Homeownership is a significant milestone in any adult’s life. As you continue to grow personally and professionally, though, your needs would change; and you might find yourself needing a new house. As such, it’s only practical to sell your current abode and use the funds you earn to buy another property.
One of the things you need to decide on is whether to hire a realtor or sell your home without an agent. You can definitely go for the latter setup, since there are lots of tools and resources online to help you succeed in this endeavor. But you’ll need to be smart about this move.
If you’ve decided to sell your home yourself, here are some tried-and-tested tips you should remember:
1. Know your options
There are various ways you can go about selling your house without a realtor. Each arrangement has its pros and cons. You should be aware of what options are available to you first before you dive right in and invest your time, effort, and resources.
These are the three effective options you can consider:
- Sell to cash buyers – This type of buyer can be individuals or entities that purchase properties with spot cash, which eliminates the need for bank financing. This setup is best if you need to sell your home and transfer right away, since you won’t have to wait for inspections and other delays. However, you might have to compromise and lower the price of your home since these companies might utilize the time constraints to their advantage.
- Find people you know – Another option you have is to sell to people within your social circles. It doesn’t have to be someone you personally know, but word-of-mouth advertising may allow your listing to reach a friend of a friend who might be interested. Just make sure to hire a real estate lawyer to get the legalities in order to protect both you and the potential homebuyer.
- Go for FSBOs – A For Sale By Owner platform or app enables you to put up your listing and take full control of the selling process for your home. Through this method, you can save on hefty real estate agent commission fees. On the other hand, you’ll be handling everything, from listing to answering inquiries and assisting walkthroughs, so make sure you’re prepared for this responsibility.
2. Research the market price
A common mistake that people make when trying to sell their homes is to go over or under the market price. You can avoid this by doing your research about the average price of similar houses in your neighborhood and state. You also need to consider the type of home you have, such as its size, the number of rooms, and other factors.
In 2021, the median price for homes in the United States is USD$374,900. This figure sees a 16.2% increase from 2020, when the average price was only USD$322,600. You should understand the market and gather relevant information, such as how long it takes to sell a house after listing. Knowing these can help you make better decisions about your property.
3. Prepare your home for viewing
Next, you’ll have to prepare your residence for viewing and walkthroughs. This includes removing anything personal that might hinder a potential buyer’s vision of them living in the space. Make sure to deep-clean your home as well so it’s sparkling when you have prospects over.
4. Invest in advertising and a professional photographer
Advertising online is the best way of making your listing visible to people who are looking for a new home. There are lots of platforms these days, so you can choose which one offers the most cost-effective pricing.
Moreover, since you’re advertising online, you should make sure to publish beautiful photos that’ll grab the attention of potential buyers. To do this, you’re better off hiring a professional photographer who can capture your property in the best possible light. This way, you’ll get high-resolution images that’ll surely catch the eye of prospects.
5. Understand the paperwork involved
Aside from understanding the market and trends, you also have to be aware of the paperwork you need to accomplish once you have a buyer. By doing so, you avoid future legal issues and protect you as well as the new homeowner.
First, there’s the sales and purchase agreement (SPA), which should contain all the details about the sale. This includes the price, earnest money deposit, financing arrangement, close-by date, inspection period, and closing costs. Other documents are the property disclosure statements and disclosure of information on lead-based paint or hazards.
These days, you can definitely sell your home by yourself without the help of a realtor and save thousands on commission fees. Remember, though, that taking full control over the sale is a huge responsibility. Make sure you’re prepared with the tools and knowledge to pull this endeavor off successfully, but at the end of the day, we do recommend you use a real estate agent to protect yourself from any potential liability mishaps, all while alleviating stress with superb service during such an important time in your life.