Selling Your Own Home (FSBO) on The Jersey Shore: Can You Do it? Yes!!
Selling your own home or being a "For Sale By Owner" (FSBO) can be rewarding, but it can also be very demanding. Ask yourself the following questions:
- Do I have the time? In many cases, homes stay on the market longer than necessary because the owner will not or can not devote the time to show their house to potential buyers, hold open houses or handle "drop by" buyers. This is especially prevalent on the Jersey Shore due to vacationers.
- Do I know how to market my house? To whom, where, what, when, etc.
- Can I negotiate? Many FSBO's are targeted by investors with ‘low-ball' offers of "cash today" or "this deal expires at midnight," putting added pressure on the seller. There's also counter-offers, closing costs, etc. etc.
- Do I know the law? I've spoken to a lot of FSBO's on The Jersey Shore and particularly Barnegat Township over the last few weeks and I've asked all of them if they are familiar with real estate law. Not one of the owner-sellers was aware of federal or state laws.
- Do I know the "professionals?" Title Companies, inspectors, attorney's escrow companies, etc. I don't mean "Googleling" local providers, but actually having the experience working with "known entities" that understand your requirements.
- Do I know how to screen buyers? How much sense does it make to show homes to people who have no intention nor the ability to actually make a purchase, much less an offer. This can be especially true here on The Jersey Shore where vacationers are looking for something to do on a rainy day.
Think about those questions and if you can honestly answer "yes" you should have a competitive edge on the other FSBO's. But, if you answered "no" you need to do some serious studying so that you can acquire at least some of the knowledge that most licensed Real Estate Professionals have learned through formal education and experience.
Just a couple of facts you need to remember: 80 to 90% of all FSBO's decide to sign with an agent eventually. 50% of those FSBO's that were successful in selling their own home said that they would hire an agent next time. Just to reiterate: HALF of the people that were SUCCESSFUL at selling their own home said they wouldn't do it again. That's pretty amazing! But, if you're up for the challenge, you may be able to save a few thousand dollars by selling your own home, though studies have shown tha FSBO's actually sell their house for less than if they had agent representation. That doesn't necessarily mean you, the owner, would make more money, as that would depend on other factors.
So, if you're living on The Jersey Shore and decide you want to try and sell your own home, I wish you the best at what can be a very rewarding though difficult endeavor.
Karl Hess, Barnegat
Your Agent on The Jersey Shore
Find Your Dream Home on The Jersey Shore in Ocean County!
Licensed in New Jersey. Keller Williams Shore Properties
1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001