So you want to sell your home on your own? In the real estate industry, we call this process a FSBO or For Sale By Owner. With the right information, selling your own home can be done by just about anyone. Supported by information that can be found through the Internet, your local library, or a personal referral; a person can sell his or her home either by a real estate agent or selling the home by him or herself. In today’s high tech environment, many tools are available for you to sell your home and hopefully, at a reasonable price.
Whether you want to sell with an agent or by yourself, keep these tips in mind to help you sell your home. There are some specific steps in selling your home that you want to make sure you follow. These steps can really help you set your house apart from the numerous homes currently on the market. Never under estimate these steps because they could have a tremendous impact on your home selling at all. Here are some things to consider when selling your home:
1. Preparation – show your home in the best condition possible
Here is the first step in selling your home. Make the best first impression to your buyers so that they are attracted to buy your home. Get rid of dirt and garbage, remove all clutter, repair all flaws of your home, get rid of unused furniture to make it looks spacious. Remember, less can equal more!
2. Pricing Your Home Right
A home that is priced right and reasonable will sell in a short time. You can consult a Realtor to give suggestion about your home’s value and the condition of it. Don’t price your home so low that it will cost you more money, yet don’t set the price so high that you lose potential buyers. In today’s market, the right price at the right time will make all the difference.
3. When To Sell
You also have to know the right time to sell your home. In different markets, the timing can be different. Know your market! You surely want to sell your home in a good economic condition with strong demand for houses, but today’s market doesn’t provide that. I can’t stress enough the importance of timing and price. Both must be done properly in order to sell your home in today’s market. If you sell your home at the right time and with good preparation, you will get the highest price for your home.
4. It Will Cost You
You also need to consider any and all costs that you will have in selling your home, whether it is attorney costs, closing costs, advertisements costs, etc. Selling your home will cost money. Since you are likely not paying a Realtor, you will need to pay for signs, marketing costs, advertising costs, flyers, and anything else you will need to get your home in front of qualified buyers.
There is one final thing regarding cost you might not have considered. Time will be one of your biggest expenditures. There will be people who want to look at your home, ask questions about the home, write contracts, review contracts, open escrow, and many other unforeseen items. You will also need to spend a significant amount of time researching and familiarizing yourself with the market and the process involved with this process. Never hesitate to contact a professional who can answer your questions.
5. Selling Privately
Selling your home by yourself is not as easy as it seems but it might be worth your time because you might be able save about 2-4% of your selling price. Selling your home privately is sure to take much time and effort but it could pay off in the end.
6. Selling At Auction
Selling at an auction can also be an option. I bring this option up because many people today are having a hard time selling their homes via traditional means. That being said, it is not an ideal option because it will cost you more money and and there is a good chance you won’t get asking price for your home.
7. Get Professional Help
Once you find a buyer who wants to make an offer on your home, you will be inundated with documents and deadlines that you must complete. You can make the flow of documents easier by getting professional advice through someone who has experience in this process. You can also find books related to this topic at your local library. An escrow company can also help with the needed items and also act as a third party for the sale of your home.
8. Marketing your home
There are many ways to market your home:
· Writing and posting your “for sale” ad
· Home Photos: a picture is worth a thousand words
· Lawn signs
· Open houses
· Home Brochures/Information sheets
· The MLS (Multiple Listing Service) provided by the agents
· You are your home’s best salesman
9. Negotiating an offer on your home
If you receive and offer, it is almost certain that the offer will be less than your posted selling offer. Today’s market is a buyer’s market and buyers will be trying to get a deal. You should brush up on your negotiation skills so that you can counter offer without scaring away the buyer or the deal. This process could involve multiple counter offers which may draw out the sale of your home but don’t be discouraged. Keep your head about you and don’t be offended by low offers.
10. Home inspections
If you don’t want to be surprised by unexpected expenses, you may want to consider having a home inspection completed before you put your house on the market. The buyer will likely hire and inspector themselves and if anything shows up as a potential problem, they will consider asking the seller (you) to pay for problems to be fixed or a reduction in the sales price.
This is a great place to be! You and the buyer have come to terms for the sale of your house. Remember though, the home isn’t sold until the actual closing is complete. This means that the home will transfer ownership. Many things need to be completed for this process to go through to completion. Make sure you understand all rules and regulations for this process so that there are fewer unexpected surprises that may delay or even cancel the sale of your home.
These tips will help you go a long way in selling your home. Never hesitate to ask for professional advice if you encounter some problems while you are in the middle of the selling process.
Good luck and happy selling!