I think it's a great idea!

Make sure you have an RE agent lined up and let them spread the word.

I disagree with the sign. A house is either for sale, or it's not. "Limbo" isn't a good place to be. What would you do if you received a full price offer and the buyers want possession in 30 days? Such a sign would really annoy me if I were house hunting. It's a tease. Like someone who doesn't "have to sell" trying to see if their house is really worth putting on the market and fishing for interest right now.

If it were me, I'd go ahead and put the home up for sale and just be prepared to find a rental a bit earlier than anticipated if the sale comes through. Even if you are confident that your home shows well and that your market is active, selling a home is always has a risk potential when it comes to both the time and the money aspect.

I think it's great too, but I would list something like an email or a cell phone (get a trac phone - then you don't have to put your actual number on there) and you might be pleasantly surprised. Perhaps you'll get a deal done before you even have to list it with someone who is willing to or wants to wait?

You'd probably get tons of solicitation for representation from agents, but zero actual buyer interest. If I were a buyer, I agree that it would be annoying.

Putting up a sign means that the property is for sale. It's like being pregnant. You either are or you're not. No half measures.

I live in the middle TN area, and I have started noticing signs like what you are talking about quite a bit lately. Sometimes the signs are from a real estate agency and sometimes they aren't. My husband and I have some friends who are wanting to buy in the next couple of months but want to wait because of the school situation, and we have actually provided them with the addresses for the homes so they could drive-by themselves. I think it's a great idea in a market so flooded by homes right now. If you sell earlier than you anticipated that's great and if not, then what have you lost?

Around here, the summer selling season is not always as busy and March and April -- listings beginning in late February. Possession availability can be indicated in the listing or negotiated. The tease sign will draw listing agents like ants to a picnic, possibly draw buyers who want to deal before you list (not always a good idea) annoy any ready buyers and is only marginally likely to encourage someone to look later. You could even dran attention from folks scouting for break-ins. I wouldn't risk it. Unless your home is unique and has unusual curb appeal, I think the annoyance and risk factors are greater. But I wish you well.

"I disagree with the sign. A house is either for sale, or it's not. "

Or, its a short sale. Which means a buyer has no idea WHEN they will be able to move in....

When we were house hunting last year, we avoided short sales like the plague.

Have you found a rental yet? Why not move into the rental now and then put up the for sale sign?

At least you won't have to leave on a moments notice when your agent calls to ask if she can bring a buyer by.

IMO, there are two kinds of buyers... Ready, Able and Willing buyers and those that are not. Those that are ready will not be attracted to your sign, and those that are lookie - loos until a later time, will see your home in the MLS when both of you are ready.

Well, we plan to FSBO. I know some people get a little upset when that strategy is mentioned, but we sold our last home FSBO, and I plan to try it again. If we don't succeed in a few months, we'll list with an agent. We don't really NEED to move yet- just can't start building a new house until we do, so I don't feel a huge rush.

The most likely buyer of our house will be a young family, who will most likely need to move after the school year is over as well; who will most likely need a couple months to get their "affairs" in order if they weren't really looking for a house when they run across our sign. So I'm kind of thinking the "preview" sign would be advantageous to us both.

I don't see why someone who is needing a house NOW would be offended. If I say I'm going to actively sell it on XX date, and you need a house before then, then you can find a different one.

If you insist, then I get to be compensated very well financially. I would just really like to control my moving schedule, but if moving means I get an extra $10-15k....I'll pack my bags!

We are off the beaten path- in a country subdivision that MANY people have no idea exist. So I'm hoping a preview sign would notify those drivers just meandering around the country who probably won't come our way again for a few months.

I'm also aware that there's a psychological side to buying a house. If you think you might want a house, but know that several other people are also actively looking at said house, suddenly your desire for it is increased. I know this isn't true for everyone, but I think it's safe to say it's true for most buyers. I think by creating a "buzz" about my house, and then setting a "release" date, I'll tap in to that psychological side which may end up helping me sell my house in this buyers market.

@badgergrrl- good idea! I'll probably create an email address just for the interested people and keep them updated on open houses and activity as time goes on.

I really appreciate everyone's input! I thought this might be a divisive topic, but despite some of the commentary advising otherwise, I can't help but feel like this is something I really want to try. If I remember, I'll come back and post here how it goes. We're fixing an issue with a room, and when that's finished, we'll put the preview sign up!

Thanks a bunch, everyone!!

In this market, I think an outside-the-box strategy is necessary and this is a great idea. It's kind of like the hoopla before a new Mac product hits the market. :-) Good luck with your plan and please keep us updated. I'm interested in the results.

What is the average DOM in your market? What price has your direct comps sold for? How long did it take them to sell? What percent of original asking price did they eventually go for? What price range is the most active? What percent of the sold homes went FSBO?

