Commonly referred to F.S.B.O. in the real estate world, For Sale By Owner is the process of selling real estate without the representation of a real estate broker or real estate agent.
How Much is a For Sale By Owner’s Home Worth?
Pricing a home to sell is part intuition, part research, and part market timing. Price within the comparable sales and you should receive immediate offers.
However, you do not want to fall victim to a seller’s biggest mistake and not price your home correctly, because the first two to three weeks on the market is crucial. That’s when buyers’ interest levels are the highest.
Tips for F.S.B.O.:
To generate the most interest for your home, it must be spotless and resemble a model home. Make it look like nobody lives there. Before you begin to prepare your house for sale, examine the home from a stranger’s viewpoint. Ask a friend to help, who might be more removed from your attachment. Ask her to walk through your home and note deficiencies.
Key thing to remember: First impressions are lasting.
The front door greets the prospective buyer. Make sure it is fresh, scrubbed, and clean. Replace door mats if needed.
Keep lawn trimmed and edged, and remove debris from the yard each day.
Make sure that the first impression from the exterior of your home is a great one.
Decorate for a quick sale. Faded walls and worn woodwork reduce appeal.
Do not underestimate the power of home staging. It can mean the difference between
selling now for more money or not at all. If you cannot afford to hire home stagers, at least get rid of the bulk of your furniture. Most sellers can do without 50% of their stuff.
Bathrooms help sell homes. Check and repair caulking in bathtubs and showers. Store as many items as possible to keep counters clutter-free. Fix that faucet! Dripping water may discolor sinks and suggest faulty plumbing. Make this room sparkle!
Make closets look bigger. Neat, well-ordered closets show that space is ample. Remove unnecessary clothes and other items to maximize space.
Consider spending money on improvements, fixing things that don’t work and making repairs before selling to improve your profit. Don’t spend too much money!
The single biggest downfall for sellers is spending too much money on repairs that will never be recouped.
Make sure appliances are in good working order.
Loose knobs, sticking and squeaking doors and windows, warped cabinet drawers, holes in window screens, and other minor flaws, detract from home value. Have them all fixed. Don’t let minor repairs be a buyer’s objection. Many buyers believe there will be ten problems they haven’t noticed for everyone they do see.
Odds & Ends:
Pets in the home present its own set of challenges because it is difficult to show with a pet in residence.
Let the sun shine in. Open draperies and blinds, and let the prospect see how cheerful your home can be. Dark rooms do not appeal.
With all the money you will be saving over hiring an agent, consider investing some on advertising.
Decide your target audience and get the message to them by specific targeting. Today’s home buyers are looking on the internet at homes for sale.
All marketing should be geared toward making your phone ring and increasing traffic to your home.
Remember, you aren’t trying to sell the home online, you are trying to get buyers inside.
Avoid marketing mistakes by being flexible with showings, offering incentives to buyers and obtaining buyer feedback.
Hire a good photographer to shoot a virtual tour.
Consider drone photography as well and advertise the virtual tour link in your marketing materials.
Consider targeting buyer’s agents with your marketing and offering additional compensation to lure a buyer’s agent to show your home.
Keep in mind….
In most parts of the country, April is the best month to put your home on the market.
If you decide to offer a commission to selling agents, you will want to put a lockbox on your premises for easy access by agents when you are not home.
Not every home is suitable for an open house, regardless of what HGTV might lead you to believe.
Keep in mind that Saturdays are just as popular as Sundays. Homes in high traffic areas are excellent.
Remember, most buyers have an agent.
You can sell pride of ownership faster and for more money.