If you’re thinking about selling your home in Knoxville, TN, you’re in the best position you can be as a seller in this red-hot market. New buyers have been moving to our state considering our high quality of life, affordable homes, and an incredible low cost of living. If you’ve done some research on selling your home in Knoxville, you’d understand that selling your home with a real estate agent is not cheap. Commissions and fees can add up quickly making for an expensive bill wrapped into the end of your closing. Oftentimes, we see sellers very frustrated when their agent is not transparent about the final closing costs of their homes.
How To Sell Your Home FSBO In Knoxville, TN
To understand how to sell your home without a real estate agent, you first need to understand what FSBO means. FSBO is an acronym for “For Sale By Owner”, and it’s used in real estate to let potential buyers know that you aren’t represented by a realtor, brokerage, or other agent. Most of the time, home owners here in Tennessee go the FSBO route to save (oftentimes) thousands of dollars worth of realtor commissions from the final sale of their home. While this sounds great, it’s pertinent to know that if you sell your home FSBO, that you, the seller, must take on full responsibility in the legal sense when it comes to handling potential buyers and paperwork.
Understand The Value Of Your Home
This often goes without saying, however, most home sellers in Tennessee tend to list their homes too high compared to market value. Researching similar home values might be in your best interest before listing your home. If you’re 100% certain you’re capable of selling your home without the advice of a real estate agent, it might be in your best interest to look into getting your home professionally appraised before you list your home and have to make price adjustments.
You May Still Owe Commission Fees
Typically, a buyer’s agent’s commission is 3% in Knoxville, TN. The typical realtor commission rate in Tennessee is 3 percent to 6 percent. If you sell a house for $300,000, around Knoxville’s median value of a home in 2021, you’ll still keep more than $10,000, which is a significant number when selling your home. If your potential buyer is represented by a real estate agent, you would owe that agent the commission price from the buyer’s rep agreement. However, some buyers will elect to pay the realtor themselves. Everything is negotiable!
Learn To Negotiate
When you elect to sell your house FSBO, you will ultimately be responsible for dealing with negotiations. Negotiation can become time consuming and very stressful after a period of time. It is best to decide early in the process (before you list) what you are negotiable on and what you are not. Know your numbers and what you are willing to do EARLY! You also need to learn how to evaluate offers on your house!
Learn To Follow-Up
While you shouldn’t rely on follow-up calls to start a conversation with your visitors, plan to contact each one within the week to see if they have any questions. Send an email to everyone who came to the open house the next day, thanking them for their time. Include a link to your website or online listing, and keep it brief and straightforward. Touching base with potential buyers can help someone that may be 50/50 on your home move forward with the purchase.
Sell Your House An Easier Way
We buy houses in Knoxville. If you are considering FSBO just to avoid the fees of a real estate agent, yet you don’t want to take on the hassle of selling the house yourself, we can help! We are local home buyers in Knoxville and we also pay in cash. This means we can eliminate the middle-man (agents, banks, appraisers), and bring you fair cash offers in the process. Since we make our money on the back end (flipping or renting), we never charge homeowners any hidden fees or commissions. We also never charge for consults so you have nothing to lose! We are local, dependable, and straightforward!
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