THINKING OF SELLING YOUR OWN HOME

THINKING OF SELLING YOUR OWN HOME

So you are contemplating putting your home on the market. And you are going to sell and run the transaction yourself, For Sale By Owner.  Do you have all the resources that your license agent has access to? Do you understand and know how to uphold the contract? But you are going to save the money and just list the house at a better price.

But have you contemplated that most likely the person buying your home will have a buyer agent working for the. Their agent understands the contract and is working to get their client the best contract possible.  With the fast pace of the market are you going to know and have time to make the best decisions. Several paragraphs in the contract can affect the overall price of the of the sell of your property.  Who’s to pay for the survey? The HOA transfer; who is customarily responsible for paying those cost.

And then you’ve got the different loan options, FHA, VA, Conventional, USDA. Do you have to pay closing costs for the buyer? And if so which ones?

Once you’ve put your home up for sale. What marketing are you going to engage in to get the exposure? It could take two to four weeks to get your home under contract. The average time a home is on the market with a licensed Realtor in the DFW area is 7 days. As well as numerous other statistics, that include lowering the sales price. 

For Sale By Owner (FSBO) Statistics

  • FSBOs accounted for 9% of home sales in 2013. The typical FSBO home sold for $184,000 compared to $230,000 for agent-assisted home sales.

  • FSBO methods used to market home:

    • Yard sign: 36%

    • Friends, relatives, or neighbors: 28%

    • Online classified advertisements: 16%

    • Open house: 14%

    • For-sale-by-owner websites: 13%

    • Social networking websites (e.g. Facebook, Twitter, etc.): 7%

    • Multiple Listing Service (MLS) website: 7%

    • Print newspaper advertisement: 7%

    • Direct mail (flyers, postcards, etc.): 1%

    • Video: 1%

    • Other: 2%

    • None: Did not actively market home: 32%

  • Most difficult tasks for FSBO sellers:

    • Understanding and performing paperwork: 18%

    • Getting the right price: 13%

    • Preparing/fixing up home for sale: 12%

    • Helping buyer obtain financing: 3%

    • Attracting potential buyers: 3%

    • Selling within the planned length of time: 7%

    • Having enough time to devote to all aspects of the sale: 6%

Source: 2014 National Association of REALTORS® Profile of Home Buyers and Sellers


Ryan McLemore Headshot
Author:
Phone: 972-804-3474
Dated: July 15th 2015
Views: 363
About Ryan: Ryan's career started in 2002 with Citigroup’s marketing division where he offered full service fi...

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