How to Sell a House By Owner in Mississippi

Why sell a house by owner in Mississippi?

Some homeowners choose to sell their homes FSBO because they want to avoid paying a commission, know someone they can sell to, prefer handling buyer inquiries themselves, or don’t want to work with an agent.

To get a firsthand perspective on selling homes in Mississippi, we spoke with Sarah Renken, a Pass Christian, Mississippi, agent with almost a decade of real estate experience.

Renken shares that the Mississippi FSBO sellers she encounters often misunderstand what they’re saving vs. losing out on.

“Based on the national average, even though they won’t be paying 3% to 6% in commission, they’re losing out on 10% to 20% of what they could have gotten on their house because they don’t know the exact market value of what they could be getting,” she explains.

Statistically, the difference in proceeds can be even higher.

The NAR report shows that FSBO homes sold for a median of $380,000, significantly lower than the median of agent-assisted homes, which was $435,000. While FSBO sellers may have avoided $11,000 to $23,000 in agent fees, they forfeited $55,000 in profits last year.

As you can see, FSBO is a mixed bag. So, before we share our selling tips, let’s lay out some pros and cons to help you decide if this is the route for you.

Despite the cons, we’ll help you navigate the challenges of FSBO if you’re committed to selling your Mississippi house without agent assistance. For some, selling a home FSBO is a challenge worth accepting, and success can be measured in more ways than one.

Steps to sell a house by owner

Let’s review the FSBO process step by step.

1. Prepare your house for sale

Whether you’re selling with an agent or FSBO, at a minimum, you’ll want to get your Mississippi home into respectable shape before any showings to increase your chances of receiving a fair price. Here are a few standard tasks to add to the list.

Renken advises sellers, “Don’t do anything major because you don’t know if that’s going to be your potential buyers like. They may come in and change it anyway.”

2. Do the homework necessary to set a competitive price

You’ve arrived at a critical moment in your FSBO process: setting a listing price. You don’t want to leave money on the table, yet you want to encourage activity on your listing.

Before listing a home, an agent usually conducts a comparative market analysis (CMA). This is a highly detailed study of “comps”— similar homes nearby that have recently sold, are pending, are on the market, or were previously listed but taken off the market. Some may even have been pulled off the market without a sale.

“We pull the comps from the immediate area and let the seller know what it could be worth. Over the last few years, people were just consistently listing higher and higher and higher because people were getting outbid, but we’ve gotten back to normal,” explains Renken.

Without an agent, you’ll miss out on the complexity of a complete CMA and the know-how to interpret it. However, with a little time and money, you can conduct your own “CMA Lite.” Take these steps:

Start with an online home value estimate

As a starting point, look at several online estimators for your home’s value. HomeLight’s Home Value Estimator aggregates publicly available data such as tax records and assessments, your home’s last sale price, and recent sales records for other properties in the same neighborhood.

We also tailor our estimates based on your answers to a short questionnaire. Tell us a few details about your Mississippi home, such as:

• How much work does it need?
• What type of home is it (single-family, condo, townhouse, or other)?
• Roughly when was your house built?
• Are you planning to sell soon?

Using these insights, we’ll provide you with a preliminary estimate of home value in under two minutes.

Whether you use Zillow, Chase, Realtor, or Redfin to get a home value estimate, think of any online home price tool as a first step (not your only source of truth) and recognize that the data used may be limited.

Gather your comps

Comps are recently sold homes comparable to yours in characteristics such as size, age, condition, and major features. The most reliable comps are going to be those within as close a radius as possible to the location where you’re selling a property. Since you won’t be able to access MLS data without a real estate license, you’ll need to look at major real estate websites to collect your data.

Conduct your own comps analysis

Compare your home’s features against the nearby comps you collected. The houses you studied should give an indication of an appropriate price range for your home. From there, you can make dollar adjustments based on characteristics that add value (pools, new floors, an extra bedroom) versus those that reduce it (a busy street, deferred maintenance, less square footage).

Invest in an appraisal

If you want to further reduce guesswork, top agents recommend paying an appraiser to provide a professional opinion of value for your home. An appraiser will combine recent property data, research of the surrounding market, and information collected from a walkthrough of your home to determine an appraised value. An appraisal costs about $350 to $55, well worth it to avoid possibly over- or underpricing your house by thousands.

