Selling Your Home Without an Agent
Want to sell your home For Sale By Owner?
Selling your home is a huge decision. However, after researching the market and the actual process of listing and selling your home with a Realtor, you may feel compelled to do it yourself.
A For Sale By Owner (FSBO) transaction entails selling your home without enlisting the help of a licensed real estate professional.
The 3 Market Types
There are three types of overall market conditions when selling your home:
Seller's Market - This is when the inventory in a specific area is low. Correctly priced homes generally sell within 14 days to 21 days maximum. If your property has not received an offer within this period, it is priced too high.
Balanced Market - This is when there is no real perceived advantage to buyers or sellers. Correctly priced homes should sell within 30 to 45 days.
Buyer's Market - This is when you have lots of homes for sale in every price range and area. If you price your home just below the other similar homes on the market, a deal should result within 60-90 days. Usually, homes decline in value in this type of market. Therefore, the sooner you sell, the better it is for you.
Revealing Research
The National Association of Realtors researched the history of homes that sold in all three types of markets, and they discovered two critical pieces of information:
95% of all homes that closed escrow sold within 30 days after the listing price (seller's asking price) when set at the correct market price.
Homes correctly priced sold within approximately 3-4% of the seller's asking price.
If a property has not received an offer within 15-30 days, it is over-priced by at least 5% to 10% and possibly more.
Time is of the Essence
Most buyer activity on a new listing occurs in the first two to three weeks of the initial marketing period. For this reason, you must have your home in the BEST CONDITION, offered at the RIGHT PRICE, From the FIRST EXPOSURE to the market.
Ready to Sell But Unsure Where to Start?
We created a step-by-step guide on how (or whether) to FSBO. Find out more
