Selling your home is stressful. And with all that stress, it’s easy for home sellers to make mistakes. It’s even easier to make seller mistakes when selling for sale by owner (FSBO), since the entire process depends on you.
Not Being Prepared Before You List
While you may be tempted to rush into listing your home, you’ll be more likely to have a quick, successful sale if you take some steps to fully prepare yourself(and your home) before you list. Some things you should do before you list include:
- researching recent home sale prices in your area
- putting thought into your list price and pricing accurately
- making any necessary repairs/upgrades to your home
- staging your home and having professional photos taken
- carefully writing a descriptive, effective listing description
Early preparation takes a little extra thought and time, but it will really pay off as you get deeper into the selling process.
Not Getting Involved in the Process
Another way to keep your stress levels down while selling your home is staying as involved as possible. Selling a home is a complex process, so don’t be afraid to ask questions if you don’t understand something or if you need guidance.
The more involved you are, the better informed you’ll be, and the easier it will become to make wise decisions.
If you’re going it alone, you’re going to be stuck with asking friends and family who have sold their home recently. But since most people use an agent to sell their house, they may not have the answers you need. Still, it’s always a good idea to ask previous home seller for practical advice.
Being Afraid to Make Changes
You may need to make a few changes to your listing to ensure the best possible outcome. For example, if buyer traffic is slow, you can reduce your sale price slightly to generate more interest. But don’t let that stress you out! Changes are a routine part of the home listing and selling process and can actually work in your favor.
How? If you end up lowering your price, you can contact all previously interested buyers to let them know. By doing so, you may get some new offers!
Going it Alone
For sale by owner means that you, the owner, will be doing all the work throughout your home sale, but you can save on commission.
That may be the case, but you do have to be extra careful about pricing your home correctly. Studies have shown that FSBO homes sell for less than agent-assisted homes, with one study saying FSBO homes sell for 5.5% less on average and another study claiming they sell for 26% less.
That’s quite a range, but it’s more than enough to wipe out the 2.5-3% in commission savings that traditional agents charge.