How to Sell a House By Owner in 2024?

$12,890! That’s the 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.

FSBO saves you more than just money—it saves you time too. 77% of FSBO homes sold within 2 weeks compared to the 4-12 weeks with an agent. However, with several FSBO platforms, you may have to handle most aspects of the sale yourself.  

With Houzeo’s FSBO service, you get 5 star customer support. You can also get your home on top RE websites like Redfin and Trulia within 24 hours. Moreover, you get access to advanced tools and resources to get through the selling process. 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 home up to 10% more than 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 professionally sell 32% faster than the average home. Hire a professional to 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 entire agent 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 are selling 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.

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 Competitive 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 Houzeo will 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.

Houzeo gets your FSBO home listed on the MLS in just 24-48 hours. Also, you will get 5-star customer support every step of the way. Your home will reach millions of potential buyers through top real estate websites like Zillow and Redfin.

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.

» Need More Clarity? Read these exclusive Houzeo reviews and learn why it is one of the best For Sale By Owner websites in America.

Frequently Asked Questions

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