If you’re thinking about selling your house, then there are a few things to note before starting the journey.
There could be a whole host of reasons why you might be thinking about putting up a “For Sale” sign. But do know that while the financial benefits are many, it will take a lot of time to make sure that the process runs smoothly.
Selling a house on your own isn’t recommended if you have no experience with real estate. However, the internet is an amazing place that can tell you everything you need to know about it.
So, that’s why you’re here. If you’re interested in uncovering the 7 things to know about selling a house on your own, then this is the article for you.
Without further ado, let’s start.
1. You Will Need To Do an Inspection
Whichever way you look at it, you must do a thorough inspection of your house before putting it up for sale. Why? Well because an inspection helps uncover a lot of problems.
This process is highly recommended by experts in the field. An inspection can be the difference-maker in getting a good price. By doing an inspection, you will know every issue surrounding the property.
This helps you plan for repairs; repairs that can potentially save you thousands of dollars.
2. See What Others Sell For
Pricing can be a real issue and a higher price can potentially put off a lot of buyers. That’s why we recommend doing a simple research task.
Namely, the best way to know what price is right is to assess the competition. Find any live listings of other properties within your city or neighborhood and see what price they go for.
You can also do some comparing and find the exact price for similar properties such as yours. While we do agree that it’s literary impossible to know the exact same price based on the number of rooms, quality of the interior, exterior, roof, etc, it will get you close to the desired number.
You can also get in touch with a real estate agent and ask for a free analysis. Most agents do offer free analysis, but not all of them. You can even go as far as to find a professional that will calculate the value of your property.
3. Sell At The Right Time
We cannot stress how important this one is. The market dictates the prices. If the market is in demand, then your house will sell for more. If the market is in more supply, then you might have to drop your price to sell faster.
Regardless, the law of supply and demand within the real estate industry is one that makes all the difference when it comes to pricing.
Selling at the right time is crucial, and you shouldn’t settle for anything less.
4. Use the Online World
There isn’t a better way to sell your home than to offer it online. Nearly 95% of all house shopping is done online. While people will come over and see your home in the first person, the first thing they do is go online and look up listings.
Deviating from it will drastically lower your chances of finding a buyer. Never underestimate the power of websites that give you the option of selling or buying houses.
These websites are specifically designed to meet the needs of buyers and sellers alike. Other services specialize in buying your property without even needing an agent.
These services will come to your address, do a full evaluation, and offer you a price. If you accept, then the process of buying the home will be swift. If you’re interested in that, then make sure to visit www.veryfasthomebuyers.com.
5. You Might Pay Commission Fees
Even if you’re not using a real estate agent to sell the home, the buyer might well be. And if this is your first time selling a home and have no idea how the process goes, then you’re in for a disappointment.
Most people choose to sell on their own to avoid commission fees set by agents. However, it doesn’t matter if you’re not going with an agent as you will still pay the 3% commission fee if the other party uses one.
While 3% might sound silly, it’s still important to know about it.
6. It Takes A Lot Of Time
Selling a home is very time-consuming. As we mentioned earlier, every show, every renovation, every small thing involved with it can take hours of your day.
This is why people go with real estate agents instead of doing it on their own. Going without an agent means doing all the legal work yourself.
This can become an issue especially if you have scheduled potential repairs and renovations.
But perhaps the most irritating thing about this whole thing is the fact that you’ll lose hours on people coming over and taking a look at your home without committing to it.
If you had hired an agent, then this issue never exists. Every showing can take anything from an hour to a few hours of your day. And nothing guarantees that the person will buy your property.
7. You Might Not Always Get the Right Price
Listen, everyone wants to sell at their own price. But overpricing because your home holds sentimental value means nothing to the buyer.
This is perhaps the biggest reason why selling on your own is potentially counterproductive. By having a professional by your side that will guide you and put some common sense into your head, you are making sure that the home sells for the right price.
This means that more people will be willing to come over and take a look. The more people show up, the higher the chances of selling the thing.
If you do want to sell for a higher price, then we recommend going a maximum of 10% above the market value. This way you are making sure that people still find the price reasonable.