3. Photograph your home

Listing photos are powerful, either pulling in buyers for showings or keeping them away. To give your listing an edge, consider hiring an experienced real estate photographer. While they may charge as much as $200 to $400 per hour, good photos can sell your home for a good price.

Renken advises sellers, “Use professional photos because people are moving to Mississippi from all over now and start with the photos. You want your online photos to be the best because nine times out of 10, that’s where your buyer is checking first.”

But if you do go the DIY route, make sure to:

• Use a good camera with a wide-angle lens.
• Pay attention to lighting.
• Include a photo of every room.
• Take multiple pictures of living areas, kitchens, and bathrooms.
• Try shooting from different angles.

4. Create a detailed, compelling listing

Along with stellar photos, you’ll want to craft an informative and compelling listing. Leverage both the listing description (a paragraph or two highlighting key features) and the property details to show potential buyers all about your home and what makes it desirable.

Tell a story with your description

Draw in potential buyers with a powerful listing description that tells a story about your Mississippi house, including details like:

• Your home’s most unique and desirable features, like a breakfast nook or sunroom
• Recent upgrades like a kitchen or bathroom remodel, a new roof, or a modern HVAC system
• High-end appliances, materials, or finishes
• Outdoor features like a pool or patio
• Neighborhood features and amenities
• Nearby parks, walking trails, restaurants, and attractions
• Proximity to the beach or any lakes

To capture the attention of buyers, Renken suggests, “Talk about what you like about the house and what you like about the area because those will be some of the first questions buyers ask.”

Don’t skimp on the property details

Aside from writing the description, you may be prompted to enter information like:

• Age of the home
• Square footage
• Architectural style (i.e., split-level, rancher, craftsman)
• Appliances included
• Exterior building materials
• Flooring types
• Homeowners association (HOA) fees
• School zone information
• Lot size

Many real estate agents and potential buyers read this “fine print” on your listing, so include accurate details and plenty of them.

For sellers in southern Mississippi, listing proximity to the beach or other amenities is key to getting more interest and a better sales price. Renken advises her clients to prominently advertise their proximity to the beach. “It’s important for someone to include down here, even if you’re 20 or 30 minutes away. Some people like to know that they are within driving distance.”

5. List your home online

It’s finally time to post your Mississippi home online. While you can create FSBO listings for free on popular search sites, you’d have to painstakingly post site by site, and your listing wouldn’t reach the majority of buyers and agents.

To give your home the most exposure, pay to have your home put on your local MLS, a platform agents use to share properties, as well as major real estate sites. Posting there will feed your listing to buyers’ agent databases and common sites buyers use.

Only licensed real estate agents and brokers who are MLS members can post to the MLS. However, you have two options to gain access: paying an agent to post for you or using a FSBO platform online.

Pay an agent to list your home on the MLS

A local agent may be willing to list your house on the MLS for a flat fee without any other involvement in your real estate transaction. If you decide to go this route, ask whether the fee includes updating your listing if necessary.

Use a FSBO platform with an MLS option

Use various paid websites to list your Mississippi house online as “for sale by owner.” These platforms offer packages ranging from about $100 to $400 for just a listing or a larger flat fee of thousands of dollars that includes any number of additional professional marketing services.

Some of these companies display their rates on their websites, but others won’t quote a fee until you input your address or select an area of the country. A few examples include:

• ISoldMyHouse.com
• FSBO.com
• Houzeo
• HomeZu
• Houzeo.com

It’s important to note that most of these companies serve FSBO sellers nationwide, which can cause challenges if the assisting representatives don’t understand the local market trends in your Mississippi neighborhood.

Whatever you choose, read the fine print carefully. Some sites may have hidden fees or even take a percentage off your sale, a detour you’d rather avoid on the FSBO route.

Not willing to pay for the MLS?

If you’re determined to save money by foregoing the MLS, creating a free FSBO listing on Zillow might be your top option. You can post a video and unlimited photos and get fairly wide exposure via Zillow and the Zillow-owned Trulia.

