Thinking of Listing Your Property “For Sale By Owner”?

FBSO

Homes for sale by owner, or FSBO, transactions are commonly seen in seller’s markets or whenever homeowners want to maximize their profits by not having to pay commission.

Statistics show that selling your home with the assistance of a professional real estate agent like Anacortes-based Jean Groesbeck & Assoc. will garner you a higher profit, enough to cover the commission as well as put more money in your pocket. According to the National Association of Realtor®’s 2016 Profile of Home Buyers and Sellers, the average FSBO sales price was $185,000, while the average price for a home represented by an agent was $245,000. That’s a difference of $60,000!

Houses for sale by owner leave a seller to do the negotiating. You’ll be relying on your own skill to finalize a contract, leaving yourself open to potential legal problems and a smaller profit when all is said and done.
Here are some of the top reasons why for sale by owner homes can cause major headaches.

Marketing your home online isn’t as easy as you think
Using an agent automatically offers widespread exposure for your listing through the multiple listing service. Your real estate agent will also have the means to promote your house to fellow agents to share with their clients. FSBO sellers would have to shell out big bucks for advertising and still might not reach the most important audience.

Homes for sale by owner could be priced wrong
Those who put their homes on the market as FSBO tend to set a price based on an online assessment tool or the lofty sum that the neighbor down the street claims they were offered—two methods that are liable to put the listing price way off.

A real estate agent will provide an accurate home value based on a comprehensive market analysis to help you arrive at the right listing price. The goal is to make sure you’re pricing your home in the sweet spot—not too high so that you are turning off potential buyers, and not too low so you are leaving money on the table.

You could underestimate (or overestimate) how much money to spend on curb appeal
Even if you’re not up for a full home makeover, your agent has an eye for detail and can recommend simple, budget-conscious swaps that can translate into real dollars when it comes negotiation time.

Showings
FSBO sellers don’t realize how draining it can be to set up showings. And on top of scheduling actual potential buyers, you also have to deal with both looky-loos, whereas your agent will handle all the scheduling and staff for the tours for you, so all you have to do is quickly tidy up and vacate.

In fact, that is another key reason to have an agent: Buyers can get uncomfortable with a seller hanging around during the showing. Agents also will weed out unsuitable offers and collect feedback that potential buyers might be unwilling to share directly with the seller, which can make subsequent showings even stronger.

Preparing your own paperwork can be tricky
The closing process can entail more than 20 pages of complicated paperwork, including the contract and addendums designed to cover all of the situations that could go wrong. Your agent will take care of all property disclosures and corresponding documentation to avoid future liability.
Considering selling your home, or are you ready to list now? Licensed under Coldwell Banker Bain, Jean Groesbeck & Assoc. LLC can help! Located at 809 7th St. in Old Town Anacortes, Team Groesbeck can be reached daily at (360) 941-3734, (360) 899-5027, or at Jean@JeanGroesbeck.com for all of your real estate needs!

We look forward to working for you!

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