Should you sell FSBO?

In a conversation I had today with one of my agents, I was asked why would someone list their home FSBO (For Sale By Owner)?

This was my response…

Nationally, the average FSBO gets 29% less for their comparable property than a home listed by a Realtor and make up for only 7% of all recorded sales nationally. In a report published by the National Association of Realtors in February of 2009, the median selling price of an open market FSBO home was $150,100, while the median price for agent-assisted sales was $211,000, as most home owners are unaware of how to properly price the property based upon current market conditions.

FSBO’s tend to have a longer time frame on the market due to…
• less exposure due to no MLS publicity
• limited website distribution
• limited market research to advertise to potential buyers
• no word of mouth advertising between Realtors
• owners miss out on the vast exposure through media outlets Realtors have access to through social media marketing, blogs, etc.
• limited availability of showings and feedback due to no lockbox
• limited or no access to forms
• purchasers want to negotiate more because of no Realtor involvement
• owners are not aware of the showing, prequalification and settlement process

Pitfalls to avoid…
• HOA guidelines, rules and regulations
• Pre-qualifying or approving potential buyers
• Reputation of other parties involved – other Realtor (if applicable), lender or loan broker, title company
• Price or points – what’s better?
• Appraisal (meeting, providing comps, discussing market trends, etc.)
• Home inspection rules and regulations
• Time frames and hurdles to jump over to get to closing and what happens if they are missed
• Who orders what? When?

In the long run, it pays to hire a professional, full-time Realtor to help guide you to a successful sale and settlement. Call us today – Results Realty Group – (703) 652-5777.