Considering selling your home on your own?
To set you up for success, here are some tips and resources from agents and previous Selling Later members who successfully sold their homes on their own.
The first thing an agent will tell you when you say you are selling on your own is that they can sell it for more money. But do they?
Some websites that support the claim that agents sell for more can be biased. Clever, Dave Ramsey, Inman, Realtor.com, NAR UpNest, Zillow, etc., all have business models in which they get paid when you use the agent they refer to you.
When looking at unbiased sources from Stanford and Northwestern, you will see that they claim that selling on your own doesn’t necessarily mean that you sell for less. However, it might mean that your home takes just a bit longer to find a buyer. This is why tools like Selling Later are helpful as it gives you extra time to find buyers by telling them a year before you are selling.
Some past FSBO members had a pre-listing inspection completed before they listed their home. By doing this, they were able to fix issues before they were selling. On the flip side, some cost out what it would take to correct these issues and reflected it in the price. For those who offered compensation to a buyer’s agent, this was incredibly helpful when negotiating with that agent (and their buyer) and not being taken advantage of. In most states, you will need to disclose what is wrong with your home, but knowing that in advance can prevent some severe headaches when you get closer to closing with the buyer.
The market can be super hot, but if your home is overpriced, it’s probably going to sell quickly. Some FSBO that we talked with said they got an appraisal before they listed their home for sale. While the buyer’s bank will still have to get their appraisal, the FSBO owner was prepared to negotiate with buyers and knew how to negotiate if the buyer offered over the original appraised value.
There are over 800 MLS (databases of current homes for sale) throughout the US. Make sure to confirm where your home will be listed when selecting this service. Also, be aware that most will ask you to offer compensation to a buyer’s agent.
The biggest complaint that we saw from FSBO is the number of solicitations they received once they put their home on Zillow and other FSBO websites. While Selling Later does not allow solicitations and prevents them, other platforms profit by selling your info to agents.
If you are selling your home on your own, register for the Do Not Call list. In most states, agents are not allowed to call you if you are on the DNC unless they have an actual buyer interested in your property. There is a 30 day grace period, so be sure to register well before your sale.
The easiest way that some FSBO said they saved time was by only speaking with buyers who were pre-approved by a lender. By adding this qualifying factor, they were able to only deal with serious buyers who could finance the home.