Selling your house for sale by owner (FSBO) can be a great way to save money on real estate commissions. However, it's important to remember that you are still responsible for all of the tasks involved in selling a home, including setting a fair asking price.
One of the best ways to set a fair asking price for your FSBO home is to get an appraisal. An appraisal is an unbiased estimate of your home's value, and it can be a valuable tool for sellers.
Here are four reasons why you should get an appraisal when selling your house FSBO:
- An appraisal can help you set a fair asking price. When you're selling your home, you want to make sure you're asking for the right price. If you ask for too much, you may scare away buyers. But if you ask for too little, you could leave money on the table. An appraisal can help you avoid both of these problems. The appraiser will look at recent sales of comparable homes in your area, and they'll use this information to come up with an estimate of your home's value. This estimate can give you a good starting point for setting your asking price.
- An appraisal can help you negotiate with buyers. If a buyer makes an offer that is lower than your asking price, you can use the appraisal to support your case for a higher price. In some cases, the buyer may be willing to come up to your asking price or even higher. But even if they're not, the appraisal can still give you a stronger negotiating position.
- An appraisal can give you peace of mind. When you sell your home FSBO, you're responsible for everything from marketing your home to negotiating with buyers to closing the deal. An appraisal can help you sleep soundly at night knowing that you have done everything you can to get the best possible price for your home.
- An appraisal can give you insight into important market data to help you understand market dynamics. What are the supply and demand factors in your market? How long is a house typically on the market before it sells? What happens when a house is overpriced and how does the market react? Have market dynamics changed recently or are they changing (i.e., interest rates for example), and how could these market forces and pressures impact my plan to sell a house?