I think you need to contact a real estate agent now in order to have a realistic market assessment and find out the answers to those questions. You are basing everything on a very rosey outlook, which seems more than a tad unrealistic. Homes are taking MONTHS to sell, and at a much reduced price in most of the country. If you want to actually be able to sell by your deadline, you may very well need to start NOW, and start off with an aggressive price. If you do sell before your deadline, well, congratulations, there are thousands of people who have had their homes on the market for years even who would love to have your "problem".

So, what is this sign gonna say?
Will it say something like, "Not for sale yet, but if you give me $15,000 above comps, I will pack my bags!"?

One thing to look out for when building... I know a few people that have recently built, and then found out towards the end that the appraisal was less than the cost for them to build...

"So, what is this sign gonna say?
Will it say something like, "Not for sale yet, but if you give me $15,000 above comps, I will pack my bags!"?"

We get it. You're a Real Estate Agent that does not approve! lol

I am a Retired Navy Submariner that moved frequently and bought and sold frequently. Usually with a Realtor, but twice without.

A few month before I was going to place a house on the market I would tell all my neighbors, friends, co-workers, fellow Lions Club members, Little League volunteers, etc, etc, of my plans.

In one case that brought me a buyer and we consummated the sale without an agent. Smooth as silk.

In another case, a shipmate told me about a neighbor that was going to be putting his home on the market in a couple of months. I bought without an agent being involved.

In all other cases, we used agents as both buyer and seller.

Had I thought of the sign the OP is going to use I certainly would have posted such a sign... and if I had seen such a sign while house hunting I would have explored the situation.

We get it. You don't agree with the OP's approach. We also get it that you are an agent or broker and realize that your position reflects a person that sells real estate for a commission.

Thanks, @saltidawg, for sticking up for me, and for your service to our country!

@jboling- you are thinking exactly like I am- building up the sale! I'll definitely keep this thread updated!

NC and live_wire- Well, I had a lengthy rebuttal typed up to your postings. They both come across as offensive to my intelligence and frankly, a little sour.

But in the end, I've decided that all you need to know is this: I am not ignorant. I am fully aware of the real estate situation in my little neck of the woods, and how that affects my sale.

Having said that, I am confident that my house will sell. Whether it gets done FSBO or on the MLS remains to be seen. But I'm going to give it a try, and I don't think that makes me an idiot.

NC- you're correct about the low appraisal for new builds. I'm an active lurker on the Building a House side, and have read some of the horror stories. I thought I would be able to beef up our final appraisal by adding a barn or pond to our land, but, with the help of this forum, I've found that my way of thinking was incorrect. The advice given to me was to keep my cash for the end of the build when the appraisal comes in low, so I think that's what we're going to do.

In the original post it is asked:
"What do you guys think? Am I crazy or is it a good idea?"

Why get upset when people answer that question?

It sounds like you don't want to hear what others think.
If that is the case, why bother posting at all?

I think it is a great idea. It is a way to generate interest, and you have nothing to lose except the time spent with real estate agents trying to grab your listing. And you have the option of considering offers depending on the situation.

This reminds me of the thread in which the poster was complaining about For Sale signs without the price listed. They are both marketing tools that certain people won't like for personal reasons. The negative responses are from real estate agents for whom time is money and, without it being a quick sale, they have nothing to gain from this tactic. For a FSBO in your situation, it's a positive.

I bet you will get a number of calls from agents trying to get in to see the house.

Luann- I'm not upset with people offering their reasons why it's not a good idea to use a strategy like this. I welcome the discussion. What I DO take exception to is people assuming I lack the intelligence to know how to properly price my house or word my advertisements.

@graywings- Thanks for the input! I guess I do need to figure out if we're going to offer a buyer's agent a cut. As much as I'd love to keep as much $ for my build, if one of them brings me a buyer, I can't turn that away!

Thanks for the feedback!

I don't think such a sign is FSBO specific, locally, agents place signs announcing that a home will come on the market soon.
Do whatever you think works for you.

If it were next month okay. Something 3 months away is sort of a teaser that will only work if you post the price and really make it impressive.

Your home isn't an IPad or IPhone - it will have other bidders and a buyer can't wait 4 months thinking they are guarantee to get it. If someone is looking now they will find readily available and someone looking in April will find all available at that time. I don't think it will pay off except for inquiries immediately from people trying to get a leg up on others and guarantee their success.
The problem with that person is if I offer you 20k over your asking now but in April someone offers you 25k over - I have basically wasted my time and maybe lost out on other offers.

I don't think it does anything for you as if your home doesn't sell immediately in April (or possibly overprice) than it appears your home has been sitting since January. Even though it was only April.

Exactly! It makes it appear that your home has been on the market far longer than it has, and that "virtual DOM" raises flags to anyone home shopping.

