Biggest Mistakes

Here are some common gaffes FSBO experts advise you to avoid:


Bad Pricing

When pricing your home to sell, you need hard data on the selling prices of similar homes in your neighborhood. Too many FSBO sellers fall into the trap of looking at asking prices rather than selling prices and end up pricing their homes too high, leading to the painful process of repeatedly lowering the price of the home over and over again until you hit the sweet spot where the home is realistically priced.


Overestimating the value of your home

Many sellers overestimate the value of their home based on what they've put into the home over the years. You know how much blood, sweat and tears you've put into the house over the years and you want to get it all back, but the marketplace determines the value of your home. If your home is listed at a higher price than the competition, it simply won't sell.



Undermarketing

For FSBOs, marketing your home is a continual process. FSBO sellers should do as much networking as possible. Tell your friends, relatives and clients that you have a great house on the market. Other savvy sellers put together fact sheets about their house, pay a fee to get their home listed in the MLS, hold numerous open houses, and follow up with interested buyers, and be sure to post your listing on your social media profiles as well.


Quitting too soon

Many sellers underestimate the time it takes to sell a home. Too many people quit after a month or so and get a real estate agent. If you price the house reasonably and get the word out, the house will sell. Just don't give up too soon.