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Helpful info for FSBOS.
October 26,2022 | Posted By Flavia Brown in Real Estate
Following are several friendly real estate tips meant to be helpful and not self-serving -- from a seasoned and knowledgeable Realtor. As you know, the market is changing. Buyers are dropping out because interest rates increased to 7%+ for an average 30-year fixed loan (double from a year ago and the highest since 2008). And to slow down inflation the Fed will continue increasing their rates, causing higher mortgage rates. What does this mean to sellers? Homes for sale will stay on the market longer and asking prices will have to be reduced in order to get a property sold.
What is the solution? Get your home sold quickly before having to reduce your price. How can you attract buyers quickly? It’s a numbers game: you must reach many potential buyers by having a strong and effective marketing program. There is no other way to attract many buyers except having a lower-than-fair-market-value asking price, which you don’t want, or getting blessed with good luck, which is unlikely. What can you do to help a buyer purchase your home? A few suggestions follow: Click “Blog” and scroll down to
“Sellers: How to attract buyers.
Of course, I will be glad to assist if you decide to turn the selling over to an aggressive Realtor.
Please continue reading.
A FEW HOT TIPS
: No need to reduce your asking price (unless it is determined that it is too high).
Instead, do some or all of the following:
+ Have a strong and effective marketing program that will attract many potential buyers. For marketing ideas go back to “Blog” and scroll down to “Fsbo marketing” and “For fsbos – more helpful info.”
+ Offer and advertise to pay at least part of the buyer’s closing costs. Many buyers will welcome this assistance because they struggled to come up with a down payment.
+ Mention to buyers who are concerned about high interest rates that they can get a 15-year loan, a 40-year loan, pay off part of their mortgage, or re-finance in a year or two. (See the P.P.S. at the end of this post).
+ Consider doing at least some needed repairs, including termite repairs. (For example, in the Bay Area it is common for sellers to have a property inspection and have the report available for buyers to read before presenting an offer. Many sellers do some repairs even before putting the home on the market). At least do repairs relating to safety hazards, like a raised crack in the cement patio slab where an elderly person could stumble.
+ Have the state-mandated disclosures completed and ready for buyers to read. Buyers like to know what they are buying, and often they will make higher offers on properties they know more about. The most important required disclosure for fsbos and listed properties is the Transfer Disclosure Statement (TDS). Here is a good disclosures article:
Here is a Youtube presentation for fsbos:
A Realtor friend of mine wrote an informative Internet article:
+ Be sure your asking price is accurate. Study and analyze the comps. If the price is too high you will eventually have to reduce your price, then buyers will wonder what’s wrong with your home or location, or they will think they can get a lowball offer accepted.
Best wishes for a successful sale.
Flavia Brown, Realtor (17 years, 255 closed escrows, zero complaints, perfect DRE record, problem-free transactions).
P.S. Another informative post: "Hot and helpful real estate info from Flavia."
By the way, buyers don't need to be overly-concerned about interest rates being 7%+. Five ways to deal with the increase: 1) Do a 15-year mortgage. 2) Do a 40-year mortgage. 3) Pay off some of the loan. 4) Refi in a year or two. 5) Get a loan with an interest rate below 5% if your credit score is 640+.
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