Should you sell FSBO?

In a conversation I had today with one of my agents, I was asked why would someone list their home FSBO (For Sale By Owner)?

This was my response…

Nationally, the average FSBO gets 29% less for their comparable property than a home listed by a Realtor and make up for only 7% of all recorded sales nationally. In a report published by the National Association of Realtors in February of 2009, the median selling price of an open market FSBO home was $150,100, while the median price for agent-assisted sales was $211,000, as most home owners are unaware of how to properly price the property based upon current market conditions.

FSBO’s tend to have a longer time frame on the market due to…

·         less exposure due to no MLS publicity

·         limited website distribution

·         limited market research to advertise to potential buyers

·         no word of mouth advertising  between Realtors

·         owners miss out on the vast exposure through media outlets Realtors have access to through social media marketing, blogs, etc.

·         limited availability of showings and feedback due to no lockbox

·         limited or no access to forms

·         purchasers  want to negotiate more because of no Realtor involvement

·         owners are not aware of the showing, prequalification and settlement process

 

Pitfalls to avoid…

·         HOA guidelines, rules and regulations

·         Pre-qualifying or approving potential buyers

·         Reputation of other parties involved – other Realtor (if applicable), lender or loan broker, title company

·         Price or points – what’s better?

·         Appraisal (meeting, providing comps, discussing market trends, etc.)

·         Home inspection rules and regulations

·         Time frames and hurdles to jump over to get to closing and what happens if they are missed

·         Who orders what?  When?

 

In the long run, it pays to hire a professional, full-time Realtor to help guide you to a successful sale and settlement.  Call us today – Results Realty Group – (703) 652-5777.

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