Home Selling in 19001>Question Details

Deborah Jones, Home Seller in Abington, PA

I have had my house onthe market for about 2 months now. We're selling FSBO so we realize the volume of

Asked by Deborah Jones, Abington, PA Tue Jun 10, 2008

people we reach is not as much. Our problem is that we would like to go to settlement in October, rather than sooner, due to several reasons. We thought we'd get a jump on the market for summer. How do we explain that to people? Also, we were thinking in early August we could lower the asking price about $5k or $10k. Any ideas?

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Unfortunately, you truly are limiting your exposure by being a FSBO/for sale by owner. In this market, with so much inventory for sale and so much competiton, the idea is to price the property right from the very beginning of the listing, and to get as much exposure as possible. It is taking properties about 5 to 7 months to sell now, so although an October closing date is a bit away, if the property does not sell for 3 months, then you will be close to your October date.

If you choose to work with a Realtor, you can put this information about an October closing date in your listing contract. If someone wants your house, and they are in the position to wait, they will wait. If you are going to leave the house before October, you can always rent it back to the new buyer. There are usually solutions/ ways around everything.

I agree with Donna who answered before me: do not bother with a small price drop. If you are not willing to reduce by at least $20,000.00, it is not going to matter. Although this may feel like a lot of money to you, in the scheme of a price reduction, it is hardly noticeable.

A better idea: Why don't you just reduce it now and have it on the market now at a lower price? Why wait until your back is against the wall? Drop the price now and get people in there to see it: that is absolutely the name of the game.

I cannot stress it enough: In this market, with so much property for sale, the ony things that will make your property stand out are the location and the price. The longer you hold the property, paying your mortgage and other carrying costs, the more money you will be leaving on the table, as prices continue to drop thru the summer, as they usually do. Get serious about your asking price now and go from there.
0 votes Thank Flag Link Tue Jun 10, 2008
Deborah,
I am from your area and I have sold many homes in the abington area in the last few months. I get a lot of clients from abington Hospital that want to stay nearby so abington, roslyn, glenside & upper moreland are areas that i spend a lot of time in.
It is ok to try and sell FSBO, just remember that you have a lot of competition right now and you need to effectively reach the masses to find a quality buyer for your home.
you are dealing with joe homebuyer, do you know if he is ready, willing and ABLE to buy your home? or are they there to waste your time? What i do for my client is start with 1000's of potential buyers, then i begin to work the cream to the top, you only want a qualified buyer walking through your home. Not just anyone!
Please contact me. We can spend a few minutes talking about your goals when selling your home.
dennis@DennisStrange.com
1 vote Thank Flag Link Tue Jul 1, 2008
Hi Deborah,
I saw your listing and have a few suggestions. 1st, The Pictures you have online show a date of Jan 2004 ! Big No No ! Take better pictures and make them wide angle. Especially the Kitchen and Finished Basement. 2nd, a virtual tour will get you a much higher listing on other websites such as realtor.com. 3rd, In the description area, START with the highlights. like Large Rooms - In-law suite (a biggy)* , end with the Close to shopping and Pub Trans stuff. You want to GRAB their attention. Using a Flat Fee MLS lister as opposed to doing it ALL by yourself is a good choice but still misses the mark from listing with a full service broker. Truth is the vast majority of home buyers have hired a Realtor to find their new home. As everyone has said , granted they are all Realtors, Homes sold with Full Service Realtors sell on avg for 10-15% more than if sold by owner. And maybe even more importantly, Close and with less risk of crashing and burning. And if you hire an experienced Realtor, You get Professional marketing far beyond the three P's (*P*ut a sign in the yard - *P*ut it on the mls - *P*ray it sells !) things Like Call Capture Ads, YOUR HOME on a dedicated web page, Gorilla Marketing, Direct Mail pieces making the community aware that your house is for sale, and on and on......
Feel free to write me if I can help you in any way.
For an example of Professional and Gorilla Marketing , Check out my website and look under Guarantees.

