Real Estate News & Market Insights:
Turner never underestimates the power of good curb appeal. “For our clients, we provide a checklist of 97 things to look at [before listing the home], and we always start with the yard.”
2. Do the homework necessary to set a competitive price
You’ve arrived at a critical moment in your FSBO process: setting a listing price. When agents nationwide were asked why so many listings linger on the market, 77% agreed that overpricing is the main culprit.
This is why it’s important to get your home price right to reach a successful home sale. When pricing the property, you don’t want to leave money on the table, yet you want to encourage activity on your listing.
Before listing a home, an agent usually conducts a comparative market analysis (CMA). This is a highly detailed study of “comps” — similar homes nearby that have sold recently, are pending, on the market, or were previously listed but taken off the market. Some may have been pulled off the market without a sale.
Henley says in the current shifting market, getting good comps is imperative to setting the right price. “It’s hard enough for a Realtor® who’s watching the market on a daily basis to price homes right now. Data from six months ago is totally useless information now.
“And just because somebody next door sold a house two weeks ago for a certain price doesn’t mean much because prices aren’t jumping up like they were. So, it’s a real challenge.”
Without an agent, you’ll miss out on the complexity of a full CMA and the know-how to interpret it. However, with a little time and money, you can set a competitive price yourself.
It’s time to conduct your own “CMA Lite.”
Start with an online home value estimate
As a starting point, look at several online estimators for your home’s value. HomeLight’s Home Value Estimator aggregates publicly available data, such as tax records and assessments, your home’s last sale price, and recent sales records for other properties in the same neighborhood.
We also add a new layer of information to our estimates using a short questionnaire. Tell us a few details about your Arkansas home, such as:
- How much work does it need?
- What type of home is it (single-family, condo, townhouse, or other)?
- Roughly when was your house built?
- Are you planning to sell soon?
Using these insights, we’ll provide you with a preliminary estimate of home value in under two minutes.
Whether you use Zillow, Chase, Realtor, or Redfin to get a home value estimate, think of any online home price tool as a first step (not your only source of truth) — and recognize that the data used may be limited.
Gather and filter your comps
Get ready to find comps by using sites like Zillow, Trulia, Redfin, or Realtor.
Filter your searches to the area very near your house (within blocks if possible) and with similar characteristics. If you’re not finding any comps, expand your search map.
You’ll also want to filter results by details like:
- Listing status (look at recently sold, pending, and active)
- Number of bedrooms
- Number of bathrooms
- Square footage
- Home type (single-family, condo, etc.)
Beyond the above criteria, the more houses you find with floor plans and an age similar to yours, the better.
Conduct your own comps analysis
Compare your home’s features against the nearby comps you collected. The houses you studied should give an indication of an appropriate price range for your home.
From there, you can make dollar adjustments based on characteristics that add value (pools, new floors, an extra bedroom) versus those that reduce it (a busy street, deferred maintenance, less square footage).
Invest in an appraisal
If you want to further reduce guesswork, top agents recommend paying an appraiser to get a professional opinion on your home’s value. An appraiser will combine recent property data, market research, and information collected from a walkthrough of your home to determine an appraised value.
An appraisal for a single-family home will likely cost $350 to $550, well worth it to avoid potentially over- or underpricing your house by thousands.
Henley says, “The appraiser has the same data as a Realtor®, so when it comes to the opinion of value for a FSBO, that is a great way to overcome the shot-in-the-dark mentality of pricing your property.”
3. Photograph your home
Listing photos are powerful, either pulling in buyers for showings or keeping them away.
To give your listing an edge, consider hiring an experienced real estate photographer. While they may charge as much as $120 to $270 per hour, experienced agents say it’s well worth the investment. It could be one of the most important things you do to sell your home.
Turner is adamant: “Cellphone photos will not cut it in today’s market.” He says, “Buyers will make a decision on your house based on the photos before they ever [set] foot in the property.”
Henley agrees, saying, “The importance of photos cannot be understated. I would focus on the first four photos. The first four photos should show off the best assets of the property.”
But if you do go the DIY route, make sure to:
- Use a good camera with a wide-angle lens.
- Pay attention to lighting.
- Include a photo of every room.
- Take multiple pictures of living areas, kitchens, and bathrooms.
- Try shooting from different angles.
Review our guide on how to take quality real estate photos for further guidance.
4. Create a detailed, compelling listing
Along with stellar photos, you’ll want to craft an informative and compelling listing. Leverage both the listing description (a paragraph or two highlighting key features) and the property details to show potential buyers all about your home and what makes it desirable.
Tell a story with your description
Draw in potential buyers with a powerful listing description that tells a story about your Arkansas house, including details like:
- Your home’s most unique and desirable features, like a sunroom, pool, or workshop
- Recent upgrades like a kitchen or bathroom remodel, a new roof, or a modern HVAC system
- High-end appliances, materials, or finishes
- Outdoor features like a pool or patio
- Neighborhood features and amenities
- Nearby parks, walking trails, restaurants, and attractions
Henley says it’s important to think beyond basic features and include what sets your home apart from the rest. “What is it about this place that’s special? What do you think the next buyer will appreciate?”
Don’t skimp on the property details
Aside from writing the description, you may be prompted to enter information like:
Many real estate agents and potential buyers read the “fine print” on your listing, so include accurate details and plenty of them.
5. List your home online
It’s finally time to post your Arkansas home online. While you can create FSBO listings for free on popular search sites, you’d have to painstakingly post site by site, and your listing wouldn’t reach the majority of buyers and agents.
To give your home the most exposure, pay to have your home put on your local multiple listing service (MLS). This is a platform agents use to share properties with one another as well as major real estate sites. Posting there will feed your listing to buyers’ agent databases and to common sites buyers use.
Only licensed real estate agents and brokers who are MLS members can post to the MLS. However, you have two options to gain access: paying an agent to post for you or using a FSBO platform online.
Pay an agent to list your home on the MLS
A local agent may be willing to list your house on the MLS for a flat fee, without any other involvement in your real estate transaction. If you decide to go this route, make sure you ask whether the fee includes updating your listing if necessary.
Use a FSBO platform with an MLS option
There are a variety of paid websites that you can use to list your Arkansas house online as “for sale by owner.” These sites offer packages ranging from about $100 to $400 for just a listing, or a larger flat fee of $3,000 to $5,000 that includes several additional professional marketing services.
Some of these companies display their rates on their websites, but others won’t quote a fee until you input your address or select an area of the country. A few examples include:
It’s important to note that most of these companies serve FSBO sellers nationwide, which can cause challenges if the assisting representatives don’t understand the local market trends in your Arkansas neighborhood.
Whatever you choose, read the fine print carefully: some sites may have hidden fees or even take a percentage off your sale, a detour you’d rather avoid on the FSBO route.
Not willing to pay for the MLS?
If you’re determined to save money by foregoing the MLS, creating a free FSBO listing on Zillow might be your top option. You can post a video and unlimited photos, and get fairly wide exposure via Zillow and the Zillow-owned Trulia.
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