Update – For Sale By Owner – Need Advice

I posted this post a few months ago asking for advice on our FSBO. I thought some people would care about an update, so here it is.

After 2 weeks on the market as a FSBO, we decided to list with the realtor who offered to do it for 4% commission. He suggested we keep the price the same at $424.9k. The second it hit the MLS, we had 5-10 showings/day. Feedback was all very positive, but no offers.

He also held an open house the first Sunday it was on the market and got over 75 people, but still no offers.

Being represented by a realtor was a God-send. I no longer felt the pressure to accommodate showings around our busy work and home life schedule, and went on our weekend holiday without stressing about missing out on showing opportunities. That alone was well worth the 1% we were paying him.

After 2 weeks on the MLS and multiple showings/day with no offers, we decided the price must just be too high. We had gone into it with the mindset of "we will accept anything over $400k. If people like the house, they should just submit an offer for what they think it's worth and let us counter/accept…" I guess people figured if it was over priced, they didn't want to low ball so they just kept looking.

So on a Wednesday night, we lowered it to $399.9k. By Thursday, we had an offer in hand for $405k and were told there were 2 more on the way. The offer of $405k expired in 24 hours, and met all of our other criteria (closing date, 20% down payment conventional…etc), and our realtor told us that the other 2 offers wanted a shorter closing (which didn't work because we wanted our son to finish the school year in our current district) and were either FHA or less than 20% down. So we decided to accept the $405k.

Inspection and closing went extremely smoothly.

In the end, we are very happy with the outcome, and felt that listing with a realtor gave us the best exposure, got us a fair selling price, and the convenience was well worth the 1%.

More real estate tips at Program Realty Wix site


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