go ahead and ask them if they are pre-qualified. Don’t be too shy when it comes to your prospects. If you’re holding an open house and someone expresses interest in your home go-ahead and ask. Most of the time if they’re pre- qualified they love to tell you. So don’t worry about asking, it’s the right thing to do.

These FSBO tips should give you a solid foundation to successfully selling your own home. There are many specific ideas and recommendations that are beyond the scope of this sheet when it comes to pricing, preparing and staging your home, and all of the items previously outlined. You should definitely research and prepare yourself for the selling of your own home process. In the long run, it will make things easier and could either save you or even make you thousands of dollars.

Yes, it can be hard work selling your own home but in our opinion to be able to save thousands of dollars in real estate commissions is worth a little work.

You should realize that these are only suggestions.

We accept no responsibility for your success or failure to sell your home on your own.