* there is a specific field on the MLS for In-Law suites - and the select group of buyers who need that , search using that field. The way you are listed, they wouldn't ever see your home for sale.
1 vote Thank Flag Link Mon Jun 16, 2008
If you insist on doing things your own, then find a flat fee company that will put the home in the MLS, like Assist 2 Sell or Help U Sell. There are quite a few fee for service brokers. In so doing you will pay a fee to get MLS access and still keep your commission savings.

As far as settlement, in the listing description you could write "no settlement before October" or "seller prefers October settlement." In my opinion though, in this market, would you really be willing to forego a sale for the right price if the buyers wanted an August settlement? I personally would not so I do not think you should be quite so steadfast in your settlement desires.
1 vote Thank Flag Link Wed Jun 11, 2008
You may want to rethink using a Realtor; be sure to research for one with experience in your neighborhood. You may run the risk of people believing you have a distressed property if it is on the market too long; this may ultimately cause you to receive lower offers. You are correct that you don't have the "reach" of a Realtor. Be sure to use one with a strong national company website - ReMax, Coldwell Banker, etc. Additionally, I believe there are security issues with a FSBO. you have your phone number displayed in your front yard.
1 vote Thank Flag Link Tue Jun 10, 2008
Definitely you should list with a Realtor. You most likely will get a higher offer, more qualified buyer and that Realtor will help you get from listing your home to more importantly, the settlement table!
0 votes Thank Flag Link Tue Oct 28, 2014
I suggest finding a professional Realtor you can trust. Interview a few and find out who you are comfortable with. Leave the work to the professionals.
Good luck with whatever you do.
0 votes Thank Flag Link Thu Jul 10, 2014
It's not an easy job. I wish you the very best of luck - and if nothing else - get a couple of agents into your home to give you a true price comparison so you are confident you are in the right ballpark.
0 votes Thank Flag Link Thu Jul 10, 2014
FSBO do not get much exposure in the market. Since you are targeting August - October for the sale, ask a Realtor to give you Comps in the area and then you can determine the price of your home.
0 votes Thank Flag Link Thu Feb 21, 2013
I worki in a relocation department where my buyers are from all over the US, these potential buyers will not even know your home is for sale. They also want to move within 30days. If there is anything I would suggest is price your home right and lots of advertising will get it sold. Why not have an agent do all that for you?
0 votes Thank Flag Link Thu Aug 14, 2008
A FSBO is similar to a home owner that is standing on the front curb with a whit flag, yellling HELP ME> WON'T SOMEONE HELP ME ? I am trying to sell my house, but I don't know what I am doing!
Your home is your biggest asset, but you will not go to a professional? Do you go to a Dentist, or do you pull out your teeth with a plyers?
A Realtor can get you exposure, and thus a higher selling price. It has been proven and published by the National Association of Realtors.
I wish you luck, but when you grow tired of showing your home to potential buyers that are not financially qualified to buy your home, you will probably need to choose a Realtor. When that happens, you should call me, #1 in Bucks County on Active Rain Don Bradbury 215-536-6777 x 329 http://www.bradburyteam.com
Web Reference: http://www.bradburyteam.com
0 votes Thank Flag Link Wed Jul 9, 2008
This response is to Donna.

