The most important thing to consider when selling a house For Sale by Owner is knowing how to price your FSBO right. It’s also one of the most difficult tasks for FSBO sellers. Price your home incorrectly and it could spend more time on the market or sell below the home’s worth.
So how do you price your FSBO right?
Working as your own realtor means putting in the time and legwork to ensure your home is priced to sell. Let’s take a look at some tips to help determine the value of your home.
1. Check out the competition
Walk around your neighborhood and scope out similar homes listed for sale. Make note of the condition of the homes, location, features and amenities. Adjust the price of your home in comparison to the homes that are listed or have recently sold. If the homes have been on the market for some time, determine the patterns as to why they have not sold. Consider the options you have to avoid this from happening to your home.
2. Get an appraisal
The cost of a home appraisal ranges from $300-400, but it’s the most reliable home value estimate. A licensed appraiser familiar with your area will provide an appraisal report that includes details about the home along with a comparison of similar homes nearby, the evaluation of the local market, and documentation of any major issues that would decrease the home’s value. An estimate of how long it would take to sell is also included in the report.
3. Leverage Internet tools
If you’d rather save the money on an appraisal, but need help taking the guesswork out of pricing your home, Fizber.com provides two options for FSBO sellers – a FREE Home Valuation or a TruHome Value Report ($40) that provides comprehensive information about your home and its surrounding properties.
Steady amount of foot traffic from buyers at your front door within the first week of listing means you’ve probably nailed the selling price right. However, if your property is receiving little to no interest from buyers, you might have to adjust the price down.