If your goal is to sell your home as a for sale by owner listing, you should be well prepared several months in advance. There are three way that you need to prepare yourself for this type of transaction: emotionally, physically, and financially. During the long period of months and weeks that it will take in order for you to sell your home, you will need to work in all three of these areas in order to accomplish a successful transaction. Here are four big mistakes to avoid with real estate for sale by owner in Rhode Island to help you have a smooth and moreit’s satisfying transaction.
- Setting a High Price
Sellers who do not seek the advice of a professional real estate agent are required to do their own research to determine the right price to set. This research involves comparing similar homes in the area to find out what they are selling for. It is good idea to look at the most recent sales available and also take a look at listing prices for other houses on the market that are similar to yours in terms of location, size, and condition. This information will help you determine what price to set for your home. If your price is set too high, the cost you a lot of time and money because your house will sit on the market longer. You do not want your house to become a stale listing because it sat on the market too long.
- Not Prepping the Home for Sale
Since you are selling the home as for sale by owner and may or may not be working with an agent, one of the most important things you must ensure is that your house looks in its best possible condition which means it must be empty of clutter and completely clean. However, you must also remember that you should not spend too much money on trying to fix up the house because you may not always get a return on your investment. It is a good idea to concentrate on inexpensive improvements such as cleaning baseboards and walls, adding a fresh coat of paint, improving the landscaping, or polishing the faucets and door handles.
- Not Enough Photos
These days, most homebuyers begin their search for a new home by going online. When doing so, the first thing they want to see are the photos in order to determine which properties the buyer may want to see in person. You always want to make sure that you include several photos with any online listing. These photos should showcase your home in a way that makes it look very attractive to buyers who are browsing the Internet.
- Not Making Sure That Buyers are Qualified
One of the risks when selling a home as for sale by owner is that many sellers failed to get proof from potential buyers that the sale will actually be successful. Before taking your home off the market as being sold, you should always make sure to get a prequalification letter from any potential buyer. Failing to do so may result in the risk of a failed closing and you may lose the motivation to continue marketing your home for sale.
Real estate for sale by owner in Rhode Island can be handled easily with the help of a real estate professional. There are many companies in the Rhode Island area that provide FSBO assistance to sellers who would like a smoother transaction. Contact a local agent to discuss your options and learn the best way to sell your home quickly and easily.