6. Market your home

Now, it’s time to spread the word about your Mississippi home.

Experienced agents like Renken know that posting a home on the MLS is just the beginning of the marketing phase. A successful home sale requires a deliberate and targeted marketing plan to reach the right buyers and attract the best offers.

“The more people that the house gets in front of, the more likely you are to find a buyer,” Renken explains, which is why she recommends all sellers invest time and energy into marketing. Agents will handle this for clients, but FSBO sellers need to make sure their houses are marketed correctly.

Here are some of the steps you can take to market your home:

Place a nice FSBO sign by the road

Consider getting a custom yard sign rather than purchasing a generic one you write on with a Sharpie. Order a custom sign from a site like Vistaprint that includes your contact details and comes with a durable stand. Note that some MLS providers may have rules about whether you can post a FSBO yard sign while your home is on the MLS.

Share on social media

Share your home across social media — and ask your friends to share, too.

“In the last few years, it’s been easy, but now we’re running ads on social media to get the property out there to get it seen,” Renken shared.

Hold an open house

Try these strategies for a successful open house event:

• Share details on Facebook and Nextdoor.
• Update your MLS listing with the open house details (if you can do so as part of paying the flat fee) or update your DIY FSBO listing.
• Place open house signs at nearby intersections.
• Tidy up the house before potential buyers come through.
• Pass out info sheets with the address, bullet points about the house, your contact info, and perhaps one photo.
• If you can, collect visitors’ info, then follow up later to ask if they have any questions.

7. Manage showings

If your marketing is successful, your next step will be to show the home to prospective buyers. Welcome to the busiest phase of the home sale process.

According to Renken, a major reason some FSBO sellers switch to an agent is that they underestimated the time, energy, and expertise needed to manage this crucial step.

A successful showing can be the most critical step in a successful home sale, the first impression that can make or break a deal.

To manage the logistics of showings:

• Respond to inquiries as quickly as possible.
• Set end times if you need to fit many showings in one day. This will also create a sense of demand and urgency for buyers to place offers.
• Remove or secure valuables.
• Make sure the home is clean and tidy for showings.
• Follow up with buyers’ agents after showings to get their feedback.

Should you be present for showings?

If you’d rather not be present for every showing, consider using a lockbox with a code to let buyers’ agents enter the house. This is standard industry practice among agents. To ensure you’re working with someone legitimate, use Google or sites like arello.com to check their real estate license number.

With unrepresented buyers, plan to be on the property for the showing. During a showing, we recommend you:

• Point out a few highlights of the house.
• Let buyers look without hovering.
• Be prepared to answer questions.
• Avoid the temptation to tell all and let the house and listing do the talking.

8. Evaluate offers, negotiate a deal, and make disclosures

You’ve got your first offer — congratulations! Before signing anything, take a moment to consider whether this offer works for you.

Here are key considerations when considering an offer on your Mississippi home:

• Vet potential buyers by requiring a mortgage pre-approval letter or proof of funds.
• Require everything in writing.
• Counter-offer and negotiate terms.
• Look for a good real estate attorney. (See the next step!)

Property condition disclosure

In Mississippi, a residential property seller is generally required to disclose the home’s condition to the buyer as soon as reasonably possible. Some sellers may prefer to provide the disclosures before an offer has even been presented so that a prospective buyer is more informed beforehand and less likely to withdraw from a deal later on.

In an agent-assisted sale, your listing agent would likely provide you with the required disclosure form(s). However, as a FSBO seller, you can find the form online.

What will you be asked? In Mississippi, you can expect to disclose any significant defects or issues you’re aware of concerning:

• Appliances (dishwasher, refrigerator, range, garbage disposal, microwave, etc.)
• Electrical systems (light fixtures and garage door openers, etc.)
• Water and sewer systems (plumbing, water heater, irrigation, well, septic, etc.)
• Heating and cooling system (central air, fireplace, propane tank, etc.)
• Roof (age, past repairs or replacements, warranties, and leaks or defects.)
• Other disclosures (foundation problems, walls, soil history, land use, encroachments, zoning or code violations, moisture or water problems, damage from wind, presence of termites, history of infestations, flood zone or wetlands, etc.)
• Any warranties or permits associated with any improvements or changes made to the house during ownership

If in doubt about a problem with the home’s condition, most top real estate agents would recommend you disclose it. If you know of an issue and choose not to disclose a major problem, and that defect is later discovered, you could be held liable for damage or subsequent costs.

