If you live in a hot market, or if you have the time and patience, you may not have to pay an agent thousands of dollars to sell your house. Just note that most buyers will expect to pay less if you sell the house yourself, unless it truly is a hot market.

If you're selling in an area where buyers outnumber homes for sale, don't call an agent just yet. When your house could sell in a couple of days -- or even a few weeks -- maybe you don't have to pay an agent thousands of dollars to market it.

Conducting a sale by owner takes a knack for marketing, a well-organized approach and a lot of time and patience.

Nationwide, about 15% of sellers moving up to a better home successfully sell the old one by themselves, according to the National Association of Realtors. About half as many try to sell it themselves but end up listing with an agent.

Even if you don't have a buyer waiting in the wings, you can make a sale by owner work -- as long as you're willing to put some time into the marketing effort.

Price it right
Because people selling a house themselves usually don't have access to the multiple listing service (MLS), one of the toughest tasks is pricing the home. If you know of homes like yours that have sold recently, you can go to your community's recorder-of-deeds office and look it up. It's usually public information. Nowadays, this information is usually available online also.

You can also check prices of competing homes at Owners.com, where you can also post a simple "listing" of your house on the network for as little as $14.95. There are other online resources, so check them out. You can also read more information on setting the right price.

Purchase a warranty
To attract buyers and alleviate many concerns they may have, we recommend you purchase a one-year home warranty. This will protect the buyers during their first year of occupancy if the major appliances break. Since these are usually expensive items to repair or replace, this warranty, usually available for a few hundred dollars, gives them great peace of mind and can help them decide to buy your home instead of another similar home.

Advertise, advertise, advertise
Go to a local sign shop and buy the most attractive lawn sign you can afford. Include your telephone number for "by appointment" showings.

Place classified ads in your local newspaper and in any small community papers. The larger the circulation, the better your odds of attracting buyers, but also the more expensive the ad. Don't forget bulletin boards at the library and local grocery stores, or your homeowners association newsletter. Also check out local city and news station websites, as most of them advertise homes for sale online for a reasonable price.

In your ad, include the asking price and number of bedrooms and bathrooms, but leave out the address. You're better off trying to screen prospects over the phone first. Otherwise, you'll have hundreds of people going through your home just looking for decorating tips.

Prepare a brochure with an attractive color photo of the home and all its vital statistics. Spell out the size of each room, the type of heating system, and whether there are any special amenities -- such as fireplaces or access to mass transit. Have summer and winter utility bills available for buyers to review.

Be ready with a contract. Make it easier for buyers by having a blank sales contract on hand for them to review and take with them. A real estate lawyer can prepare documents -- and offer advice -- for well under $500. You can use the same lawyer for closing.

Don't ignore agents
There's nothing that says you cannot cooperate with agents. Offer a 3% commission if they bring in a buyer. You might end up conceding that much anyway if the buyer has signed on with a buyer's broker.