As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. Here are a few tips for dealing
5 Questions You Must Answer Before Choosing FSBO
To FSBO or not to FSBO, that is the question. It’s a sellers’ market, and you’ve decided to list your home. Anyone can sell a home, right? All you have to do is underprice it. Why not save those real estate agent commissions and sell your home on your own? FSBO (For Sale By Owner) may sound like a good choice, but it really isn’t. Answering the following 5 questions will help you see a few of the reasons why it really isn’t.
FSBO Question #1:Are you a skilled negotiator?
When you choose to FSBO, you choose to negotiate with a long list of people on your own - the buyer, the buyer’s agent, the buyer’s bank, the buyer’s attorney, the home inspection company, the appraiser, the title company, just to name a few. The buyer’s agent and the home inspector are skilled negotiators who will work on behalf of the buyer, not you. You must understand the contracts and home buying and selling processes well.
FSBO Question #2:Do you have an internet strategy in place to market the sale of your home?
Most real estate agents do. Because 88% of potential home buyers begin their search for a home online these days, you must have an internet strategy to reach them. The newspaper reaches only 21% of potential home buyers which is poor in comparison to the reach of the internet.
FSBO Question #3: Will putting a sign up in the yard or placing an ad in the newspaper find a buyer for your home?
This question is closely related to question #2. Yes, 9% of home buyers purchased a home they found because of a For Sale sign in its yard, and 1% bought their home because they found it in a newspaper ad. But 43% of buyers actually purchased homes they found on the internet. These numbers reinforce how crucial a real estate agent with strong internet strategy truly is in finding a buyer for your home.
FSBO Question #4:Are you prepared to handle the difficulties that come with selling your home on your own?
The FSBO choice is not as simple as it used to be. Twenty years ago the number of people choosing to FSBO was around 19%. Industry disclosures and regulations are now mandatory increasing the amount of paperwork involved in selling or purchasing a home. For this reason alone, FSBOing has dropped to 9%.
FSBO Question #5:Can working with a real estate agent get more money from the sale of your home?
Yes! Working with an agent can get you 13% more than selling your home FSBO. How does $235,000 compared to $208,000 sound to you? Now that’s a positive money move!
Choosing to FSBO includes fielding calls, faxes, inquiries, multiple offers, missed phone calls, making arrangements to view your home, low appraisals, inspections problems, financing contingencies, possible legal problems, explaining to a buyer’s agent how you want things drawn up and more. Fewer offers mean less money. Less interest means less money. Selling on your own just doesn’t make sense. Choose to work with a real estate agent instead.
When you choose to work with Sam Lepore, you won’t need to know everything about buying and selling your home.Sam Lepore is a good agent you can trust. He is a skilled negotiator who handles the home processes with confidence and professionalism. And he’ll be available to you long after the sale of your home. Find out all that he can do for you that a FSBO can't. Call Sam Lepore of Long and Foster at (856) 297-6827 today.
Sam Lepore is a Realtor with Keller Williams in Moorestown, NJ. Call him today at 856.297.6827 ....