Selling your home is a big decision, yet over 5 million people did so in 2018.
Choosing how to sell your home is just as critical. While some people turn to realtors to do the majority of the work for them, others venture out to do it on their own.
Selling a home by owner might seem overwhelming, but once you’re aware of the process, it’s achievable. Continue reading to learn more about how to sell a house by owner.
Why Sell Your Home on Your Own?
Before you place a ‘For Sale’ sign in your yard, consider the pros and cons of giving up a realtor.
Working with a realtor means you work with someone who understands the housing market and your area so you get the best price for your home. They also help you stage your home, prepare it for sale, handle marketing, and negotiate on your behalf to potential buyers.
However, they do take a commission on the sale of the home which is around 3% of the sale. Also, you have complete control over everything else, including setting the price. You can also speak from experience as you answer questions about the home.
How to Sell A House By Owner: 7 Tips
Still certain you want to sell your home on your own? Never fear! It can be done.
Here are 7 tips to help you make the most out of selling your home.
1. Set Your Price
Setting your price is more than choosing a number. The best way to set a reasonable price for your home is to become knowledgeable about your home and neighborhood or get your home appraised. Research other homes in and around your area that are similar to you before you land on a number, or if you need to move quickly, price it to sell fast.
Remember to always go a little higher on price so you have room to negotiate if you need to. Try to focus solely on the market value of your home, rather than the sentimental value. It’s not uncommon for homeowners to have an emotional response or reaction when setting the price of their home.
2. Clean And Stage Your Home
Homes sell faster when potential house buyers see themselves living in it. Make sure you remove all personal items, like family photos, to make the home as neutral as possible. Do a deep clean from top to bottom, so your home sparkles and shines, and buyers know it’s been well maintained.
If you need to, staging your home is helpful or hiring a professional cleaner can take some of the grunt work off your hands if you’re short on time. Replace things that are broken, or repaint if you have brighter colored walls.
Don’t ignore the exterior of your home, either!
3. Start Advertising
No one knows your house is for sale if you don’t advertise!
There are several ways you can market your home. First, make sure to take flattering pictures of your home, but they should not be exaggerated. Draft some of the home’s best features on paper to include in your listing.
With the invention of the internet, there are numerous ways you can advertise your home. Listing sites are available, along with classified sites, or even creating your own ‘for sale’ website is growing in popularity. Don’t forget to put the ‘For Sale’ sign out front as well!
4. Consider MLS
If you’re having trouble advertising your home with the above suggestions, or you’re not getting much response, consider posting your home with MLS. MLS stands for multiple listing service, in which real estate agents share their listings. There is usually a local MLS for your area.
Posting to the MLS may cost you a fee, but you gain larger exposure. Your name will be listed as the main point of contact if someone is interested in your home.
5. Have An Open House
An open house is the main event for people to come to visit your home and ask you questions. You’ll need to advertise for the open house, so make sure you plan.
Most sellers offer literature on the house with pictures, descriptions, and contact info for potential buyers to take home and look over. Be sure to bring your A-game and act professionally, by answering questions and greeting everyone who enters. Open houses are usually on weekends or afternoons.
6. Learn to Negotiate
Once you have an interested buyer, it may be time to negotiate. Negotiating can be a tricky part of a sale, so learning how to do it well is essential, especially if the other buyer(s) has an agent.
Feel free to reject any offers that seem too low or impractical, and only respond to offers that are serious about buying. If you have time to wait out a price and don’t need to sell your home quickly, remember that being patient for the price you’re looking for often pays off.
7. Gather Necessary Paperwork
After you’ve agreed on a price, then it’s time to close the sale. Most people will need to enlist the help of an escrow agent or even a realtor, to assist them with closing procedures. There are necessary titles and other paperwork to sort through, and it does help to have professional guidance here.
Ready to Sell?
If you’re still wondering how to sell house by owner, hopefully, these steps have pointed you in the right direction. While it might seem more daunting and challenging to go at it on your own, it’s very possible. Good luck and happy selling!
Looking to sell your home fast? Visit our website today to learn more and see how quickly we buy homes!
One response to “The Complete Guide: How to Sell House by Owner”
I think that choosing how to sell your home is the most important step in the whole process. This decision would set the precedent of how the whole transaction is going to go forward.