If you have decided to list your home as For Sale by Owner Fargo, you can be absolutely sure of one thing – you are going to save thousands of dollars. You won’t have to pay a real estate agent any commission obviously because you are not hiring one. The commission is usually up to six percent of the sales price, so if the home gets sold for $500,000, your savings will amount to $30,000.
You can use this saving for a lot of things – during the sale and thereafter. Here are a few tips on putting the cash to good use after listing your home as For Sale by Owner Fargo.
Spend some money on basic upgrades
As an FSBO seller, you have two options – you can either sell the property ‘as-is’ or make a few upgrades. If you decide to go for the second option, you need to be absolutely sure that the upgrades you are making will increase the value of your home. Never go overboard with upgrades and renovations. You will never be able to recoup the cost and end up wasting the money that you saved by listing your home as FSBO.
Market your home more aggressively
A part of your saving can be invested in a sales and marketing campaign to give your home maximum exposure to potential buyers. You can hold an open house, hire a photographer to create a virtual tour of your home, hire a professional copywriter to prepare a powerful home listing, promote your listing on social media channels and give classified ads in local newspapers and magazines. This type of a marketing campaign will hardly cost more than a few hundred dollars.
Offer incentives to buyers for a quick sale
Nothing draws in prospective buyers more than incentives and offers. You can use a part of the saving towards sharing the buyer’s closing cost or sweeten the deal with creative gift ideas such as paying for a home warranty. It’s an investment that may help you sell your home a lot faster and without you having to spend much on marketing campaigns. In some cases, incentives and offers can even create competition among prospective buyers and trigger a bidding war, enabling you to sell your home for more than the asking price.
Use it for down payment on a new home
If you are selling your existing home, you will probably buy a new one. Whether you are upsizing or downsizing, you won’t need to arrange for down payment for your new home in most cases, particularly if you are taking out an FHA-backed mortgage. Your saving will be enough to cover the down payment amount. You can also use the money to renovate your new home, buy new appliances and make necessary upgrades.
Needless to say, by listing homes as For Sale by Owner, Fargo sellers can save a lot of money and use the cash to sell quickly and also to find a new home of their dreams. If you do your due diligence, it’s not very difficult to sell without agent representation. Conduct a comparative market analysis to come up with the right price tag for your home, negotiate professionally with prospective buyers and their agents and follow your legal and financial obligations during the closing process. You can find information on almost every aspect of home selling online and educate yourself.