For sale by owners (FSBO) need to know the process

 
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For Sale By Owner Milton MAFor sale by owners (FSBO) need to know the process of selling their house for the most money in the quickest period of time.  Sadly most FSBO people have bought and sold homes before and so they feel as though the understand the process. They had an agent who put a sign in their yard, loaded it up to the MLS and had an open house, easy right?  Well, yes that is easy if that is the way it worked in all kinds of markets.  It does not.  In particular it is not working in today’s market, and by today’s market standards. Right now in my market area the whole approach is to put your house on the market at just the right price which always feels low to a FSBO.   FSBO people think the old way, put it on the market high knowing they will have to negotiate down to get the sale.  WRONG!

Because inventory is low it makes it a seller’s market, but NOT if you price it too high. Then the market works the way the market always does.  It sits and waits the Seller out.  Your house will sit because similar houses in your area are priced to sell.  When your house is priced to sell then you get far more foot traffic. When you get this “thresh-hold activity” you get people bidding against each other to obtain the home for themselves.  This is a simple marketing concept that a trained professional in the real estate business understand and one that a FSBO would not because they only buy or sell a home 2-5 times in a life, not 2-5 times in a month.

FSBOThe worst kind of FSBO’s are the people who think they control the process.  Let’s get one thing straight, the BUYER controls the process ALWAYS.  It is the Buyer who decides the want the house, they will pay for the house and what they will pay.  Even in a Seller’s market as we have right now the Seller does not dictate the price, that is market driven.  When the Seller has other caveats about seeing the house, when they will let people in, how they will let people view their home then this makes it only worse for them.

 

Dear FSBO the longer your house stays on the market the less value it has. The market perceives the property as having something wrong with it.  This is even more true when other houses in your neighborhood go on the market and go under agreement as you sit.  The question the consumer-Buyer has is, what is wrong with this house.  They will know overpriced in a heartbeat and don’t know you are working with yesterdays strategies.  I wish you all the best FSBO but you need to know the process to win.