FSBO Selling Tips - Have You Priced It Right?

With so much in the news about a "real estate bubble", home buyers are getting more cautious about whether or not they are getting a good deal.

As a "FSBO', you are up against all those full-time professional agents who have more resources to sell homes. One of your first tasks should be to make sure that you price your home right. After all, your home isn't the only one on the market.

More lenders are looking harder at home valuations these days because of all the defaults and increase in foreclosure activity. Gone are the days of loose appraisals. Many buyers who have bought at the top now face the harsh reality of whether or not their home is worth what they paid. That is just the nature of the real estate cycle.

My tips for pricing your "fsbo" correctly:

1. Go to a few of the more popular real estate evaluation websites to get a quick peek. While these sites sometimes are as much as 10% off in either direction, they will give a list of comparables that have been selling in the area. This can usually be done in under a few minutes. These websites are at Zillow and RealEstateABC. They are no substitute for the real deal by a live and breathing agent.

2. Call a few local agents and explain that you are selling "by owner". Explain that you would like for them to do a free market analysis, including statistics on comparable homes, what they were listed for and what they sold for. Some good agents will try to pressure you for a face to face. Some will even come with the paper work to sign you up for a listing now. If you want to avoid this pressure, just state to the agent to send it by mail and that you will consider them for a listing after giving it a go on your own. I would give more weight to the agent comparables over the free real estate evaluation websites on the net.

3. With comparables in hand, you now have the proof you need when dealing with a potential buyer. Of course, most buyers when dealing with fsbo's expect some type of deal and will try to negotiate.

4. You could part with some money and get a paid appraisal which will give you a more accurate estimate of value. This probably would be the best proof you could have when a buyer asks you how you determined your price.

As lenders tighten up, you can expect to see prices soften as the market goes from super heated to cool. Most of the previous activity in the market has been due to loose lending and high appraisals. Your job as a "fsbo" is to get it sold to the most qualified buyer for the highest and best price.

Don't forget to enlist the help of a professional if you haven't had success within your time frame for selling. Many agents are willing to cut a deal on the commission without a reduction in services.

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Tom Jacobson is a licensed agent in Washington State and has paid buyer rebates up to $11,000. He offers a FREE 10 - day email course to further educate those potential buyers interested in getting an unadvertised rebate. www.easyresponders.com/subscribe.aspx?u=671/666

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