What do you mean by "give more information than your competitors"? Information such as what?
0 votes Thank Flag Link Wed Jul 9, 2008
When you post it for sale, make sure you give more information that your competitors, be transparent and upfront, it will sell fast.
0 votes Thank Flag Link Wed Jul 9, 2008
Deborah, I am a resident of Roslyn as well as a Realtor out of Dan Helwig Realtors. It’s not unusual for either party to want a three month settlement. So, just inform your prospects of this condition from the start. The issue when it comes to this is whether a buyer’s pre-approval or mortgage commitment will extend until that time.
I see that you are also thinking of reducing the price in a month or so. Reducing the price may not increase the volume of prospective buyers, but what could is enlisting a Realtor to assist you in marketing you home. This will also insure that your home is priced properly, which should help it to sell quickly and to help to negotiate your settlement requirement.
0 votes Thank Flag Link Sat Jun 28, 2008
There are always various factors that play into the reason for selling, and the ability to sell, Deborah. I won't claim to know all of yours. I do know this, however. Your home is likely your most expensive asset. Do you really want to let a "B" Realtor market your home? you wouldn't take your Corvette to one of those "B" lots downtown to sell it. You'd hire a professional Broker. The way I see it, if that agent can't negotiate a fair commission for himself, how could you expect him to negotiate a fair sale price for your home? Be careful too if you do go with a discount broker that they are not "blacklisted" by all the full-service guys around town. I've run into that a lot. The discount brokers around here don't even answer their phones a lot of times on the weekends...you don't want that!
0 votes Thank Flag Link Mon Jun 16, 2008
I agree with the other posters. The bottom line is that in this market, being a FSBO is not a good place to be. There is just wayyy to much inventory to compete with. A few years ago that was not the case and it was a lot easier.

Further, the statistics show that a FSBO, on average, will sell 10 to 15 percent below what the property would have sold had it been listed with a realtor. So even after the 6 percent commission, you would still be way ahead of the game !!!!!

I can refer you to several strong agents in Abington who have a good pulse on the market. If interested in the referral, you can email me at thesomersteam@yahoo.com.

Also, feel free to visit our website below for more helpful hints !

Good luck !
0 votes Thank Flag Link Wed Jun 11, 2008
Deborah
The truth is that 86% of owners sellinng without professional representation list with a Realtor.
5% sell to someone they know. 5% sell to someone they don't know.

I suggest talking with three Realtors. HAve them present an Estimate of Seller's Net Proceeds. You run the numbers. Even is you are selling on your own, you will probably have to be a commssion to the Realtor that brings the buyer. So. you are trying to save 2-4% of the purchase price.

Hopefully you'll beat the odds. If you can sell, great. If you cannot, then you'll have a Realtor as your back up plan. BTW, the rule of thumb is that a price reduction should be 5%.
Remember, most buyers use a Realtor. When you bought your home, didn't you use one. Why?
0 votes Thank Flag Link Tue Jun 10, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Hi Deborah, I know, everyone hates paying a Real Estate agent. But just like a home repair project you want the job done right and inexperiance or lack of knowledge can cost you. An agent can price your home according to current market trends and sell your home for the best price. And as your aware, the sale price of your neighbors home last year is not really current in todays market. So pricing is very important. A Realtor. would have access to the most current info. Also, have you advertised this home yet, Its expensive! With a Realtor. Your home will recieve the exposure it needs to get it sold. Having a home sit on the market for long periods makes Buyer think theres something wrong with it. A Savay FSBO shopper will really want to lowball the price. Its a tough market out there, and October is swiftly approaching , unless you have great traffic thru your home , You may want to consider a pro. A realtor doesnt just advertise and list you home they help with all aspects of getting it sold, Including getting a buyer to a dependable lender so they can purchase your home. I also coordinate pest inspections, appraisals and closing attorney. If you choose to do it alone, be prepared for these steps. When it comes to what you should tell your buyer, just be honest about you expectations. Best of Luck to you. P.S. Do you need a Realtor. in Upstate South Carolina?
0 votes Thank Flag Link Tue Jun 10, 2008
You can put right on the listing sheet that you are looking for an October close date. However, in todays market, that's pretty far out for a closing date. Families looking to move usually want to be in before the school year starts. You could be limiting your audience even more. However, it may take that long to get your house sold depending on if it's priced right for the market.

Also, when the time comes to drop the price, unless you're willing to drop it $20K, don't bother. $5 to $10K drop won't make much of an impact.
0 votes Thank Flag Link Tue Jun 10, 2008
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