So you are thinking about selling your home on your own? The job will be a lot easier if you evaluate the state of the real estate market and utilize the internet to help get the word out about your property.
What is a FSBO?
For Sale By Owner, also known as a “FSBO” is not new to the real estate world. For many years, homeowners have chosen to sell their own homes for various reasons. Some want to save money, others simply don’t see the need to have a third party involved. Now that the internet is everywhere and it seems everyone is using it to gather information, may homeowners are using it to help sell their homes
Real Estate Market Evaluation
Slow real estate markets, also called buyers markets, occur when home inventory is high and the number of buyers is low. Sellers see the real estate commission as an expense that they can live without. In a time where every dollar could make or break a sale, sellers are opting to sell on their own.
When real estate markets are hot it is typically referred to as a sellers market. In a sellers market, home inventories are low but the number of buyers remain high. This generally occurs in markets where new construction can’t keep up with population growth. Sellers can sell their homes quickly, usually for a premium. Many see no reason to pay a commission, when the agent did little to sell the home.
Internet Marketing
There are hundreds of internet websites that will allow you to post your real estate for sale listing. Homeowners can even post virtual tours of homes on sites like YouTube. Sellers have more options than ever to promote their homes for sale. Many sites let post your listing for free. Others, particularly niche websites, charge a fee of around $30 a listing but put your home in front of a targeted buyer.
Final Thoughts
When deciding if you should sell on your home by yourself, there are a few things you need to take under consideration. You will need to be capable of doing the paperwork and handling the negotiations. If you feel you can’t, maybe you should consider using a flat fee brokerage firm. These brokers will partner with you to sell your home for a flat fee, with you doing part of the work. The flat fees paid to these brokers are usually a lot less than a full service commission.
Hubert Miles is the founder of Waterfront Houses USA, an online listing service that provides Lakefront Property For Sale in the US and Canada. Learn more about Lake Realty today.
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