Selling Your Home Yourself (FSBO)

Selling your home yourself can be a challenging, but worthwhile undertaking. Do your research, expend some effort and stick to your plan and you could end up with a SOLD sign in the front yard.

Selling your home yourself (FSBO) Rule #1: Do Your Research

Visit open houses in the area. Check public records to determine the average home sales price in your neighborhood. Invite a realtor to do a CMA (cost valuation) on your house. As long as you don't lead them on, they'll be happy to provide the service for you.

Selling your home yourself (FSBO) Rule #2: Location, Location, Location

Price is important when selling your home, but it is often impacted by the location of your home. Even if your home is in the nicest neighborhood in town, there are some factors that could impact the price. A corner lot is often less popular. A house near a fire station or rescue squad could be considered less desirable than one near the golf course. If your lot backs up to high-voltage power lines it may not fetch a premium price.

Selling your home yourself (FSBO) Rule #3: Price

As previously discussed, location can impact the price you set for your home. If you set your price too high, it will not sell. It's that simple. Ask any realtor in town and they'll tell you the number one reason a property doesn't sell, is because the price is too high. Don't raise the price to include the "saved" commission.

Selling your home yourself (FSBO) Rule #4: Clean, Clean, Clean

From the front lawn to the ceiling fans, to the basement and garage, clean is the name of the game. You don't need to have expensive landscaping but your lawn should be cut, edged and green. Keep yard debris picked up and clean out beds and behind bushes. Paint the front door and install a shiny new kick plate. At a minimum, wipe down all walls and woodwork. Paint the living room and kitchen if they need it. Replace any old, worn or stained carpeting.

Selling your home yourself (FSBO) Rule #5: Lots of Space

You want to create the impression-accurate or not-that the new owners of your home will have plenty of room for their growing family. Clean out the attic and garage-have a yard sale a few weeks before you put your house up for sale. Put excess furniture, knick-knacks, memorabilia, infrequently used pots and pans, etc. in storage.

Selling your home yourself (FSBO) Rule #5: Backup Plan

You may need to lower your price or offer a homeowner's warranty as an incentive if your home hasn't sold right away. Maybe after a few weeks or months you're tired of holding open houses and not getting any good nibbles. That's when you may want to call a realtor to take over the job of selling for you. Chances are you've met a few of them while your house was on the market!