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Selling by Owner = Saving by Owner?
According to the National Association of Realtors, For Sale By Owner (FSBO) home sellers comprised nearly 14% of all home sales in the United States in 2003. The Boston Globe reported that nearly 25% of homes sold in that area during that same time period were FSBOs. Although many FSBO home sellers have saved thousands of dollars in commissions, many others have lost money, and current statistics show that 80% of FSBOs will eventually list their homes after unsuccessfully trying to sell their homes themselves. However, if you're thinking of trying to sell your home without the aid of a real estate agent, here are a few tips for getting the most from the experience: Leave Your Emotions Out of Your Sales Process Selling your home often can be a painful experience, so it's important to emotionally detach yourself from your house and try to think of it as an investment in your future. Try not to be affected by unkind remarks you may hear from prospective buyers trying to get you to lower your price by attacking various features of your house. And although you should call your house a "home" to prospective buyers, think of it as just a "house." Set the Right Sales Price Of course, you want to get the highest price possible, but pricing your home too high will keep it on the market too long, which will lead people to think there's something wrong with your house. Look at the other homes being offered for sale in your market and compare them to yours, in terms of square footage, number of bedrooms, lot size, and other features that are similar to yours. Be objective, and then price your home according to your findings. You might consider setting a price range, instead of a fixed price, if you're considering helping potential buyers with their closing costs. Advertising Signs: Pick up directional signs at a home improvement store, list your phone number and the address of your home on them, and then display the signs in prominent places around your neighborhood. Most buyers use the services of a Realtor to look for a new home, but if your home's in a desirable neighborhood where other houses are also for sale, potential buyers may see your signs and come back later to visit your home. Place a professional-looking sign in your front yard, featuring your phone number in print large enough to be easily read from the street. Flyers: Think like a marketing guru and create a sizzling sales flyer, listing all the benefits and features of your home. Newspapers: Pick up copies of all the newspapers and advertisers in your area, and look at them, imagining that you're the one looking for a home in your area. Then create an ad of your own, copying ads that most attract your eye. Make sure to list benefits to potential buyers and not just the features of your home. Showing and safety: Ask prospective buyers for their phone numbers before you give out your address over the phone, and then call them back to verify the information. Also, make sure to have someone with you when you're showing your home to strangers. If you find that you need to turn to an agent for help, here are some tips for finding the right one to sell your home: Bear in mind that many real estate agents will make unreasonable promises to sell your home for a high price, but they're only hoping to get the listing. Like buying anything else, you need to be informed, so it's important to compare services. Interview several agents, ask for referrals from satisfied clients, and then call those home sellers. Saving On Real Estate Agent Fees You also have the right to negotiate the broker's commission. Since most homes are sold by a selling agent, rather than the listing agent, why pay 3% to the listing agent for just listing the home? Ask for a 1% listing commission if the agent does little to market your home. You might also offer to pay less to the selling agent--2.5% is a common percentage in high- priced areas--or point out to potential listing agents that since your equity is less than the selling price, you want to pay a percentage based on that figure, rather than on the sales price. Most areas also have flat-fee brokers. Some will charge a percentage of the sales price, while others may charge as little as a flat $395 to list your home with the Multiple Listing Service. Decide which services you're actually going to need, such as yard signs, showing help, and contract preparation, and then match your needs to the services offered. Selling your home yourself should mean that you save money on real estate fees. But if you're not a savvy salesperson, you could actually make more money and sell your home faster by hiring a go-getter real estate agent. (c) Copyright 2005 Jeanette J. Fisher. All rights reserved. Professor Jeanette Fisher, author of Doghouse to Dollhouse for Dollars, Sell Your Home for Top Dollar--FAST, Home Staging, and other books teaches Real Estate Investing and Design Psychology. For more articles, tips, reports, and newsletters, see http://www.sellfast.info/
