In 2021, homes were being sold at record-breaking speed, never before seen in the history of the U.S. If finding buyers took months in the past, now homes are selling at the speed of light, with many sellers finding buyers in as little as one week!
This means the real estate market is steaming hot right now, so if you’ve been considering selling your home, now is your chance. But should you go the ‘selling by owner’ route or use an agent?
Keep reading to learn how to go about FSBO the right way and sell your home quickly.
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What Does ‘FSBO’ Mean?
FSBO means For Sale By Owner. In other words, the homeowner is selling the house directly to the buyer, without the help of a real estate agent. Typically, FSBO will reduce the costs of selling the house as neither party will pay commissions to real estate agents.
Know the Pros and Cons
Before you commit to selling land by owner, weigh the pros and cons of this process. Do you have enough time and resources to sell the house without help? Can you learn as you go and handle all the legalities and documents on your own? Answering these questions will help you make the final decision on whether FSBO is right for you.
Know Your Home’s Worth and Value
In order to sell your property quickly, you need to set a realistic price for it based on its worth and value. You have the freedom to define the list price and decide whether or not to change it.
Do some research about the home values in your neighborhood and form a price accordingly. If you find the right buyer, you can negotiate the price later on.
Know What To Expect in the Process
Doing the entire property sales on your own is a huge undertaking so you should know what to expect beforehand. For starters, you’ll need to check if the potential buyers can actually afford to buy the house. You’ll need to call the lenders and ask about the buyer’s loan type and conditions.
Then, you’ll need to close the sale and handle all the documents. At this point, you should also expect to hire an attorney to make sure you’re protected from any troubles.
Put On Your Marketing Hat
After staging the home, it’s time to put your marketing hat on, which means promoting your FSBO listings everywhere you can.
Tell all your friends, family members, co-workers, and social media followers that you’re selling your home and ask them to share your listings. Don’t forget to put a ‘For Sale’ sign so people looking to buy in your neighborhood will know your house is on the market.
Is Selling by Owner the Right Choice for You? These Tips Will Help You Find Out!
Whether you’re selling your first house or have sold some properties before like how I sell my timeshare vacation rental, finding the right buyer can be simple even if you’re not using a real estate agent. These tips will help you learn how selling by owner works and give you all the tools you need to find the right buyer and close the sale.
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