$12,890!That’sthe average amount squandered in listing agent commissions.It’s almost 3% of your home sale price. Is there a way to save that amount? Yes! Like the 409,000 home sellers last year, you can sell your house by owner.
Get this: with FSBO, you control your home sale. Since you know your home best, you market it better and save precious time— 37% of sellers swear by it!
WithHouzeo’sFlat Fee MLS listing service, you can attract well-qualified buyers. You get the best of both worlds—FSBO’stremendous savings and the expansive reach of the MLS. What are you waiting for?
How to Sell a Home By Owner in 6 Steps
Selling a home without a Realtor is daunting. The biggest challenges are for sale by owner paperwork, offer negotiation, and timely closings. The following 6 steps on how to sell by owner will help you navigate these challenges:
Step 1: Price Your Home Perfectly
Your home’s selling price is called its fair market value. You can calculate this using the real estate comps in your neighborhood. If you need pricing assistance, you can opt for a Broker’s Price Opinion or a CMA Report.
In a hot sellers’ market, you can price your homeup to10%morethan the market. But if it is a buyer’s market, set your asking price slightly lower to beat the competition and sell your house fast. Competitive pricing will propel offers.
Median home prices are at an all-time high, and the mortgage rate at ~7% is a deterring factor this year. So, price your home slightly lower than the Fair Market Value to attract buyers.
Step 2: Make Your Home Market-Ready
Here are some basics to remember when selling your house by owner:
- Declutter and Depersonalize:Tidy up your place and clean surfaces like coffee tables, countertops, etc. Also, remove personalized items such as photos, keepsakes, fridge magnets, etc.
- Improve Curb Appeal:Opt for clear landscapes, fresh flowers, or exquisite wall paints. Remember to remove dead plants, trees, shrubs, etc., to enhance your curb appeal.
- Hire a Professional Home Stager: A staged home affects 58% of homebuyers viewing a property. Hire professional home staging companies to stage and prep your house for listing photographs and walkthroughs.
Step 3: Boost Your Property’s Visibility
When you sell a house by owner, marketing and exposure are key to beating an agent-assisted sale:
- Hire a Pro Photographer: Homes photographed professionallysell 32% faster than the average home. Hire a professionalto collate an appealing portfolio.
- Write a Powerful Property Description: Mix a catchy headline with an engaging statement. Use popular adjectives like captivating, luxurious, impeccable, etc.
- List on For Sale By Owner Websites: While FSBO listing sites like Zillow and Craigslist reach millions, some sites offer free listings on their platform.
- Put a “For Sale” Yard Sign: Yard signs increase the home’s visibility and your intentions to sell a house by owner. In some cases, you can even attract unrepresented buyers.
- List on MLS: Homes listed on the Multiple Listing Service (MLS) will be syndicated to 100+ real estate websites, giving your house maximum exposure.
Step 4: Organize Home Showings
You can do the following when selling a house yourself to potential buyers:
- Open Houses:92% of home buyers find an open house useful. You may even attract unrepresented buyers with open houses. They will save you the entireagent commission at closing.
- In-person Showings: With a showings tool like Houzeo Showings, buyers and buyer agents can choose a showing slot at your convenience. The tool provides features to request, reschedule, update, and cancel showings.
»Houzeo Reviews: Check out what successful FSBO sellers say about Houzeo.
Step 5: Review, Compare, and Negotiate Offers
Though you areselling a house without a Realtor, the basics of what to do when you get offers remain the same. You must accept, decline, or ignore the offers (not recommended).
Look for contingencies offered by the buyer when you sell a house by owner:
- Will you get a cash offer on your house?
- Is the buyer offering to cover some closing costs?
- Did the potential buyer get preapproved for a mortgage?
Offer management tools like Houzeo Offers can be used for negotiations. With Houzeo Offers, you can make counteroffers and call for the highest and best offer.
Step 6: Finalize the Sale Seamlessly
You need different paperwork for selling a house without a Realtor. A licensed real estate attorney can help you draft all the closing documents and minimize the legal risks. Typically, the real estate attorney fee ranges from $150 and $500 per/hour.
Closing Costs
You and the buyer both pay separate closing costs.Seller closing costsusually consist of HOA fees, escrow fees, real estate attorney fees, transfer tax, etc.
Additionally, you need to pay the buyer agent’s fee which is 2.5% to 3% of your home value. If you offer seller concessions, you might also cover someclosing costs for buyers.
FSBO Mistakes to Avoid
Here are common mistakes FSBO sellers make that you should avoid at all costs:
- Relying on Only FSBO Sites Without an MLS Listing: An MLS listing is syndicated to 100+ real estate websites, which can help you attract unrepresented buyers. Statistically, homes listed on the MLS sell faster and for 13% more.
