Thoughts on home selling options... (Columbus, Tipton: days on market, for sale by owner, real estate)

[Jay_F]

Well, it looks like our stay in Columbus will be ending soon with a new job out of state, and its been a pretty good run. My daughter is not very happy, and has really enjoyed all the activities of the area and her school... Columbus really is a "kid/family friendly" town, and it's tough to be viewed as the bad guys from her point of view.

I thought I might take this time to ask about selling options for our home. What have been your experiences doing the a for sale by owner (FSBO) type sale versus using a realtor? The home is in what seems a desirable area of town (Tipton Lakes), has a very hard to find mature wooded lot (what we really hate giving up ) and the neighborhood is quiet and safe. All you hear about on the news, magazines, and financial shows is the incessant din of housing woes, yet with all of the prosperity and job growth of the Columbus area, I can't see how the two square? All this gloom and doom seems very daunting!

Is it really that bad out there??? Is selling what seems like a nice home, in a nice area at a fair price that hard in this market? Here is what I have, what do you think??? Thanks for the help and sorry if it seems like I need a pep talk, but know your help is appreciated!

[ImGibby]

Every market is different...real estate is local, not national. And within those local markets it's hit or miss. Some houses are on the market for only days, while some in the same neighborhood stay on the market for over a yr...there really is not much rhyme or reason, but it truly is not a sellers market, its more of a matter of luck...finding the right buyer at the right time.

With that said, FSBO can be a viable option, as long as you know what your doing. Most FSBO's never sale and they end up listing with a Relator anyway. My suggestion would be to find a Realtor that will negotiate their portion of the commission (3 1/2% for both sides is typical) so if you can find one that will charge you only 2%, you can save some money that way. Keep in mind on FSBO you will likely stil have to pay the buyers Realtor, if they have one, 3.5%.

Just a thought, I know the Realtors on here will hate me for that advice, but I know it can be done..I've had Realtors work for me for only 1% before, they wil be more likely to do so if there is a chance that you will be using them to buy your new house as well.

Good luck!

[Jay_F]

Thanks IMGibby for your insight.

I have pondered some points you mention, and feel this way.

I don't have a problem paying for performance. I'm sure a good agent is a very valuable resource; my concern revolves around contract times, and complacency after the pitch. To me, a few extra months on the market costs me some serious $$$$, and a loss of momentum, while the agent/firm looses very little/nothing because they still get a fixed % when it sells without much concern for how long it takes.

Have you ever negotiated a one or two month contract, and tried a % based commission tied into time on the market? What do you, or can you do to keep the agent motivated to get the sale done?

Thanks.

[domergurl]

Jay, the Columbus market is different from most markets as our town is very relo-heavy. With the Honda plant starting up in September and people looking to move here as a result, along with all the Cummins people coming and going, you need to get your place on the market now. I've been noticing a lot of new for sale signs going out in front yards. You're in Tipton, so it's in one of the 2 4 star elementary school districts in town, a plus for you.

I'm sorry you are leaving town. I hope it's for a good reason. Do you have a buyout, or are you having to stick around until your place sells. I really don't see you being on the market that long. I'd imagine most of the Honda people will be wanting to move in by June, so get on the market soon!

[Jay_F]

Hi Domergurl,

So you think Honda folks will be moving into this part of Columbus? unfortunately my negotiations did not result in a buyout, but the relocation package is pretty good.

Leaving is not easy, but done in hopes of even better opportunities. Thanks for the advice and insight!

[domergurl]

I've heard that a lot of Honda people are going to move to Columbus because of the school system. I know my elementary school is shuddering at the thought of even more students coming in!

Do you have an agent yet? I'm not sure if the FSBO market really works well here. There's a house in my neighborhood that has been FSBO since we moved here.

[MikiJayne]

I can understand your concerns about Realtors starting out great but tapering off, shall we say. I think though, that if you were a FSBO you would get tired of that eventually too. You just have to interview several agents and find the best one for you. Personally, I call all my clients each week, do open houses, put them on our TV show, and re-write ads every couple of months.

I don't think the discount agent is the way to go. Would you work harder for less? I also haven't seen any agents do a sliding scale based on time, although I get what you're talking about. The problem with that is the longer your home is on the market, the more it is costing the agent. We really do want to get your hosue sold quickly, and for the best possible price, but the market is a little slower right now.

My advice to you is to use a full service company (like mine) and price your house to sell from the get-go. Interview several realtors to find one that you think will work hard for you. Have them show you their Marketing Plan, and if they don't have one, run! Feel free to send me a direct message and I'll tell you all about my marketing plan!

[JulieL]

Jay_F,

First of all, I would like to say that I am sorry to hear that you will be possibly leaving the place you now call home (Columbus). To answer your questions about FSBO or a Realtor, of course I am going to say Realtor because I am one, but that is not the only reason. There are three things that all sellers are seeking.
† Sell their home in the shortest amount of time
† Get the highest and best price
† Least amount of worries on the seller
The job of a Realtor is to market your home as much as they can. Advertise...Advertise...Advertise. Most generally, FSBO's do not realize how much they have paid out once the sale is complete. And if the home is not priced competitvely, it will not get any serious buyers. March is a great time to list your home. One of the biggest months for Open Houses. If you are interested in more information please send me a direct message and I will explain the price range and days on market that I have found for your neighborhood.

Julie Lashley