Selling your home is one of the most significant life events you’ll face, and it can be intimidating if it’s your first time. Some people love selling their home by themselves instead of working with a real estate agent (known as “for sale by owner,” or FSBO for short). Why? Because they get to call the shots on everything, such as setting dates for open houses, staging, establishing an asking price, and more.
It makes sense for people to want to sell their home on their terms, considering they know its ins and outs. However, this type of sale isn’t for everyone. Read on to learn more about FSBO.
Information on the For Sale By Owner Method
Not many people take the plunge and conduct an FSBO sale. According to the National Association of Realtors (NAR), approximately 10% of home sales are FSBO ones each year. Some people feel empowered by managing their sales, but others feel overwhelmed at the prospect of it. It’s an effective way for some sellers to save money because they might not be able to afford a realtor’s commission.
Still, some people swear by the FSBO method because they may have successfully done it in the past. Read our insider knowledge on this type of sale below.
You Can Set Your Home’s Asking Price
People who sell their home without an agent can price it however they see fit, but that doesn’t guarantee a prospective buyer will pay that amount. After all, homes that aren’t adequately priced are more likely to sit in the housing market for months.
Generally, a real estate agent helps the client determine their home’s value. Their calculations are based on comparative market analysis, which relies on data that only professionals can access. Here’s how you can determine a fair asking price:
- Calculate your home improvements: Although you won’t get a 100% return on your investment for renovations, they’ll affect how much your house is worth.
- Research local housing supply: In a fair market, there’s typically about a six-month housing supply.
- Investigate local housing trends: Look up housing market trends in your county and go back at least five years.
You Can Stage Your Home and Invest in Necessary Repairs
One of the main perks of FSBO is that you won’t need to spend thousands on staging and renovations. Some real estate agents overstep their client’s boundaries and pressure them into splurging on staging and upgrades. However, when you manage your sale, you can set an appropriate budget.
On the flip side, you’ll be in charge of everything, whereas sellers who work with agents typically don’t move a finger. Professionals can share their expertise on which home improvements are most attractive to buyers and cost-effective to sellers.
Moving Out? Contact Sell Your OKC Home
Although the FSBO technique maximizes autonomy, it also comes with several drawbacks. If you live in Oklahoma City, Oklahoma, you can sell your property to Sell Your OKC Home for a quick, all-cash offer. No matter why you need to sell your house, we have the solution for you!
Don’t believe us? Take a look at our testimonials page to see what our clients have to say.