How do you determine market value for a FSBO without signing up with a realtor

Morgan3820

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We are thinking of selling our waterfront house and listing it ourselves. Waterfront homes in our area don’t come on the market all that often. The property has a three slip dock with sailboat depth water at the dock. The house is 20 years old. Nice but nothing special. I know about local comparables, but they don’t always tell the whole story. The house immediately next-door sold sight unseen within three days of listing. I personally think it was under priced,. The former owner didn’t care about money and had some life-threatening illnesses, and it was the second home. So I think he lowballed it to get it gone. I would like to get a fair market valuation without engaging a realtor at 6% commission.
 
We are thinking of selling our waterfront house and listing it ourselves. Waterfront homes in our area don’t come on the market all that often. The property has a three slip dock with sailboat depth water at the dock. The house is 20 years old. Nice but nothing special. I know about local comparables, but they don’t always tell the whole story. The house immediately next-door sold sight unseen within three days of listing. I personally think it was under priced,. The former owner didn’t care about money and had some life-threatening illnesses, and it was the second home. So I think he lowballed it to get it gone. I would like to get a fair market valuation without engaging a realtor at 6% commission.
Get it appraised. Cost you few hundred bucks. I’d say a good investment
 
Almost any decent sellers agent will come in and give a CMA for free. You don't have to sign anything to talk with an agent. Between an agent, and zillow and Trulia, redfin jumble all the est together, add $40,000 to whatever they come up with and make sure your price ends in '9'.
 
Almost any decent sellers agent will come in and give a CMA for free. You don't have to sign anything to talk with an agent. Between an agent, and zillow and Trulia, redfin jumble all the est together, add $40,000 to whatever they come up with and make sure your price ends in '9'.
Yeah. You can do that but sellers agents do that free CMA in an effort to acquire clients. Getting the market valuation knowing full well the house will be FSBO is ****ty.
 
Yeah. You can do that but sellers agents do that free CMA in an effort to acquire clients. Getting the market valuation knowing full well the house will be FSBO is ****ty.
Also, the free CMA is worth what you paid.
 
... I would like to get a fair market valuation without engaging a realtor at 6% commission.
There are no set fees, and I'd be very surprised if you can't find a good agent to handle the sale for less than that.

Just thought I'd throw that out there...
 
Well, here's how I see it, and I'm glad I'm in the minority on this(owning a LOT of RE across the nation). I get at least 50 unsolicited scam/sales/robo calls and texts every month from RE 'buyers' wanting to engage me in commerce in direct violation of the strict TCPA. They are - relentless, and catching them, and fining them is a fools errand, although I've tried. There are good agents out there, and I've dealt with a few over the years, but the industry as a whole is a miasma of less than ethical operators. I know because I've been doing this for over 40 years. So, they can come out and have a look, and give me some hour of their precious time, as it will keep them off the phone, hassling some other property owner.

The first sentence of the OP: "We are thinking of selling our waterfront house and listing it ourselves". It doesn't say they refuse, or will never, just they are thinking of doing it themselves. Suppose one of these enterprising agents shows up, offers them a 2% commish, and makes the listing sale? Right there at the kitchen table, says 'go with me, I will sell it faster and for more money than your FSBO'. These sellers might change their mind. They don't KNOW they will FSBO, so unless there is a mind reader on the thread, I stand by my opinion.

I don't care either way if they FSBO or use an agent. The agency relationship works on a commission basis, and not an hourly rate. And, further, I've been doing this a while, and I would trust an active RE agent seller's CMA way, way more than an appraiser. I've seen appraisals vary by 25% on the same home within the same week. So if one wants to hire an appraiser, better hire three of them, because they are all going to be different by thousands of $$$

YMMV, objects in mirror, closed course pro driver, contents have settled, and may cause anal leakage.
 
Determining market value takes work, either yours or a professional’s. Sounds like you have started down the research path, fold in some more data from Zillow, actual sales data from the county, etc. Set your price, but realize buyers will understand you are not paying a commission and might offer accordingly.

We used this process for our last home sale. We were very happy with the outcome, and did not lose sleep over possibly missing out on 1-2% of sales price given the lack of a commission.

The bank-owned property we rolled that money into was listed with a realtor at the professionally appraised value. Again, having done our own research, we felt there was good value, but we were also emotionally attracted to the place, so we made a full price offer using the seller’s agent on day two. We feel pretty good about that decision too, even though some would say we might have overpaid.

It’s all about the decision you can live with IMHO.
 
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