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You might also consider owner financing if your circumstances allow for it... I just added a short post about it this morning on my Tulia Blog:
As the Trulia community mentioned already, the FSBO route is not an easy one in this particular market. You need to work very hard to come up with that one buyer. Strategies such as owner financing or other creative financing can help you.
I wish you well in your FSBO experience. The best advice that you will and have received is to interview a few agents and agencies to represent you and let them market the property and represent your interests. By going along the FSBO route (other than your attorney which is after the fact) everyone that walks through your door is looking out for their best interests and not yours. Nearly every buyer has or will seek out an agent to represent them, which leaves you at a disadvantge on representation. According to the NAtional Association of Realtors a FSBO receives nearly 15% less (median average). So the full brokerage fee on the listing side of 3% pales in comparision. There are also fair housing laws and market exposure that can either work for your or against you depending o how you proceed.
As everyone has mentioned, exposure is key and that's why its always recommended in a competitively tough market like this to hire a professional. With the internet, it's a great form of advertising, but not so good in filtering ONLY "qualified" buyers. I've seen many clients try selling FSBO, but got frustrated after all the wasted time with scheduled and unscheduled showings for people just "window shopping" and not serious or capable of buying. The beauty of hiring an agent is that not only do we bring knowledge and experience, and tons of exposure through our networking among professionals, but also act as this needed filter.
My advice would be to give yourself just 30 days to market your home privately, if you don't get many qualified showings then hire an agent. Plan to interview some agents to get advise about current market conditions, how we can market your home and how we will assist with all the negoitations and legal details. I guarantee that you will find an agent that will simplify the process and offer many options for you to sell your home the way it needs to be marketed as well as taking into consideration your ideas ( so you can input as much as you want). Just remember when you hire an agent, it's for a specific time frame that you decide on so I encourage to outreach to one of us!
ERA Statewide Realty
It will just add to the selection of opinions so you can perhaps get a more rounded response..
Best of luck, Dunes
Good luck! I have been doing this for the last 23 years and this is what I would advise you. Hire an agent so you will know that you got the highest priced the market will bear. As a fsbo you are limited in the number of people you can expose it to especially on the internet. In this and in any market you want everyone and anyone who could possibly be interested in your house to know it is available. As a fsbo, you could possibly get a good price for your home however the percentages of that happening are lower than with a realtor because of the lack of exposure.
If you want to continue as a fsbo, I would make sure that your internet exposure is the best it can be both in quality and range.
If you do decide to market your home with a realtor, I would appreciate the opportunity to present what I can offer you. I have worked through the previous down market and have the experience to get your home sold in this market.
Jeannie below hits the mark on your question. I am an agent who also lives in Bound Brook. Since November 1, 2008 only 4 houses have successfully gone under contract and closed...one of them being a short sale.
While interest rates are holding steady at 5% or lower (credit score dependant) it is a great time to buy but the number of buyers have significantly decreased due to other economic factors.
Over 80% of all buyers are now looking for homes on the internet before looking in a newspaper or driving around looking for signs. It is important to work with an agent that can get your home marketed in as many internet opportunities as possible in addition to aggressive print advertising.
Feel free to contact me anytime.
In short, my recommendation to you as a FSBO is to team up with an agent to help you navigate this tough market, beat the odds, and succeed. I am successfully selling homes in this tough market and it is taking every bit of energy and marketing know how and resources to get it done. Please reach out to me so that we can discuss further - my interest in assisting you is sincere.
Search and connect at http://www.feenick.com
You can reach me via Trulia - and find me online at http://www.feenick.com There I have outlined what I consider to be the most important components for success in selling a home - click on The Feenick Advantage to read more.
Hope to hear from you - I'll be back with a quick snapshot and then we can discuss further when you contact me.
Search and connect at http://www.feenick.com