The most common reasons why people choose to move into a different place: a job promotion in a different area, a job opportunity in a bigger city, or just discontentment in the current living condition. What comes with the change of relocation is the need to sell a home by FSBO.
So what should an FSBO realtor consider so that a for sale home by owner will be sold off at a great price? ANSWER: the owner must know the right price range for the FSBO home.
But how does a homeowner determine the correct sales price range of his home?
First, know how much time is needed to sell the FSBO property. For properties for sale by owner that is to be sold at a real estate’s quick turnaround time, the FSBO realtor must price the home lower than the current price range according to the comparable market analysis or CMA. Buyers tend to be attracted to lower priced homes, this means faster selling.
Then, know the home’s current condition. Can the FSBO home compete with the homes for sale in the area? Is it in better condition or with new upgrades? Better looking houses for sale by owner can still sell for great values. But some can sell well if the FSBO is marketed as a fixer upper or a for sale home that needs some repairs. Buyers consider fixer uppers as good deals. To be sure of the repairs needed the homeowner can hire a certified or insured property inspector.
Lastly, consider sales price negotiation. Prospected homebuyers usually ask for 1 to 6 percent off from the actual listing price. So to offset this, the home owner must list their FSBO property a little higher than what is recommended. Another smart strategy is listing homes for sale by owner with a $999 tack may make a buyer feel that they are actually dealing below a thousand dollars.
Always remember to consider the market conditions for it dictates the FSBO home value. If the market is doing good, FSBO homes can be sold even in higher prices. But if the market is not too well, put the best price for the FSBO first as it will save time and money.