For Sale By Owner Guide – North Carolina
Are you considering to try and sell your home without a Realtor? Let me be the first to welcome you to the Real Estate business. It is respectable to want to sell your home without a real estate agent to avoid paying a commission. Can you save more money by using a Realtor? If you look at the NAR statistics, the average For Sale By Owner home sells for $184,000 when compared to $230,000 with homes sold using a real estate agent. This shows a 25% increase in home sale values when an agent is contracted to sell your home.
The creator of forsalebyowner.com used a realtor to sell his home for an additional $150,000.
You may be asking yourself “How to Sell My Home Without a Realtor in North Carolina? I have created this guide to help you do just that and provide the list of documents to sell your home For Sale By Owner.
The first consideration when selling For Sale By Owner is the legal liabilities now fall on you and the buyer of your home. This FSBO guide gives you the resources and information you will need to sell your home while decreasing the liability. Remember, selling your own home will take a lot of energy, time and availability for you to answer phone calls, setup showings, negotiations, etc.
Documents you May Need for Selling For Sale By Owner in NC
North Carolina Residential Property Disclosure
North Carolina Occupancy Agreement
North Carolina Mineral and Oil Rights
Lead Based Paint Disclosure (homes built before to 1978)
North Carolina Sales Contract
Statistics show that 89% of homes listed For Sale By Owner will end up listing with a Realtor to sell their home.
The creators of ForSaleByOwner.com, Craigslist.com and ByOwner.com all used real estate agents to sell their homes. These individuals are experts in website building and increasing website traffic, while Realtors are the experts in selling homes. As industry goes, you will always find some companies are better than others. The same can be said for Realtors, you will find some that are incredibly knowledgeable in todays real estate market, be tentative to your needs and wants, and make your home selling process smooth and easy. On the other hand, you will find some Realtors who will invest little time into your home and end up costing you precious time and money and not get your home sold. If you think Real Estate Agents do not earn their paychecks, you are not working with the Best Local Realtor. At Beth Sterner Real Estate, I spend hours working hard for each one of my clients, including reverse prospecting other agents and buyers in the market for a home just like yours. You can read more about my selling techniques by clicking here!
For Sale By Owner (FSBO) Statistics
Information Provided by The National Association of Realtors®
FSBOs accounted for 8% of home sales in 2014. The typical FSBO home sold for $210,000 compared to $249,000 for agent-assisted home sales.
FSBO methods used to market home:
Yard sign: 42%
Friends, relatives, or neighbors: 32%
Online classified advertisements: 14%
Open house: 14%
For-sale-by-owner websites: 15%
Social networking websites (e.g. Facebook, Twitter, etc.): 15%
Multiple Listing Service (MLS) website: 10%
Print newspaper advertisement: 3%
Direct mail (flyers, postcards, etc.): 3%
None: Did not actively market home: 25%
Most difficult tasks for FSBO sellers:
- Understanding and performing paperwork: 12%
- Getting the right price: 6%
- Preparing/fixing up home for sale: 6%
- Selling within the planned length of time: 18%
- Having enough time to devote to all aspects of the sale: 6%
The most challenging task for a For Sale By Owner seller is filling out the correct paperwork and with the required accuracy. I have made that part easier by providing you with the necessary documents above. If you are having trouble finding out how much your home is worth in your current market, give Beth Sterner Real Estate a call at 980-228-1051 and I would be happy to assist you in finding the appropriate price to sell your home. Comparing the average sales price for FSBO homes vs Realtor sold homes you will see a 25% greater net value when working with a real estate agent for the sale. Do you want to earn more than 20% more when selling your home?
No offer on your home in 14 days? Call a Realtor!
If you have not received an offer on your home in the first 14 days there could be something wrong. It could be your marketing, home pricing or your own ability to sell your home, but you should have an offer within two weeks of listing your home for sale. You are probably thinking, “offer to purchase in 14 days”? That is not right. It is part of my home selling strategy at Beth Sterner Real Estate to make a change that will get the home sold if there has not been an offer in 14 days.
Selling your own home FSBO has you at a disadvantage
By having your home listed For Sale By Owner, you are at a disadvantage when you are not working with a Realtor. You may have your home listed on MLS you may not know how to use CSS showings to gather feedback from potential buyers who have viewed your home. Did you have your home inspected? Did you get an accurate home appraisal? Is your home marketed to the right potential buyers? Selling and buying a home is likely one the greatest financial transactions in a person’s life.
Selling your home For Sale by Owner? A GREAT Real Estate Attorney is a must!
As a FSBO seller, you will have a lot of legal obligation placed on you, rather than the obligation being on the Realtor or Real Estate firm you could be working with. There are numerous things you, as a For Sale By Owner, can do to decrease your legal liability. One of the most important things is to hire a great Real Estate attorney.