It's not insulting your intelligence to ask if you have had a FMA done for your property. In many areas of the country, the only people with access to real estate sales data are realtors. It's not public information. If your area has sales data readily available as public information and you have recently had an appraisal, then of course you have the information that you need in order to be able to price your house!

But, way too many people with that information still manage to price their homes at what they "need" out of the house rather than what the actual market price of the house should be. There's a certain blindness and deafness that afflicts way too many FSBOs, and it's fair to challenge you to make sure that you are not among the similarly afflicted. That's not personal. You may be the exception, but you only have to read post after post after post to understand that too many people overvalue their home from the beginning and their sale never recovers from such a blunder. They chase the market down, and their DOM increases and it's a deadly combo.

@Hollysprings- good point. I guess, to me, the wording choices seemed condescending and not contributory to an open discussion.

We've actually had both a realtor and an appraiser out. They both came up with the same figure, which was actually a little higher than what I was expecting, so that was nice! However, I'm completely aware that this doesn't mean that it will sell for that.....or that the buyer's appraiser will come up with the same value.

We called several realtors up and told them that we were going to attempt FSBO for a few months and would like to see if anyone wanted to help us out with pricing. I got a few calls back, and we finally picked a very successful local realtor. She came out and looked at the house, gave me FSBO advice and sent me my market value when she had it ready. She thought we wouldn't have any problem selling it. If, of course, we can't sell it, we'll be calling her up to employ her services. I don't feel like she was artificially inflating the price just so I would use her (or fail at FSBO). She's one of Dave Ramsey's ELPs, so she has a reputation to protect. And when the appraiser came back with the same figure, I felt confident with the amount. (One was not aware of the other.)

I also really enjoy following the local market and take extra notice of what's selling and what's not.

I am a little worried about having the sign in the yard too long. But I'm a little worried about LOTS of things! :) I guess I feel like, if we fail, we can just stay put for a few more months and then list it with our realtor. Hopefully by then, there will be a new set of buyers who won't remember our first attempt. And, we're not putting it on the MLS for our FSBO, so it won't show up with a ton of DOM. BUT, I hope even more, we'll sell it quickly and won't have to worry about this scenario!

Why don't you do this... put your home on the market now, whether it be FSBO or with an agent, and then if you get an offer, you can negotiate a delayed closing... you might find a buyer now that can wait until Spring to close. With the current idea, you are not attracting buyers, because the home is not on the market.

Live Wire Oak

not every area of the country do homes take MONTHS to sell. Listed my home on the West side of Houston in June, got offer in June, closed in July. Got asking price.

Carolyn

"In the original post it is asked:
"What do you guys think? Am I crazy or is it a good idea?"
Why get upset when people answer that question?

It sounds like you don't want to hear what others think.
If that is the case, WHY BOTHER posting at all?"

She bothered posting for the same reasons you normally might.

To find answers (not unhelpful criticism).

At least no one has called her "crazy"!

not every area of the country do homes take MONTHS to sell. Listed my home on the West side of Houston in June, got offer in June, closed in July. Got asking price.

Being very familiar with the area I would say that you either (1) were lucky, (2) sold a house for less than $100,000, or (3) initially priced well below your competitors.

Luck is sometimes a factor. Your house may have some special something and someone wants that something walks in on day one and buys it. I've sold on day 1 before and luck was definitely a factor.

In my experience in the area, I was blown away once by curiousity when I looked at houses less than $100k. They were selling very quickly. Most, however, aren't selling in that range.

Starting out with a low price compared to your competitors works. When we listed our house for the final time we sold to the third person to look at the house within a couple of days after listing. (We had unsuccessfully listed the year before). We were priced well below comps and were by far a nicer house that other houses at the similar price range.

The thing is that most people in this area don't fit any of that. Most people don't get lucky and aren't selling a sub $100k house. Most people don't price well below comps on day 1. Even if you price well below comps it can still take awhile to sell if your house has features that the average person may not want.

As a former realtor I would say it can't hurt. I would also print up some flyers or postcards with coming soon and the price.

Unlike what ncchateau is suggesting, I wouldn't put a price on anything yet. If you get tons of interest from your sign, that could impact the price you ask when it's officially for sale.

Who are you going to market the house to?

Owner-occupants or investors?

My RE agent keeps a lookout for me all the time for houses she thinks I might purchase as an investment.

My personal residence was purchased 24 hours before it officially hit the market.

RE agent hear it would be coming on "soon" and watched.
No actual 'For Sale' sign ever was placed before we walked through on Saturday, signed a contract Saturday evening, and had it accepted Sunday morning.
They held the open house anyway since it had been advertised.
No skin off my nose, it was already mine.

For investments it goes about the same.
If I have extra time I will at least investigate and start due diligence.
If I find something unacceptable I can just stop there.
Otherwise I just have to wait.
As a time gets closer I make sure I have enough cash around for the deal.