How Do I Price My Home if I’m Selling Without an Agent?

When selling on your own, the task can be challenging, here are some helpful tips for a smooth transaction

Trying to save money while putting your house on the market? It is a great thought and can be accomplished with a strong work ethic but will require a high time commitment and a lot of patience. Welcome to the life of a “for sale by owner” or FSBO (pronounced Fizz-Bo).

The first thought in minds of consumers can be to avoid the cost of an agent. Avoiding the agent price could save a FSBO financially if the FSBO is ready to do the work a typical real estate agent would complete. Much of this work consists of marketing and showing your home, completing legal and financial paperwork, screening potential buyers and negotiating the final price. All easier said than done.

When making the final decision to sell on your own, below are a few tips to better the chances of selling on your own.

Pick Your Price

It is up to the FSBO to determine how much the home should sell for. This price should be based on hard data. The FSBO should be aware of the price of recently sold homes in the area. It is easy to set the price too high, be realistic with yourself. Websites like Zillow can provide an estimate based on your home’s amenities. Another site such as Trulia can see what similar homes in your area are selling for. Let these resources be your best friend as you try to sell. Just remember to ask yourself, “what would I buy the home for?”

Market Like a Marketer

Be willing to generate publicity for your home. This means more than just sticking a “for sale” sign in your front yard. Utilize social media to post pictures of the interior and exterior of your home. Make it easy on the potential buyer to get a firsthand look of what they can expect to see. Buyers are more likely to come see the house if they have already seen images of the home. Since this is the case, your home has to be “show ready” at all times. Make sure to list your home online on real estate sites such as ForSaleByOwner.com and FSBO.com. This will increase the likelihood that your home will be seen by various potential buyers.

Utilize Multiple Listing Service

This resource is a database for real estate brokers showcasing properties for sale. FSBO sellers are not able to submit on their own behalf but are able to sign up for the service by paying a flat fee. This service helps to increase exposure to the market.

Wait it Out

In most cases, your home will not sell within a week of being on the market. As an FSBO, the hardest part can be waiting for the right buyer to show interest. Remember that you are selling on your own, it’s not supposed to be easy. Remain confident in yourself and in your property. If able, consider lowering the price of your home.

Hire an Attorney

In order to complete the sale, real estate attorneys should be contacted to examine legal contracts including purchase agreements, mortgage forms and title documents. Attorneys provide a legitimate source by negotiating on your behalf, making sure that all paperwork follows state law, assuring that the home has been thoroughly inspected and all relevant facts about the property are made known to the other party. Without an attorney, the chances of being sued by the other party increases.