For Sale By Owner - Soft Market, Hard Sale?
In last week's Homeowner Web Resource I pointed to an article that outlined some of the drawbacks to selling your home as a fisbo (For Sale By Owner).
Everyone who is trying to sell their house in this market knows that it is soft and buyers are wielding more power than they have in past few years. How does the soft market affect how you market your property for sale by owner?
First I think we need to look at what motivates people to sell their house without an agent. They want to retain as much equity that they have built as possible and don't want to hand over 5% to 7% to an agent. I understand this logic and always work deals with owners that maximizes the amount of money they are able to walk away with. However, in a soft market selling by yourself can more often be a hard sale.
In order to maximize your chances of selling in a soft market owners should consider building in appropriate discounts. Owners who are willing to part with a fraction of the money they are saving on an agent commission can be built into a lower asking price for your home. Buyers love discounts and homes that are being sold privately can improve their chances of being sold when an appropriate discount is provided.
