The average commission for real estate brokers is 6%. Some homeowners decide to sell their homes without an agent to save on commission fees. While the process is complex, the huge savings are worth the sacrifice.
For sale by owner, commonly known as FSBO, isn’t for the fainthearted. You need to have the drive and adequate time. Frustrations can set in as the process might prove harder than you anticipated.
With the right information and attitude, selling your home within two weeks is indeed possible. Are you thinking about going the sell house by owner route to get your home off your hands? Here are a few tips for making sure that you get it right.
Prepare Your House
Potential buyers will want to view the house before committing. When you market your home, you’ll need to put some things away. A storage unit is an excellent decluttering option.
Consider removing stuff that you won’t need when your home is on the market. A buyer should be in a position to see the actual space in each room. A basement that seems excessively crowded might be a turnoff.
Remove any memorabilia and family portraits. Prospective buyers need to have a precise focus on the highlighted features of each room. Remember that your taste is not necessarily the buyer’s taste.
As part of home preparation, scrub all the spaces and shelves. Have adequate lighting to make the rooms lively. If need be, paint your walls afresh to make them brighter.
You need to be objective when setting the price of your home. Don’t attach the memories you have in the house to its value. Leave out emotions and set a reasonable price.
Conduct thorough market research on the value of comparable homes. You can check the recent home sales, which has similar features with yours. Complement your research with the HPI calculator by the Federal Housing Finance Agency.
A real estate appraiser can guide you on the precise value of your home. You might pay up to $400 to get a qualified appraiser. However, you can decide to do away with the appraisal services and follow your guts after thorough market research.
Ensure that your pricing is reasonable. Whether using an agent or selling your home without an agent, unrealistically high prices are unwelcoming. Your research should not solely rely on sites’ estimates.
Draft a Comprehensive Home Listing
When you decide to sell house by owner, your listing is your primary selling point. You need to gather adequate home data so that a prospective buyer can get all the details first hand. The home data should incorporate the year the house was built, the number of rooms, size, and packing arrangement.
About 84% of buyers state that they can’t consider buying a house that doesn’t have photos within its listing. As a visual society, taking clear pictures of your home should be an essential step. Invest in professional photography to make your house photos appealing.
Take advantage of the natural light to improve the outcome of the shots. Editing software can touch up the photos to give them more radiance. Take a shot of the highway, each room, and the exteriors.
Your home’s description should be captivating. But you need to provide factual information. Focus on relevant selling points that will make a potential buyer imagine waking up to such a home.
Don’t underestimate the ‘for sale’ sign on your front yard. A potential homebuyer might be driving through the neighborhood to see the amenities. With brochures and signs in the right place, a buyer might just knock on your door.
Complement traditional advertising with online marketing. If you have a website and a significant number of followers, post your offer. Sites such as FSBO.com, Patch, and LoopNet, among others, can also be great starting points.
A YouTube channel is an effective marketing option. Give your viewers a video tour of the entire house. You can provide a brief description at each point.
Post photos and videos of your house on different social media sites and request your friends to share. With the millions of active Instagram, Facebook, and Twitter users, getting a serious buyer is possible. Provide all the necessary details within the post to hasten the buyer’s decision.
An open house should complement your aggressive online and offline marketing activities. Potential buyers want to see the actual features of the house and amenities within the neighborhood. You’ll need to up your skills as your competitors are highly experienced real estate agents.
Have a Contract
Once you get a buyer, you need to comply with all legal requirements to avoid future conflicts. Check out guides to an FSBO contract to know how to go about the sell house by owner contract. In real estate, a contract should have enough details to be legally enforceable.
The seller and the buyer need to understand a contract’s requirements. Both parties should be at least 18 years, of sound mind, and not under the influence of alcohol or drugs when signing the contract. You need to include all relevant details to bind the agreement.
A home sale involves substantial paperwork. A seller’s disclosure is an item you ought to include in the agreement. Failure to disclose everything about the home on sale can be legally risky.
The contract should be consistent with your state’s laws. You might need to engage other parties at this point. A real estate attorney and an escrow agent can ensure the successful completion of all paperwork.
If You’ve Been Wondering How To Sell House By Owner, There You Have It
The process will be daunting but fulfilling. With the right information, you can sell house by owner like a pro. You don’t need to engage a realtor at any point.
If you are unable to go the FSBO way, hiring an agent is also a great option. In fact, real estate agents have the exposure that will enable you to sell a house within a short time.
Whichever approach you choose, you need to get the return on your investment.
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