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For Sale By Owner or FSBO has long been an option that many people look into when it is time to sell their home. They do so for a variety of reasons. However, usually it is simply because they are trying to save the expense of hiring a real estate agent. Ideally, this means that homes sold by owner should even be less expensive than others, making them more desirable. The price of a FSBO home is often at least 5% cheaper than a comparable one listed by an agent.
Finding homes, which are for sale by owner, is not always the easiest thing to do. It requires a little extra work because you simply cannot call up an agent and give her the specifications of what you are looking for. By putting the following tips to work, you will be well on your way to finding great FSBO home sales in the area you want.
1. Check out websites that feature free classified ads like Craiglist.org and other local real estate web sites that offer low cost for sale ads. Even eBay has a section for real estate that is worth investigating.
2. Check out specialized websites that offer just by owner ads. More of these are starting up and usually have an option to search by city or even zip code, to tailor your search. FREEhomeownerlistings.com and Zillow.com are good sources to check.
3. Get the local newspaper daily, but especially on Sunday when there are bigger featured real estate sections, and check it thoroughly for the by owner ads.
4. Drive slowly through the areas and neighborhoods you would like to buy in and take notes on homes with a for sale sign that does not have a real estate broker’s information on it. It may or may not say for sale by owner.
5. Check local real estate publications. Often there are free real estate magazines available in grocery stores, libraries and other public places. While a majority of ads will be for real estate agent listings, there are often for sale by owner ads too.
6. Use your social network. Tell your friends that you are looking to find a for sale by owner home and if they know of one to please pass along the information. It is surprising how often someone in your circle may know of a home that is not even on the market yet. You may get first dibs. If you have a Facebook, MySpace or other social networking account, make a mention that you are looking for a FSBO home.
7. Contact a real estate agent. Some FSBO owners will be willing to co-op with real estate agents and agents will often be aware of such listings.
8. Check the MLS or Multiple Listing Service because many owners will pay the flat fee to list their home there for the added exposure it brings.
By taking such steps you will be well on your way to finding every FSBO home in the market you are looking to buy in. These are great ways to find a good deal. Just be sure that you involve a real estate lawyer so that you have all your bases covered and you haven’t missed anything vital in the transaction.

While Austin has continued to have one of the best real estate markets in the country, we will finish the year with lower sales activity, higher unemployment and real estate inventory levels, lower rents, and a deteriorating economy. Real estate sales are trending down, even with near 50 year low mortgage rates. Rents are following the same pattern.

Consumer confidence is very low. Consumers are holding cash and focusing on their immediate needs. This has impacted every industry. Though credit is harder to obtain, it is not the driving factor for the reduction in consumer spending. It is consumer confidence. Even if car dealerships are offering huge discounts and zero percent interest, consumers are keeping their existing cars and not going into debt for a car they don’t absolutely need.

We are seeing the same trends in the real estate market. Tenants are staying put and renewing their leases; homeowners are delaying home purchases on fear of job loss or price erosion in the real estate market; and it is getting harder to qualify for a mortgage as Fannie Mae changes its guidelines. For example, a borrower now must have a 740 fico score to obtain the best mortgage interest rate, assuming they have the down payment and reserves for a conventional loan.

For the past two years, we have consistently raised rents. This trend continued until the financial crisis hit us this fall. Many homeowners are not able to sell their homes at a desired price point and are forced to lease their homes and become landlords. Inventory of rental homes is at an all time high in Cedar Park/Leander and Round Rock areas.

We are dropping rents on all existing inventory. Properties priced below $1,100 month have weathered the storm better than higher priced rental properties. The most resilient rental homes are those priced below $1,000/month. Homes leasing at or above $1,200/month earlier in the early part of the year are now leasing for 10% less. As rents increase, the pool of qualified tenants decreases. We are also seeing tenants downsize and move to more affordable homes.

We have transitioned from a landlord market to a tenant market. Next year, we will renew most of our leases at the same price point and may drop rents to keep current tenants. I expect to see more rental applicants affected by job losses, financial troubles, and foreclosures as homeowners lose their homes and are forced to rent. I anticipate the days on market will increase as long as our inventory remains at high levels. Owners will need to look harder at applications to avoid long term vacancies.

Though Austin continues to have one of the best economies and real estate markets it the country, our unemployment rate has increased, and our real estate sales market is deteriorating. According to the Austin American Statesman, our unemployment rate was below 4% in early 2008 and 3.5% a year ago. It has now reached 5.0%. This is still below the Texas and national average. However, Austin is not immune from the national economic, mortgage, and financial crisis. November home sales were down 40% in Austin, a level not seen since 1997. Some areas were down almost 60%.

Long term, Austin will continue to have one of the best economies and real estate markets in the country. 2009 will be a year of recovery. Rents and home prices most likely will trend downward, and inventory levels will remain high. If the job market recovers more quickly, we will see the market stabilize. Now is a great time to purchase a home or take advantage of the down market.

If you have a current mortgage on a primary residence with a rate above 5.75%, it may be a great time to refinance your mortgage. Mortgage rates for primary residence are in the 4.75% range. Our office provides sales, leasing, property management, handyman, and mortgage services.

Article written by our Broker, Chris Warren, Smart Source Realty