For Sale by Owner in Michigan-A Huge Growing Trend That Helps Motivated Home Sellers and Buyers

One of the biggest advantages when you list your home for sale by owner in Michigan is that you know you are going to make the profit, not a real estate agent. The real estate agent can charge up to 6% commission of the total price, which can severely cut into your bottom line.

Although it’s not bad to use a real estate agent, in this soft economy many people are trying to save the money they would have had to pay a real estate agent. And as buyer, why pay more for the property when working with a seller directly gives you more negotiating room to drop the price.

For sale by owner in SE Michigan (Southeast Michigan) is booming we’ve noticed lately, and a quick look at the papers and Internet ads across the entire state shows pretty much the same thing.

Michigan Houses for Sale By Owner

Michigan houses for sale by owner, bottomline, is the preferred way for many people to sell their home in this downward trending housing market.

Selling your own home offers a number of advantages over a traditional real estate listing through an agent. These are the most prominent:

Michigan Houses for Sale by Owner Pros

  • You are in complete control.
  • You set the price and negotiate the closing.
  • You decide when, where and how you will advertise.
  • You control the open houses, showing, etc.
  • As a buyer, you can find Michigan houses for sale by owner at cheaper prices because the middle man (and the fee) is out of the picture.
  • For Sale By Owner or FSBO is advantageous for both buyers and sellers in that it puts them in direct contact with each other.
  • Michigan houses for sale by owner usually means lengthy negotiations are reduced because there’s no more third party. The buyer and seller are in direct contact with each other. Offers are made and accepted or rejected much more quickly.
  • The game of phone tag with an agent waiting to see if an offer has been made or an offer has been accepted is gone.
  • Negotiations are more productive because sellers and potential buyers are motivated to come to agreements on terms.
  • Buyers can get questions answered directly about the property by the party that actually lived in it.

Quick tips for Buyers:

  • Read the local papers for FSBO listings For sale by owner SE Michigan ads are easy to find in major papers and on the Internet. Check mlive.com or subscribe to the Ann Arbor Observer.
  • Do your research about the property. FSBO sellers are required to offer full disclosure on information about the property but just like when dealing with a real estate agent this is not always the case.

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  • Consider a buyer agent or using a real estate investors like us if this is your first purchase to assist with negotiations and legal issues.

For sale by Owner in Michigan

Quick tips for Sellers

  • Do your research. Find out what the market is like for FSBO’s in your specific area. Look at the similar Michigan houses for sale by owner in your neighborhood and similar communities. Check comps on websites like http://www.zillow.com.

    In addition, real estate investors, like us here at Buy-Sell-Michigan-Real-Estate, can also help out home sellers by buying their houses with cash or on terms if they are truly motivated to sell.

  • If you consider for sale by owner in SE Michigan consider hiring a real estate appraiser. Appraisals can be cost effective and will give you professional advice on the market value of your home with a one-time, up front cost. Real estate investors like us are also connected with professionals that can do a good job at determining a property’s fair market value.
  • FSBO listings (in newspapers and on the internet) offer cheap and affordable advertising for your home in a number of venues. FSBO advertising also offers targeted advertising directly towards buyers looking for FSBO properties.
  • Pre-qualify home buyers. Require that potential buyers be pre-approved for loans in the amount required for purchase of your home. Or if you can’t find anyone who can get preapproved, talk to creative real estate investors like us who can get buyers financed for your home if you’re willing to work on terms.

The FSBO Seller’s Top Ten Tips For Selling Their Home For Sale By Owner

If you’re considering selling your home by owner, congratulations! You’re part of a growing trend toward FSBO property sales. If you’re worried that going the FSBO seller route means that you’ll miss out on all of those great agency sales tactics, you’re wrong. You can do the same things that any real estate agent would suggest. To get you started, here’s a list of the top ten things you can do for your home when you’re trying to sell your home by owner.

1. Create multiple means of exposure. Houses sell when they’re exposed to potential buyers. The more exposure you create, the more likely you are to sell. “Multiple means of exposure” means listing it on a FSBO site, providing pictures, tours, and information buyers want to know. Advertise your home in the newspaper. Print flyers that list the details of your home and be available to show home. Some buyers have turned to television ads for sale on real estate channels to attract buyers. The more exposure you provide, the easier it is for potential buyers to find.

2. De-clutter rooms and closets. A home looks nicer and shows better when it isn’t cluttered. Remove magazines, books, furniture, stored items and things you no longer want. You’ll have to pack all of this stuff before you move, so why not get an early start?

3. Fix peeling paint and other minor imperfections. Peeling paint can be a sign of deferred maintenance, bad painting or water damage. All of these things will turn off a buyer. Putting a fresh coat of paint on your walls and ceilings is easy and inexpensive.

4. Consider staging and research some ideas on the internet. Staging involves making your home visually attractive to potential buyers. It may involve re-arranging the furniture, renting new furniture, repainting, re-carpeting or minor redecoration to show off your home’s best qualities. Staging doesn’t have to break the bank, but a home that shows well sells. Whatever you can do to improve the look of your home will help your buyer see its potential.

5. Price the home right. Check recent sales in your neighborhood for an idea of what your home is worth. Do not overprice your home because if your price is substantially higher than other homes in your neighborhood. You will not be able to sell because overpriced homes whether Fsbo or MLS do not sell. Buyers want to feel as though they’re getting value for their money. If your home is the most expensive one in the area, buyers will focus on finding a comparable home that’s priced lower than yours.

6. Always have a yard sign and flyers. When potential buyers visit your neighborhood to see a particular home, they’ll look for other homes that are for sale. If visitors don’t know your home is for sale, you may miss potential sale opportunities.

7. Fsbo sellers need to create an online listing for their home on the internet and may consider using the FSBO marketing services that are available on the web. The key to selling your home is proper exposure and your chances of finding a buyer are greater when you make it highly visible to potential buyers.

8. Answering your phone is paramount as a Fsbo seller. It sounds simple, but many people who are selling their homes Fsbo miss potential buyers who are calling to inquire. Make absolutely certain you or someone else is available to take calls. Don’t assume that an answering machine or voice mail service is sufficient because many potential buyers won’t leave a message when they call.

9. Spend some time on landscaping. Making the outside of a home look appealing and fresh is just as important as making the inside look nice. Remove or trim bushes. In the summer, plant attractive flowers, cover beds with wood chips or mulch and keep things weed free. Mow the lawn frequently. If you don’t know anything about landscaping, check with a local nursery, gardening club or even a nearby university with a botanical program. Students are often willing to take on landscaping projects.

10. Partner with a bank or lender to offer potential financing sources for prospective buyers. Local banks, credit unions and mortgage brokers may be able to offer financing deals that can help a buyer get into your home. Offer all visitors financing information from your local bank or lender when they tour your home. You want to make sure any potential buyer is qualified to buy the home.

These are just a few of the things you can do to help your home stand out. In current market conditions, selling a home is about pricing, location and exposure. If you have all three of these elements in place, there is no reason to think you won’t sell your home as effectively as any real estate agent.