- Not Offering a Competetive Buyer Agent Commission: 86% of home sales involve buyer agents. A good buyer agent commission will incentivize the buyer agents, helping you attract top dollar for your property.
- Skipping Professional Real Estate Photography: Professionally photographed homes sell 32% faster. So, skipping professional real estate photography will lead to lesser foot traffic and slower home sales.
Pros and Cons of Selling a House Without a Realtor
36% of Millennials, 26% of Gen Xers, and 22% of Boomers are selling a home by owner. In our experience, buyer agents are not at all averse when you sell a house by owner.
✅ Pros of Selling For Sale By Owner
- You Will Save Thousands in Commissions: On average, as a seller you will spend over $10,000 in real estate commissions.Selling a property without a Realtor will help you save 2.5% to 3% of the listing agent commission.
- You Can Hit the Market Quickly and Sell Fast:FSBO websites like Houzeowill get you on the MLS within 24-48 hours or faster. Statistically speaking, 77% of FSBO homes sell in less than 2 weeks.
- You Will Have More Control Over the Process:You will interact with buyers directly as an independent home seller. You will also control other aspects of selling by owner, like showings, negotiations, paperwork, etc.
❌ Cons of Selling For Sale By Owner
- You May Need Support: You might need help with paperwork, inspections, negotiations, or closing, as you will manage everything yourself. So, list with a company that provides licensed Broker support if you need it.
- There Could Be High Hidden Fees: Several FSBO listing services that charge low upfront costs have a high hidden fee at closing. Additionally, several FSBO sites like Craigslist are infamous for attracting unqualified buyers and scammers.
Bottom Line
Selling a house by owner helps you save thousands in real estate commissions. However, the majority of FSBO sites do not list your home on the MLS.
If you want a FSBO sale with MLS exposure, sell with Houzeo. Houzeo will get your FSBO home on the MLS within 24-48 hours. Also, you will have 5-star customer support to help you at every step.
How to List My Property For Sale By Owner?
We’ve got you covered. Here’s a simple 5-step process to get listed on the MLS by owner.
How to List on MLS With Houzeo?
5 Easy Steps to List on MLS with Houzeo as FSBO
Start Your MLS Listing NOW!
» Need More Clarity?Read these exclusiveHouzeo reviewsand learn why it is one of thebest FSBO sitesin America.
Frequently Asked Questions
Where to list your home for sale by owner?
To sell your house yourself, opt for a Flat Fee MLS company. Flat Fee MLS companies list your home on the MLS and help you sell your house by owner. Check out our rankings for the best Flat Fee MLS companies.
Does the seller need an attorney at closing?
No, you don't need an attorney to sell property. However, it is recommended to hire a real estate attorney to deal with all the legalities involved in the process.
How to sell a house for cash without a Realtor?
You can list your home without a Realtor on cash marketplaces like Houzeo.com and Sundae. You can get multiple cash offers, some up to 100% of the Fair Market Value. Additionally, you can offer your properties to iBuyers. They make instant cash offers of up to 80% of FMV.
Can you sell a property without a Realtor?
Yes, you can sell your house without a Realtor. You can list your home on For Sale By Owner websites that attract millions of buyers every month. Or, you can work with Flat Fee MLS companies that will get you on the MLS for a small flat fee.
How can I effectively market my house when selling by owner?
Here are creative ways to market a house for sale. Additionally, you can opt to list on free FSBO websites like Facebook Marketplace or Craigslist.
How to Sell My House by Owner Near Me
| Region | States/Cities | How to Sell a House by Owner Near Me |
|---|---|---|
| Northeast | States | Connecticut | Maine | Massachusetts | New Hampshire | New Jersey | New York | Pennsylvania | Rhode Island | Vermont |
| Midwest | States | Illinois | Indiana | Iowa | Kansas | Michigan | Minnesota | Missouri | Nebraska | North Dakota | Ohio | South Dakota | Wisconsin |
| Midwest | Key Cities | Des Moines, IA |
| South | States | Alabama | Arkansas | Delaware | Florida | Georgia | Kentucky | Louisiana | Maryland | Mississippi | North Carolina | Oklahoma | South Carolina | Tennessee | Texas | Virginia | D.C. | West Virginia |
| South | Key Cities | Atlanta, GA | Oklahoma City, OK |
| West | States | Alaska | Arizona | California | Colorado | Hawaii | Idaho | Montana | Nevada | New Mexico | Oregon | Utah | Washington | Wyoming |
| West | Key Cities | Colorado Springs, CO |
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- How to Sell a House By Owner
