Are you thinking of selling your home and want to keep expenses to a minimum?
One of the ways is by removing the real estate agent from the equation. If you sell your house for yourself, you can save up to 6% in commissions. For a home of $ 300,000 this represents about $ 18,000.
However, before choosing this option, keep in mind that it is a difficult process. You will have to invest a lot of time doing the work that the agent would usually do, which includes everything from showing your home and promoting it to negotiating the final price.
Keep in mind that you must also take care of all legal and financial procedures, a task that can be overwhelming. (It’s probably a good idea to hire a lawyer to help you with that). There are also several websites, such as ForSaleByOwner.com and FSBO com, that will help you through the steps of the process houston home buyers.
Considering all this, if you are still determined to sell your home on your own, here are 5 tips to start:
Set a realistic price: Most people consider that their house is worth more than it really is worth. Colby Sambrotto, president of USRealty.com, advises putting emotions aside and setting a price based on concrete data. Online price calculators such as Zillow’s Zestimate can offer an estimate of the value of your home based on factors such as the square footage, the number of rooms and bathrooms, and the location of your home.
You can also analyze similar homes that are for sale in your neighborhood. Websites such as Trulia can help you get this information, and you can also search local property tax records. To find this information, check with the state’s expert or county clerk’s office.
Another option: visit the website of the Federal Housing Finance Agency (FHFA) . It provides tools that are based on home sales data extracted from mortgages backed by the Federal Housing Administration, Fannie Mae and Freddie Mac.
One of the tools is the FHFA Housing Price Calculator. The calculator does not project the real value of your private home. Instead, you send the amount you paid for your home and the year you bought it, and the calculator shows the value of your home based on the average rate for all of the area.
You can also hire an appraiser to obtain an estimated figure. Michael Malkasian, president of FSBO.com, a real estate advertising company, recommends leaving that as a last option, since you will have to pay about $ 400 for the valuation, and the buyer’s bank will make its own valuation anyway. You can search for an appraiser on the Appraisal Institute website.
Advertise it “Before, the only option was to stick a sign in front of your house and be optimistic,” says Sambrotto of USRealty. Currently, there are more alternatives. According to Malkasian, almost 90% of home buyers last year started their search online. You can upload your home to the list on your website, FSBO.com, for one year for around $ 100. The listing will also automatically appear on the Redfin real estate website. Malkasian says that your company will also add your home to the list in Trulia and Zillow without additional costs.
Other sites to advertise your home include ForSaleByOwner.com (which works similarly to FSBO.com), Patch and StreetEasy (in the city of New York).
To reach more people, consider enrolling in the Multiple Listing Service (MLS), used by real estate brokers. The cost is around $ 400 per year, and you can do it through websites such as EntryOnly.com, ForSaleByOwner.com, FSBO.com and Owners.com.
It offers a detailed description of your home: When you publish your house, it includes photos of its exterior and interior. Malkasian suggests hiring a professional, so that the photographs are as attractive as possible. The notice should include basic information, such as the price, location, age of the home and the number of rooms, bedrooms and bathrooms. However, Malkasian also recommends underlining any improvement, such as a new roof or a water heater.
Be patient: Do not be disappointed if there are no offers during the first day of the Open House when you open it to the public. Re-evaluate the requested price, update your advertising material and make sure your home is well-publicized in case no buyer has come.
Consider hiring a retail broker for limited services: Many home sellers do not understand that they have other options besides using a full service agent to sell their homes or sell them on their own. Some agents offer limited services that can help you with particular aspects of home sales. With FSBO.com, for example, you can order a market analysis or request that an agent review a purchase contract for $ 200. If you need help negotiating the price and details of a sale, the cost is $ 700.