Some think that listing your home on your own and using the FSBO (for sale by owner technique) may be the best solution to get your home sold. Some may believe that listing your home with a real estate agent is the best solution. Both of these avenues involve a lot of different variables so we are just going to assume that we have a good agent in a good market and try to get apples to apples comparison.
Drawbacks to selling your home FSBO in Syracuse
When you decide to sell your home FSBO, you have to understand that you are taking on a lot of responsibility. Good or bad, you will be the sole reason your house either sells or it doesn’t. Some homeowners may take this as a challenge and take the necessary steps to get there house sold but other will be overwhelmed. I want to touch on some of the drawbacks or responsibilities you will incur if you decide to go the FSBO route.
Negotiations when selling your home FSBO
Dealing with potential buyers - Buyers are needy. They want what they can’t afford and are willing to give lowball offers to prove their point. They want the house they are buying to be perfect and can sometimes be difficult to deal with.
Buyers Agents- You are now the direct contact for all of your potential buyers agents. This means that you will be in control of negotiating the sale of your house and being the point of contact for all questions.
Attorneys - Depending on the attorney, you will be dealing with will decide how difficult he is to associate with. Some attorneys are great. They are helpful, understanding and easy to communicate with, others can be just the opposite.
Home inspectors - When you are selling your home, the buyer who agrees to purchase the home will have an inspection to make your home is up to code and fix anything they deem needs to be fixed. They will supply you with a list of items that need to resolve. Home inspectors are just another person that you will have to deal with in this process
Appraisers & Banks - I mean no one likes dealing with banks right? When you purchased your home, you realized how difficult banks can be and how hard they are to communicate with. If you don’t communicate with banks often, it can be difficult to even get them to respond to your questions.
Paperwork- From all these negotiations and points of contacts results paperwork. To me this can be the most daunting drawback of them all. There is a lot of paperwork involved in the sale of your home and if you are not aware of how to handle this paperwork, it can be overwhelming.
Tip: I suggest that if you decide to sell your home FSBO, to do as much research as possible on the topic and see if you can lay out a plan as to how you will go about selling your home.
Marketing Plan
Importance of Marketing selling your home FSBO
Marketing is a key aspect of selling your home in a reasonable time and at the right price. Your ability to reach a large number of people who may be potential leads can make or break the result of your sale. Try to establish a plan that is both offline and online. 43% of houses that are sold are found online (http://brandongaille.com/fsbo-vs-realtor-average-price-and-time-on-market-statistics/) so make sure to put your home up on all of the real estate sites on the internet (Zillow, trulia, realtor, movoto, etc..) Whether you decide you are going to market on craigslist, list your home on websites, social media, distribute fliers, knock on doors make sure you have a plan going into it so that you can better evaluate your progress.
FSBO Facts
According to surveys and statistics from www.realtor.com there arre facts that state selling your home FSBO can be much more difficult & less profitable compared to listing with an agent. Remember this is considering that the agent you chose is GREAT and has produced in your market in the past. Here are some facts in regards to selling your home FSBO or listing it with an agent.
Real estate agents tend to sell homes for 13% more than homeowners who list their home with an agent.
Real estate agents have access to other real estate agents who in turn can bring buyers to your property and targeted leads
The average time on the market is 19 more days when listing your home FSBO compared to selling with an agent.
70% of FSBO's say that they have a difficult time selling their home.
Total number of FSBO's listed has fell from 20% to 9%
Conclusion:
Selling your home FSBO in Syracuse NY can be a daunting task and sometimes can seem overwhelming. With the numbers/ statistics against you, it seems that you will be fighting an uphill battle. Just because the statistics may not agree with you, does not mean that this cannot be a successful route for you. If you take the proper action and plan accordingly there is no reason that you cannot draw some interest from some perspective buyers. Just make sure that you understand the responsibilities you are taking on and be aware that your home has the chance to sit on the market longer if you do not take the proper course of action.
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