Selling a home can be a stressful process. There’s finding a realtor, choosing a price, and then all the stress that goes into showing and closing the home. What’s more, selling a home can cost a lot of cash. You have to hire a realtor, who will make a percentage of whatever you sell the home for, there’s hiring an attorney and a title company to close, and then there’s the work you have to do just to get your home ready to show. It’s easy to see why some people want to sell their home on their own, without a realtor. Eliminating a realtor makes for one less cost, and sometimes a substantial one. If you’re trying to sell your home on your own, here’s what you need to know to do it successfully:
Decide on a Price
The first step of selling your home is deciding what you’ll price it at. Do a little bit of research first — what are other, similar sized and aged homes in your neighborhood selling for? Have you made upgrades that will make your home more attractive to buyers, or is your home beginning to show its age? Take an in-depth look at what’s going on in the real estate market around you, and even consider getting your home appraised before you list it. That can help you find a competitive price sure to help your home sell.
Another consideration to make when choosing your home’s price: If you want your home to sell quickly and easily, you need to price it accordingly. If your number one goal is getting out and moving on, it’s a good idea to list at a price that might be lower than what your home has been appraised at.
Now that you have your price in mind, it’s time to list! Be sure to put your home up online at all the major real estate sites — Trulia, Zillow, Realtor.com, etc. — so you get the greatest number of eyes on your home as soon as it lists.
When making your listing, be sure to talk up the selling points of your home. Upgraded bathroom, renovated master suite, brand new kitchen appliances? Make sure you spell it out for potential buyers and show it off with high-quality well-lit pictures.
Host an Open House
After you’ve listed your home online, it’s always a good idea to host an open house. It’s a great way to get people into your home to consider purchasing, but you will need to do a few things in preparation. First, you’ll need to tidy up. The cleaner and more sparse your home, the easier it will be to sell. Most people want to be able to see the potential of the home, and that means that your counters and sinks must be totally clutter-free, and everything in the bedrooms tucked out of sight.
Second, you’ll need to advertise. There’s no point in hosting an open house if no one knows it’s happening. Market online, put up signs and flyers around town, and make sure there are open house signs in the front yard. You might even put the date and time of the open house in the description on your online listing. The more exposure you get on your open house, the more people you’ll see attending.
Be Very Available
Even after the open house, it’s important to be super available to potential buyers. You might even consider taking time off work just to ensure you’re able to show the home to anyone who picks up the phone. The last thing you want is to lose a sale because you simply didn’t have the time to show the potential buyers your home.
Wait for an Offer or Bring Down That Price
Once you’ve had the open house and you’ve shown your home to a few potential buyers, you just have to wait for an offer to come in. But if it seems like no one is biting, you may have to lower your asking price. If your home has been on the market for a while, and no one seems ready to put in an offer, the best way to jumpstart a sale is to ask for a little bit less.
When you do get an offer, you’ll have to handle negotiations. Most likely, a buyer will come in with an offer that’s lower than what you’re asking, and if you choose, it’s on you to negotiate them up a bit farther. Negotiations can take a while and can be tricky, so be prepared for that lower offer to come in and have a clear idea of what your very lowest price will be.
Hire an Attorney
Once you and the buyer have settled on a price that seems good for everyone, it’s time to hire a real estate attorney who can help with the legal aspects of the sale. A real estate agent will make sure the contracts and paperwork, and other small legal details of selling your home are taken care of properly, so you can get on with the process as soon as possible.
Once the i’s are dotted and the t’s crossed, your home will enter into the closing process. You’ll have to hire an escrow or title company to finalize the sale, but after that mandatory closing period, you’ll be done! Now you can move on to your next destination, knowing that you’ve successfully sold your home on your own.
If you’re having doubts about selling your home on your own, or really just want to avoid as many of the fees as possible (real estate attorney and hiring a title company), know that you do have other options. Renewed Homes is a local real estate investment company that purchases homes directly from owners in cash, and quickly. You won’t have to worry about listing or cleaning up your home, we’ll just make you a cash offer, you choose if you’d like to accept, and then you’re done! Because of our status as real estate investors, you can avoid many of the fees that come with closing, and our process is much quicker too. If you need to get out of your home as soon as possible, Renewed Homes can make it happen. Give us a call at 269-362-0931 or get in touch online for your fair, cash offer today!