The majority of those who successfully sell their own property are homeowners who live in densely populated metropolitan market areas where property sales are more common. In a buyer’s market or in rural areas, it is much more difficult for properties that are for sale by owner (FSBO) to sell successfully.
A buyer’s market is when there are more home sellers than there are people to buy houses. This creates a situation where home buyers are exposed to a wide range of properties to choose from, making it a more competitive market for sellers. Homeowners should opt for the FSBO option only when the local economy is doing well and it is a seller’s market.
To be considered a sellers market, there must be more buyers than properties for sale. In a sellers market, buyers are left with fewer properties available to them. This often creates a situation where sellers are much more selective with the buyer and also get a higher sale price for their property.
There are other economic issues that influence real estate, such as home mortgage interest rates, local employment, and consumer confidence. Unfortunately, we cannot control the economy and some are forced to sell their houses or buy houses at times that are economically unfavorable for them.
There are a few things that people who manage to sell their homes do to increase their likelihood of winning at FSBO. They need to be able to have the financial support they need to keep their property exposed to home buyers throughout the entire period it takes to sell a home. This advertising period is at least 90 days and includes personal signage, advertising, home repair expenses and professional legal advice. You should also have a little extra money to support you financially if there are any marketing mistakes.
You should also have basic business knowledge of important marketing, personal sales, as well as sufficient technical information on real estate principles and practices. This will prevent you from making informed decisions that can cost you a lot of money and stress.
Anyone who wants to list the property in FSBO must be disciplined with marketing goals and objectives with established time frames for the process and completion of those goals and objections. You must be very organized and pay close attention to detail.
There are many stressful times when selling something as expensive as your own home, so you need to be able to keep a business perspective in all decisions. When selling your own home, always avoid guesswork and replace it with concrete analysis. Making informed decisions is much less stressful than guessing.
If you want to sell your own home successfully, you must be a smart negotiator and be able to deal effectively with the different personalities of your potential home buyers. Be ready and well equipped to sell your home, and plan to spend a lot of time selling your home.
You may want to contact Joe and Colleen Lane, Realtors® for more real estate information, especially in the Pasco Wa Real Estate, Richland Wa Real Estate and surrounding communities of Southeastern Washington.