Selling

How to Sell a Home Fast as a “For Sale By Owner”

Story Highlights
  • TIP #1 - Determine the house's value
  • TIP #2 - Make sure to spend time on preparing your house
  • TIP #3 - Time to focus on the marketing

Selling a home as a “For Sale By Owner” (FSBO) can be quite a smooth process – assuming it’s a seller’s market and there’s enough turnover in your particular market!

However, reality is that many sellers struggle to find buyers when they try to sell the house themselves.

And even then, there’s still a lot that can go wrong once they’ve finally exposed it to potential buyers: Asking price too high? Contract negotiations gone south? Potential home inspection report too painful to save the deal? Perhaps your asking price is too high and that might be enough for negotiations never to close that big price gap?

Plus, let’s be honest here: home sellers often don’t have enough expertise to sell the house on their own, which is why they get help from a real estate agent.

Nevertheless, if you are determined to go the independent route, here are some tips on how to sell your house as a FSBO:

TIP #1 – Determine the house’s value

Pricing the home for a sale is part intuition, part research, part market timing.

If you price within the comparable sales range, you shouldn’t have a problem. You should also try and get a number of different opinions from local real estate agents as possible.

Sometimes agents will overprice your house so that your business is lured away from their competitors. They might sell you beautiful promises just to get the listing.

Ask different real estate agents to have a look at your home. Even though some agents might price your home too high, you obviously don’t want to price it too low.

Those first 3-to-4 weeks on the market are crucial. This is when buyers pay the most attention to the home. Catch them here and you should make it out alive.

TIP #2 – Make sure to spend time on preparing your house

The days of selling homes with unmade beds and toys flung all over the living room are over. Buyers want to look at homes that are spotless and immaculate.

It must look as if the house is waiting for the right buyer and nobody else has ever lived there.

Easier said than done, right?!

When you begin the preparation process, imagine the house from a stranger’s point of view. Ask a friend who has no attachment to the house to walk through it and give their opinion.

Consider spending a few bucks on improving the house. Fix things that don’t work and renovate a few small things here and there. Don’t spend too much money, though. The repairs might never be returned upon selling.

Try to remodel your home and get rid of any personal items. Most sellers can do without 50% of their belongings. Stage your home so that buyers can see the features of the home instead of the furniture you have accumulated over the years.

It would also be a good idea to send the pets away if potential buyers come to view the house.

TIP #3 – Time to focus on the marketing

You are going to save a lot of money by cutting out the real estate agent, so why not spend it on marketing?

Many home buyers look for homes online which is where your focus should be.

Hire a good photographer to get professional shots of your home done. This will be more appealing to buyers than photos taken on your smartphone. You can also advertise a virtual tour online.

Don’t be flexible with your showhouse dates. Also, think of the days you are offering the show house. Saturdays work well but Sundays are just as good.

You are trying to sell your home; not to make friends. Consider the season of the sale and adapt to it. Homes generally sell faster in October than they do during the rest of the year.

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