9. Close the sale — with professional help

It’s time to button up that deal.

Mississippi is one of several states that require FSBO sellers to hire a real estate lawyer to help close their sale. Even without the legal mandate, it would be a good idea to invest in the services of an experienced attorney as you close one of the biggest and most complex deals of your life. Having a lawyer on your side will ensure you’ll minimize your legal and financial risk, plus simplify the process for yourself.

Real estate attorney fees can vary depending on location and how much help you want or need. In Mississippi, the average rate for a real estate attorney is $286 per hour, well worth it for professional guidance in closing one of life’s largest legal transactions.

FSBO mistakes to avoid in Mississippi

Selling your home on your own can be rewarding, but it’s also easy to make costly missteps along the way. Here are some common FSBO mistakes to avoid in Mississippi so you can keep your sale on track and stress-free:

• Missing out on the MLS.
• Over- or under-pricing.
• Letting your house sit on the market too long.
• Being too fixated on any one detail, especially the price.

Renken explains, “One of the most common errors FSBO sellers make when selling a home in Mississippi is not being flexible, which can delay or even kill a deal.”

As the market is recalibrating, demand is dropping and there isn’t a line of buyers rushing to snap up the next available house. Renken has encountered several sellers who either aren’t working with an agent or aren’t listening to their agent. These sellers often expect an extremely high sales price and refuse to be flexible and negotiate, killing deals and delaying their home sale.

Alternatives to selling by owner in Mississippi

Selling by owner isn’t the only way to go. It all depends on how much time, effort, and risk you’re willing to take on. Here are some popular alternatives to selling by owner in Mississippi that might better fit your goals and timeline:

Enlist the help of a top-rated real estate agent

Ultimately, the services and price gains you can get with an experienced Realtor may put more money in your pocket than FSBO. A proven agent is better equipped to help you achieve your selling and moving timelines.

If you’re interested in such expertise, HomeLight can connect you to top-performing agents in your Mississippi market. Our free tool analyzes over 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs. It takes only two minutes to receive your matches.

Request a cash offer to buy your Mississippi home

If you’d like to skip the sale prep altogether and avoid paying agent commissions, you can opt to sell your home “as-is” to an all-cash buyer instead.

For a low-stress experience, consider requesting a cash offer from HomeLight’s Simple Sale platform. Tell us a few details about your home, and within 24 hours, we’ll send a no-obligation all-cash offer your way. 

If you decide to accept the offer, Simple Sale sellers can close in as little as 7 days. Without leaving the platform, you can also compare your cash offer to an estimation of what your home would sell for on the open market, so you can make an informed decision.

Ready to sell your Mississippi home?

Unless you already have a buyer lined up, selling a house by owner in Mississippi requires a significant investment of time and effort. You’ll need to pull your own comps, capture excellent pictures, create a listing, market the house online, field inquiries, host showings, negotiate, and close the deal. And that’s after preparing the house itself.

You also have to consider that FSBO listings tend to sell for less than agent-assisted sales. An experienced agent who knows the area can make recommendations for targeted upgrades to help you maximize your sale price and get a premium offer. This can help to offset or, in some cases, more than make up for the cost of commission — while saving you time and headaches.

If you choose to go FSBO, you should have a good idea now of what to expect from the process. But if you want to fetch a higher sale price for your property, our internal transaction data at HomeLight shows that the top 5% of real estate agents sell homes for as much as 10% more than average. 

Use HomeLight’s Agent Match tool to connect with some of the best agents in your Mississippi market.

Writer Hayley Abernathy contributed to this story.

Editor’s note: This blog post is intended for educational purposes only. Look into the real estate regulations for your area to properly navigate selling a home without a realtor. If you’ve explored the FSBO process and decide it’s not the right fit, we can connect you with top-rated agents for a stress-free, top-dollar sale. 

Header Image Source: (Scott Lorsch / Unsplash)