MORE RESOURCES: Blackstone's Beleaguered Real-Estate Fund Stems Exodus The Wall Street Journal The Folly of China's Real-Estate Boom Was Easy to See, but No One Wanted to Stop It The Wall Street Journal Judge Approves $418 Million Settlement That Will Change Real Estate Commissions - The New York Times Agencies' headquarters in DC remained 'nearly empty' in 2023, real-estate board finds Federal News Network Charlotte County cash buyers bolster mixed real estate market Gulfshore Business Real Estate Taxes Due, Wednesday, May 1 | Boxford MA Boxford MA | Manhattan Real Estate Update: "Embrace the Boredom" westsiderag.com Commercial Real Estate Pros On the Finance Market: 'Not a Typical Cycle' – Commercial Observer Commercial Observer Pinellas Beaches Real Estate April 11-19 The Gabber Newspaper Atlanta Real Estate Investor's Sales Pitch Is a Curveball: Lease Office Space, Become Co-Owner CoStar Group The Folly of China's Real-Estate Boom Was Easy to See, but No One Wanted to Stop It The Wall Street Journal Top Payment Trends in Commercial Real Estate: A talk with JPMorgan Chase's Lisa McDonnell Commercial Observer Reversing the Real-Estate Doom Loop Is Possible. 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Simply Wall St CoStar eyes virtual reality as integral player in future real estate deals - Washington Business Journal The Business Journals Real Estate Sales Include Two Falconer Commercial Properties Jamestown Post Journal REAL ESTATE SPLIT CORP. Completes Overnight Offering Yahoo Finance Former HGTV star gets jail time for real estate fraud WDAF FOX4 Kansas City Spring remains a seller’s market in Nashville WKRN News 2 Annie Leibovitz just listed her rural California estate for $8.995M Business Insider Is The Housing Market Going To Crash? Bankrate.com Fed Report Warns of High Risks in Real Estate and Housing Norada Real Estate Investments 10 Real Estate Charts Showing What's Next for Housing: Ivy Zelman Business Insider Brazil launches public consultation on charging real estate tax on concession assets BNamericas English Macomb County real estate transfers recorded Nov. 27-Dec. 1, 2023 The Macomb Daily 21 Largest Real Estate Companies in the World Yahoo Finance Eliza Solender hosts President's Tea to empower women in real estate Preston Hollow Advocate Real estate 2024: Emerging from the storm? White & Case LLP Real Estate Split Corp. Class A Distribution Yahoo Finance Inside Bill Gates' real estate, from his Seattle to Florida houses Business Insider Airwavz Partners with Nuveen Real Estate to Redefine the Wireless Experience in Commercial Real Estate StreetInsider.com New CRE Clients Enter The Picture During Year of Dislocation Commercial Observer The Real Estate Agent Pledge: The Jason Mitchell Group's Commitment to Transactional Transparency and Fairness RisMedia.com Big bill comes due for Martin Selig, giant of Seattle office real estate The Seattle Times Y Combinator alum Matterport is being bought by real estate juggernaut CoStar at a 212% premium TechCrunch REAL ESTATE | American Construction Services & American Architectural Group receive 1st Place 2024 American ... washingtoncountyinsider.com Cleveland's KeyBank Real Estate Capital names Midwest regional production manager – REJournals REjournals.com Naples real estate: Fewer sales, higher insurance. What is happening? Naples Daily News These are the 10 best places to live in Massachusetts, according to real estate experts Boston 25 News Brandywine Realty Stock (NYSE:BDN): Good Value in Challenging Real Estate Market - TipRanks.com TipRanks CORE Real Estate Partners moves into new Butchertown office (PHOTOS) - Louisville Business First The Business Journals Property Management and Real Estate Investment Firm Ginkgo Residential Names New Director of Investor Relations Business Wire Washington County Real Estate Transactions NYVT Media McClain to Hold Hearing on Commercial Real Estate Market U.S. Politics Today Casa Shares Raises $1.5M in Pre-Seed Funding to Democratize Real Estate Investing for Future Generations PR Newswire Brooklyn Listings Six Months Later: Two Sold Brownstoner Wondering what to do with climate risk property data? LaSalle and ULI have an answer. Pensions & Investments |
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