Selling Real Estate by Owner in a Slowing Real Estate Market

By: Paul Wilken
Submitted: 2007-01-17 16:16:36
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One question that is often asked as I speak with sellers of FSBO Real Estate is “Can one still sell FSBO in a slowing real estate market?” or “Can one sell FSBO when there is so much inventory on the market?” The answer is absolutely one can still sell their real estate FSBO. The only caveat is that it may not be as quick or easy as it has been the last few years. That holds true whether selling FSBO or with an agent.

Buyer psychology is changing as the market changes from a seller’s market to a buyer’s market. In 2005 buyers were nervous that if they did not buy soon the price would go up and they may be priced out of the market. In 2006 with more properties on the market and slower appreciation buyers do not feel as pressured to place an offer.

So with the market changing how does the FSBO seller overcome the quantity of inventory on the market and buyer psychology? The simple answer is exposure and pricing.

A few years ago it seemed like all the FSBO seller had to do was run a few ads in the local paper, put out a sign and wait for the buyers. Today, though local media and signs are still important, sellers need the exposure of the internet, personal face to face marketing, and unconventional marketing. One still needs to have a sign letting drive bys know your home is for sale. A local media campaign with ads that are informative and running multiple times is necessary. The internet with its FSBO web sites is a great marketing tool. It gives sellers the ability to describe their property, both with words and pictures. It gives buyers the ability to quickly and from the comfort of their homes or offices browse local real estate and real estate from around the world. FSBO Sellers have to let everyone know they are selling their homes. Remember co-works and acquaintances may not be in the market for a new home but they have friends that have friends. Some unorthodox marketing may consist of ads on local bulletin boards, flyers that are handed out at events, work place bulletin boards, and letting local real estate agents know that, though you are selling FSBO, you will work with them and protect their commission, if they bring a legitimate buyer. Many of the internet FSBO sites like FSBO Volusia have the ability to print brochures and e-mail copies of the ads. The key is to get creative and remember how much money selling FSBO is saving in commissions. Some of the savings should go to marketing while some can be used for competitive pricing while the balance can go in your pocket.

It is imperative that one prices their property fairly and competitively so that it does sell. Remember buyer psychology is changing and there are more homes on the market. The price that a given piece of real estate will command is determined by the market not by what the seller thinks the market should pay. In many instances a good start is to get a professional appraisal. Though this may cost a bit, it can be used to show potential buyers that the property is priced correctly and more importantly when it comes time to get a mortgage the buyer should have no problem with financing based on the selling price.

One can sell FSBO in today’s market with creative exposure and fair pricing.

http://www.fsbovolusia.com

Article source: Expert Articles

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