Step 1: Prepare a Price
Build Your Home-Selling Team
ForSaleByOwner.com can help you assemble the experts you need to market your home. Our services can get your house listed on Realtor.com and the Multiple Listing Service (MLS), both of which are used by real estate agents in your area. This will get your house online where it is most likely to be found by house hunters. You’ll also need some specialized professionals to help you market your house and execute legal and technical tasks. Use our Find a Pro service to easily locate a qualified specialist in your area. Here’s a list of the experts we recommend you engage as part of your home-selling team:
Title & Escrow Company
Real Estate Lawyer
Real Estate Appraiser
Home Warranty Company
Prepare the Home for a Successful Sale
Most buyers prefer homes that are in good condition, so you’ll want to repair and refresh your home.
A certified home inspector will assess the condition of your house and flag any problems that could prevent a sale or become negotiating points for buyers.
Review the inspector’s report, and decide what repairs you want to do. We recommend: fixing the basics, such as cracked glass and leaky faucets; updating worn surfaces; and replacing outdated appliances. Our Find a Pro section will help you find specialists and contractors.
Price the Home
One of the most important things you must do is price your home correctly. The more information you have about recent sales in your neighborhood, the current listings that are your competition, and home value trends, the more evidence you’ll have for setting and justifying your asking price.
Compare your home to similar homes currently listed on the market. We recommend that you visit open houses to understand how these homes are priced. Adjust the comparison to your house by adding value for features your house has, and subtracting value for features your house does not have. Use the estimators and market data found in our Pricing Guide.
Get a Property or Valuation report for your home. The report will compare your home with recent sales in your neighborhood. (Note: Most ForSaleByOwner.com listings come with a free property or valuation report.)
Consider hiring a professional appraiser to get an expert opinion about what your house is worth in the current market and how to price it competitively. This will cost several hundred dollars, but it will arm you with essential evidence supporting the price when you negotiate with a buyer.
As you do this research, keep a running list of features that distinguish your house from others currently for sale. These features are your strongest selling points. And make copies of key records and documents for a buyer’s file. These documents will be essential when your buyer applies for a mortgage.
Analyze all your research; add in other factors, such as how urgently you want to sell; and set an asking price.