FSBO for one weekend? Crazy?

housebuilder14July 18, 2014

So we had no luck selling our house. With all the new build competition people are just not buying older houses. Our house was at a pretty good price too but people would rather have smaller homes with a more "transitional" style, on busier roads, etc., then my home. Its very depressing.
My REA recommended taking the house off the market until the fall. She did not recommend lowering the price unless we were desperate to sell because she felt that it was already priced at less than what it is worth -- just need to find the right buyer.
His contract his coming up and we will not be resigning with him for various reasons that I won't go into in this post.
ANYWAY -- I was thinking about lowering the price (considerably) for one weekend and trying to sell it myself. Maybe doing this after labor day, maybe now for any last minute before school starts buyers.
If I did this (and is it crazy???), would I be able to raise the price when if/when we have to relist with a broker in Sept?

THANKS

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nosoccermom

Is there any way to update/stage your house for a little investment of time and money?

People who look into buying new homes don't realize that there's a lot of additional costs, e.g. window treatments, light fixtures, etc. that's already included in an older house.

    Bookmark   July 18, 2014 at 10:46AM
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housebuilder14

Thanks nosoccermom. Its actually fairly updated (its not that old) and was staged. Other than a significant investment -- restaining wood floors (house is 8000 square feet with all wood floors) and painting moldings, cabinetry white (currently more of an ivory and probably a $15,000 investment) -- there is really nothing I can do.

    Bookmark   July 18, 2014 at 11:14AM
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nosoccermom

Well, in that case, what do you have to loose to try FSBO?

What/where would you leave your digital foot prints? In other words, to what extent are you able to erase previous online listing history?

    Bookmark   July 18, 2014 at 12:05PM
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Mmmbeeer

Do it. Figure out what your Realtor would make and subtract that from your original asking price. Don't get greedy; it turns buyers WAY off.

Do the all weekend Open House. Market in your paper, Craig's List, Zillow. Make sure you have plenty of signage on high traffic areas directing people to your home for the entire week preceding the weekend of the Open House.

Be sure to include, in large lettering, your phone, address, dates and the web address of one of the sites you have listed your home on. NEVER run out of spec sheets for your home that you need to have outside and in your home.

Get an inspection first--buyers will act faster when they see a clean inspection. At the Open House, tell potential buyers that you will give them just a short spiel and explain all the info, including the clean inspection, is on your kitchen, dining room table, wherever. Then tell them you will (hopefully, you'll have nice weather) be outside (again, hopefully) sitting on your adorable deck or patio if they have more questions. Buyers don't want you breathing down their necks. You can't sell them a home, your home will sell itself to the right buyer.

    Bookmark   July 18, 2014 at 9:04PM
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kirkhall

MAKE SURE that if you "sell" to someone who saw it originally, but now it is in their price range, that your REA doesn't get to collect commission anyway (per your contract). Some of them have a built in timeline...

    Bookmark   July 19, 2014 at 2:00AM
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deee_gw

8000 square feet is a big house. Exactly how old is your house? Does it have a large yard or gardens to maintain?

Your pool of buyers is considerably smaller than the pool of buyers for a more conventional home. Many people can't or won't commit to the ongoing expenses of a larger, older home.

The FSBO won't hurt but i think you need to expand your marketing to people who are specifically interested in older homes.

As mentioned above, read your contract carefully to be sure you don't have any obligation to the the realtor after the contract expires.

    Bookmark   July 19, 2014 at 7:01AM
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linda117117

Something doesnt sound right. Are you sure your house is 8000 sq feet? Your competition certainly wouldnt be new construction.

    Bookmark   July 25, 2014 at 11:30AM
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threepinktrees

Just curious, why only one weekend? We just had a successful FSBO this spring. It only took six weeks, but I felt like it takes FSBOs a little longer to get noticed, no matter how much advertising you do.

    Bookmark   July 25, 2014 at 1:01PM
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marie_ndcal

Like Kirkhall said, make sure you check your contract. If someone looked at the house with an agent, and makes a offer, you still might have to pay the commission. Usually there is a 3 month period, after the listing runs out. Please check for your protection.

    Bookmark   July 25, 2014 at 2:14PM
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