Before you make the decision to sell your home by yourself, you’ll need to do evaluate a couple of things. First, determine the state of the real estate market in your area. Second, utilize to internet to help find potential home buyers.
For Sale by Owner or “FSBO”
For Sale By Owner, also known as a “FSBO” is not new to the real estate world. For many years, homeowners have chosen to sell their own homes for various reasons. Some want to save money, others simply don’t see the need to have a third party involved. Now that the internet is everywhere and it seems everyone is using it to gather information, may homeowners are using it to help sell their homes
Real Estate Market Evaluation
In a slow real estate market, sellers are looking for every opportunity to save money. A slow market is usually indicated when home inventory is high and the number of buyers is low. Homeowners view the 6% commission as a unnecessary expense that they simply can not afford to pay.
In a hot real estate market, sellers have an abundance of buyers to choose from and there is a relatively low amount of properties to choose from. Sellers see this as an opportunity to save the real estate commission, starting that they saw no reason to pay a six percent commission to an agent who didn’tt have to do much.
Internet Marketing
With a multitude of websites that allow sellers to post their FSBO listings, many sellers are utilizing the internet to sell their homes. Sites like YouTube allow users to post and promote videos of their home. These virtual tours allow buyers to see FSBOs before they make the decision to view the home in person. Some sites allow you to post your listing for free, while other sites charge a fee, usually around $30, to place a listing. Some of the sites are dedicated to certain real estate niches, like lakefront property, and attract a highly targeted buyer.
In Closing
When deciding if you should sell on your home by yourself, there are a few things you need to take under consideration. You will need to be capable of doing the paperwork and handling the negotiations. If you feel you can’t, maybe you should consider using a flat fee brokerage firm. These brokers will partner with you to sell your home for a flat fee, with you doing part of the work. The flat fees paid to these brokers are usually a lot less than a full service commission.