12.24.09
Why FSBO Isn’t the Way to Go When Selling Madison MS Real Estate
Whether for single-family homes or condos, For Sale by Owner (FSBO) sales aren’t near as successful as those sold by Madison MS real estate agents. In fact, nationally by 2006, the average price for a FSBO home was at least $50,000 less than agent-run sales.
Why is that? Are real estate agents, including Madison MS real estate agents, just naturally better at it? Although I’d love to say yes, the reality is that there are just some things FSBOs don’t know. Because they don’t know it, they make mistakes. Some of the most common are:
1. Incorrect pricing – The Madison MS real estate market can only bear so much. By pricing their condos and homes too high, many FSBOs fail to sell. If your home isn’t selling, this may be the reason.
2. Not understanding everything involved – Selling a home, whatever the type, takes a lot of time, energy, ability, effort and know-how. For instance, accessibility is especially important, and a lot of FSBOs can’t be available to show the property when a buyer wants to see it.
3. Screening – You can waste a lot of time on unqualified buyers. You can also lose money by taking an offer that’s lower than it should be. Screening buyers can take a lot of time and effort, especially if you don’t have the experience to spot them.
4. Financing questions – The prospective buyer wants to know their financing options. As a FSBO, you need to be able to answer financing questions and explain their options. To do this, you’ll need to build a network of financial experts.
5. Knowing contracts – You need to be well versed in legal jargon, so you can handle contracts, agreements and disputes. Make sure everything – the negotiations and the agreements – is in writing.
These five points are just a few of the things a home owner needs to know to sell their single-family home or condo on their own. If you’re not prepared to do it all, hire one of the Madison MS real estate agents to do it all for you!
If you’re trying to sell your home or condo and need someone who knows the ropes, I can help. Call me today at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.
Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct: 601-942-3392
