Are you a FSBO? Are you a For Sale by Owner? Have you been thinking about selling your home without a real estate agent? Well then, then you’re a FSBO… So if that's you, you might want to stick around because we're gonna be doing a series for the next few weeks, that will give you some helpful tips, that just might be what you need to help you through the process. So stick around! Aloha my FSBO friend, and welcome back! On my channel, I like to educate people about the real estate market & how to sell their home here in Hawaii.
My name is Tanya Ahina, Hawaii Homes by Tanya, brokered by eXp Realty here in Hawaii. I run a real estate business on the island of Oahu. And as an agent, I must say, I respect your tenacity of taking on the challenge to going alone and sell your property without a real estate agent like myself. That's why I dedicate this series to you, we'll be covering a few tips each week until you have all the ammo you need to be on your way and help you succeed. Let's get started! So today, week 1, I'm going to share tips that I think are going to help you with your endeavor. Tip #1 is really simple: Know Your Exit Strategy. What do I mean by that? Oftentimes, when selling your property, you forget about your own exit strategy. What happens after you sell your property? Are you going to rent your next property, are you going to buy your next property? If you decide to buy your next property, how are you going to buy your next property? Will it be using a lender to finance it or are you going to be paying all cash? If you're going to be using a lender, you want to make sure you get pre-qualified, pre-approved beforehand.
Again, you're going to be doing two things simultaneously – selling and buying at the same time. So, it might get a little overwhelming, so you want to make sure you do that early on that way you know how much you qualify for and then you can keep tabs on the location of where you are able to afford in. If you're going to be paying cash, you want to also run the numbers, locate the locations that you can possibly afford, and then make sure you know what you have to end up with in order to make your next purchase happen.
Tip #2 is do a CMA (Comparative Market Analysis). Alright, a lot of agents will do this for free, that's a part of their services when you use them. If you're a For Sale By Owner, you have to do a Comparative Market Analysis which is basically just looking at your area, and what properties have sold in your area, and for how much, and what are the active listings and how much they're selling for and dissect what each of those homes had versus yours. Are they better? More sq. footage, more improvements done, you know, how do they compare and stack up to yours? And then you can kind of get number, for how much you should price your property for.
Now, what you don't want to do is solely rely on Zestimates. Zestimates are inaccurate or known to be inaccurate because everyone know that these things run on algorithm which is basically just processed in which they gather data they're automated reasonings so they're pulling information just not really human reasoning. Again, humans can dissect "Ok, well there were improvements that were made.." Where Zestimates, no one can go into your property and see which houses have improvements and which have not. We can't replace human research and reasoning, that's just the bottomline. Now, always verify the numbers for accuracy, so you could kind of use Zestimates but I wouldn't solely rely on it. Again, run your own numbers, verify the accuracy of your numbers, know your market. Another thing that CMAs help do is avoid overpricing and underpricing. If you overprice your property, you run the risk of exceeding on the market, maybe you have a for sale by owner sign sitting there in the yard and week after week, people are seeing it, and then they're wondering, "oh, why are there no offers, why is it still for sale, is something wrong with it".
People have that idea that something might be wrong with it if it's not selling. And also you might run the risk if you don't do a CMA and if you totally rely on Zestimates, you run the risk of underpricing your property, and in that case you can lose some opportunities for more profits. Those are two tips that I hope help you. So, stay tuned for more! Also, I want to encourage you to click the link to get more of my resources, in particular, there's one called "Homebot", we were talking about doing CMAs, the Homebot, you type in your address, it's free, it's a free automated report that it will pull up your property then it will give you a breakdown, again, it's using some algorithms but a little more in depth and you can also go in there and adjust it so that the numbers come out a little bit more accurate, then it will give you home valuation in that sense.
So, I hope you take advantage of the Homebot, click the link below. 👇 👇 👇 Contact me anytime if you have any questions, alright, so stay tuned for the next two tips next week. See you soon, Aloha!.
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