So you've decided to sell your own home! Chances are you're looking to save some real estate commissions and no one can blame you for that - it's a tough economy out there. It's critical that you have a few tips that will help you through this procedure.
The FSBO process can be somewhat complicated, but it shouldn't be. After all, no one knows a home like the rightful owners. If you do your homework and understand the market in your area chances are you'll already have a head-start on the competition.
Here are 5 tips to sell your own home:
1. Clean your home so it shows well. Dirty, mess homes never show well and it reflects negatively on the sellers. If you don't like cleaning, spend a few dollars and hire a cleaning service to do it for you. This is extremely important.
2. Staging is also very important. No need to rent furniture as you should leverage what you already have in the home. Pay special attention to kitchen and bathrooms as these areas actually sell the entire home - they are the most important aspects of any home and buyers will note this.
3. Market your property realistically. Many people ask way too much for their homes and thus never sell! Even if they do receive an offer chances are if it is priced too high in this market the borrower's bank will shut it down in the 11th hour - this is the last thing you want. Be sure to do your research and you can even hire a Realtor to do a CMA (competitive market analysis) for you. Otherwise you can always have it officially appraised - however, this might cost a few hundred dollars out-of-pocket.
4. Use a low-cost FSBO service. Although this might cost a few extra bucks, placing your home on the local MLS is a smart idea - chances are lots of Realtors will show your home and you don't want it to be hidden from the very people who have direct access to the money (buyers).
5. If you receive a purchase agreement to buy your property, you might want to consider hiring an attorney to guide you through the contract. Local attorneys can facilitate the deal for you, usually for a small fee. A couple hundred dollars to know you're in good hands is certainly better than paying a realtor a large fee for doing exactly what you can do by yourself!
Start with these 5 tips - research, do your due diligence, and gather the proper information needed to sell your own home. Saving tens of thousands of dollars by selling your property rather than hiring an agent is an exciting journey - but does require some homework. As mentioned before, the homeowner knows their home better than anyone else - and chances are they can sell it quicker if they simply have the right tools to ensure a good, quick sale!
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