The slowing housing market and rising mortgage rates shouldn’t stop you from selling your home now. Whether moving away or thinking of buying another home, you can sell your property in Minneapolis using the homes for sale by owner approach. Also known as FSBO (for sale by owner), it means selling the house without a real estate agent to avoid paying hefty commission fees. There’s the chance to sell faster and at a competitive price, too.
It might sound challenging to sell your home by yourself, but following these 7 steps could make it much easier:
- Get a listing agent
An FSBO service will list your home on the local Multiple Listing Service (MLS) to get it noticed by more buyers and real estate agents. When your listing is on the MLS, it will also show up on other public real estate websites such as Realtor.com. Only licensed real estate agents can use the MLS, so hiring a listing agent can be a good investment.
- Sign up for an FSBO package
Some realty companies in Minneapolis offer homes for sale by owner packages that start at competitive prices. Besides listing your home on the MLS, they will provide the required state disclosures, create ads, and show your home to potential buyers online. Just be sure it has no hidden fees, and you’re allowed to cancel at any time at no extra cost.
- Determine the best price for your home
Aim for a competitive price to succeed in the sale. To do this, check the recently sold and currently active listings similar to yours in your neighborhood. Consider hiking the price up to 10% more when the market favors sellers. Otherwise, choose a slightly lower price in a buyer’s market to beat the competition.
- Invest in professional photography
Professional real estate photographers can show your home in a more flattering way through pictures. Just remember to depersonalize and declutter the house before taking pictures, and take steps to improve your property’s curb appeal. Hiring a professional home stager could also help.
- Organize showings
Schedule open houses and in-person showings and announce them online. You could also use online showing tools to simplify arrangements.
- Compare, negotiate, and review offers
Take the time to compare offers and negotiate if you can. Also, consider if the buyer is buying your house with cash and is willing to negotiate closing costs or waive contingencies, such as the home appraisal.
- Close the sale
A real estate attorney or title agent can work as a closing agent when selling your home in Minneapolis through the homes for sale by the owner. Don’t forget to pay your home selling taxes and the seller’s closing costs.
Need help with FSBO?
Real Estate Corners is a trusted team of real estate brokers in Minneapolis with homes for sale by owner services. We also offer an FSBO package starting at $299 to help eliminate the guesswork from the process. Contact us now!
