No home sale is easy, but the tools and resources available online have made it easier for homeowners to sell by owner. Sue Kocher, who sold her home in Brilliant, Ohio using ForSaleByOwner.com said, “It was easy to follow the whole process and to find out a wealth of information. We utilized the reports, loved how easy to use the site was for selling our home. Everything was so easy and informative. I have already suggested it to a friend who is going to sell their house.” Successful sellers know how to navigate the real estate process and avoid the most common mistakes FSBO sellers make.
1. Set the Right Price
Determining the right price for your home is an essential part of any home sale. While it’s important not to over price your home and discourage buyers, you don’t have to undercut your sale price to compensate either. Agents will have you believe that you can’t do it on your own, but you can conduct your own Comparative Market Analysis. ForSaleByOwner.com sellers get within 97% of their asking price—just like agents do.
2. Prepare Properly
Before you put your home on the market you’ll want to make sure it’s ready for it’s close-up. It’s time to take care of any lingering repairs both big and small with a focus on home improvements that increase home sales.
Once your repairs and improvements have been addressed, staging your home will be essential to making sure your home looks its best for listing photos and viewings. Start by decluttering and depersonalizing to give your home the open spaces buyers crave.
3. Get Active in Your Marketing
Creating a professional listing ad and marketing your home for sale has never been easier for those who want to sell on their own. It all starts with taking the photos that every house hunter wants to see and writing a description of your home that will attract buyers.
Buyers look for potential homes across a number of real estate and classified ad websites as well as on social media. Yard signs, property flyers and inclusion on your local Multiple Listing Service (MLS) provide additional attention for your listing. Consider all these tools when creating your advertising strategy and give your home sale more exposure.
4. Be Objective in Negotiation
Negotiating your home sale doesn’t have to be an intimidating process. Begin by getting to your bottom line: know how much you need to sell your home for to make the sale beneficial. And stay on top of the state of the real estate market as you begin negotiations. Knowing the type of market you are in—if prices in your area are increasing or if mortgage rates are fluctuating—will help you negotiate and accept an offer.
5. Manage the Sale through Closing
The closing process can move quickly once a contract has been signed, which is why knowing what to expect of the process in advance can help you feel prepared. Hiring a title company or settlement agent will be necessary to help you facilitate the closing. These professionals will work with your real estate attorney to make sure that you have completed all of the necessary forms for your home sale. Once the closing date is set, it’s time to hire the movers and prepare to move into a new home.
Both first-time and experienced sellers can find the resources they need for a successful DIY home sale in our by owner seller’s guide.