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The Basics of Selling Your Home For Sale By Owner ? Savings ...

The Basics of Selling Your Home For Sale By Owner??

Article by Matt Shamely

For Sale by Owner real estate is the alternative to selling a home through a realtor or real estate agency that can save home sellers thousands of dollars by avoiding paying realtor commission fees. Selling a home ?For Sale by Owner? puts the home seller at the helm of the sale and hands several of the responsibilities normally handled by the realtor into his or her hands. A real estate deal, being one of the most complex and weighted financial transactions one can make, involves tens ? often times hundreds ? of thousands of dollars, home equity, mortgages, interest rates, title transfers, and several other important details. The prospect can be overwhelming, but underneath every real estate sale are basic principles that sellers need to know in order to be successful and competitive in the agency-run housing market.

MarketingMarketing your house is a crucial aspect of selling you home for sale by owner (FSBO). Without the help and market savvy of a realtor, seller often turn to the run-of-the-mill ?For Sale by Owner? sign staked in the front yard. A marketing technique such as that will only attract the haphazard passer by, which greatly limits a seller?s chance of selling. The more potential buyers, the better. A great, reliable technique to getting a home listed in a ?homes for sale? online database is to use a Flat Fee Multiple Listing Service (MLS). These listing services offer FSBO?s the opportunity to get their properties listed among realtor and buyer-searched online listings for a one time fee usually around a few hundred dollars, although sellers can purchase difference MLS packages that vary in cost and services. Nearly 75% of potential buyers start their home search online, making a Flat Fee MLS the cheapest and most effective way of marketing your home.

Asking PriceAccording to the National Association of Realtor?s 2010 ?Quick Field Guide to Real Estate Statistics?, the most difficult task for a For Sale By Owner was pricing a home appropriately. Price too high, and your home stands a great chance of stagnating on the market. Price too low and you may get a lot of offers but you?ll also risk the chance of not getting a fair price on your home. The best way for an FSBO to zone in on a competitive asking price is to compare comparable listings within a quarter mile of your house. It?s important to consider specific factors of price when comparing listings, including square footage, the home?s age, amenities nearby, and various neighborhood division lines. Look at both active and expired listings. See why certain houses sold and why others seemed to linger on the market. For Sale By Owners even employ the technique of talking to listing agents to gain knowledge on competitive prices. An appropriate asking price will help you sell your home fast and at a reasonable price.

StagingOnce you?ve got your appropriate asking price and you?ve found a Flat Fee MLS to place your home, it?s time to start thinking about how to stage your home. Nothing hurts a home sale worse than an unattractive home. Even if a home if priced correctly, unsightly physical appearance can delay a sale and may even force sellers to come down on asking prices. Simple cosmetic updates can greatly improve the look of a home and it?s value. ? Reduce clutter. Clutter is the mortal enemy of successful showings. You want your potential buyer to feel invited and refreshed when they walk through, not claustrophobic.? Make the home?s approach as inviting as possible. First impressions are everything and the walk from the street is the best place to make a good one. Simple landscaping touches and updated paint jobs are a great way to improve your home?s ?curb appeal?. ? Update appliances. Even if your home is several decades old, it doesn?t have to feel that way to your potential buyer. Updating appliances in bathrooms and kitchens can greatly improve the value of your home. Even though updates like these can be expensive, they enhance appearances and ensure good offers on asking prices.

Staging, marking, and pricing a home are the basics of successfully selling your home. More often than not, the basics are what prevent FSBO?s from getting a great price and selling their home quickly. There are also plenty of resources available online for FSBO?s that educate on the most effective techniques for selling a home for sale by owner. Yigdigs is one website that offers video tutorials on selling a home FSBO.

About the Author

Matt Shamely is a writer/blogger from Austin, TX.












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whereby the original author?s information and copyright must be included.

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