Pricing your FSBO Home

Posted by on Tuesday, August 8th, 2017 at 10:59am.

Pricing is perhaps the toughest task for an individual who wants to sell without an agent. You simply don't have the information at your fingertips that an agent has, nor have you seen the interiors of homes that have sold recently. The internet pricing tools you'll find on every real estate website will get you in the ballpark - but it takes human eyes to see the real differences between homes and determine the right price.

Even worse, people don't like to admit the real dollar amount that they got when they sold, so the hearsay information you get will likely be incorrect.

To come up with the correct price in today's market you must first discard any information you have that's more than a couple of months old. It doesn't matter what your next door neighbor got last year, even if he told you the truth. This market is changing too fast to use any but the most recent selling information. So here is what you can do...

Begin by visiting every open house within a mile or two of your home - assuming that the other neighborhoods are similar to yours. Pick up flyers and as you tour each house, make notes on how they are or are not similar to your own house. If you get a chance, talk with the agent. Ask how long the house has been for sale. Ask if there have been price reductions or if a reduction is expected. He or she may not be willing to disclose that information, but learn all you can and record it on that flyer.

If there's a home for sale, but no open house, get the flyer and make what notes you can from outside. If it seems very similar to yours, call the agent and ask questions.

Now, keep driving through those neighborhoods every week or so. Watch for homes that have price reductions. Take notice of homes that have sold and compare them to your flyers. Pay attention to how quickly each home sells. And of course, start the process over when a new home comes on the market.

You still won't know the final selling price, but you will at least know what price attracted a buyer well enough to prompt an offer and get negotiations started.

Your goal is to set a price on your home that is competitive without being a give-away. Too high and you won't even get lookers. Too low and you'll kick yourself for years.

This is a big job, and the sooner you get started the better.

Wishing you success.

P.S. If you see me at an open house this week-end, come and say hello.

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