5 Tips to Sell Your House Without a Realtor
Today’s market has robbed many seller’s of their equity; years, of hopeful financial security for retirement have vanished. All of us, assumed that the market would continue to grow and that we could expect our homes’ value to double about every 10 years on average. It’s no wonder that more and more seller’s are attempting to sell without the help of a real estate agent.
First off, some facts, any research on the internet will validate that approximately 14% of all homes SOLD are For Sale By Owner. That means, almost 80% of all homes SOLD are through Realtors and through the MLS. If you’re trying to avoid that commission, then you’d better roll up your shirt sleeves and get to work.
1. Decide what your home is worth. Most Sellers don’t have a clue. Remember, if you set the market price of your home to high then you run the risk of putting off buyers. The longer it sets on the market the more likely it will become will become wary and believe something is wrong with your home. Pricing is #1 most important job. If you price it to high, it will set. If you price it too low, most likely, you’ll get multiple offers. Experienced Realtors know the market shifts, and understand how to speculate on the best price to sell in the least amount of time. Ask a Realtor to do a CMA (comparative market analysis).
2. Roll up your sleeves and clean, clean, clean. Make everything sparkle, especially kitchens and bathrooms. You want your home to appear warm and inviting. Brighten up rooms with bright lights, fresh paint, and de-clutter. Remove all of the family pictures and momentos. Keep it simple. Keep in mind you’re trying to sell a house. Stage your home so that your buyers can imagine their lives in your home.
3. Marketing your home is challenging. Make sure you get a sign up with directional arrows. Much is made of the internet, just check out Zillow.com and other for sale by owner sites. Craigslist.com is an excellent choice. If you should use print media, make sure they put it online. Newspapers charge for the classified ads, but usually run the ads online for free. Remember only 14% of homes are sold by owners, the remainder are SOLD by Realtors through the MLS. Creative Realtors are now offering a flat fee MLS service for a nominal up front fee. The typical fee is around $399. Just remember, if a buyers agent provides a buyer for your home, then you would only pay one commission.
4. Next get your paperwork and legal professionals in order. Interview attorneys and closing/title officers and select the one that seems the most willing to help with all the stressful details. You’ll need offers to purchase, disclosures, etc.
5. Finally, if you get an offer, make sure your buyer has been pre-approved. Mortgage lenders will provide you with a written pre-approval letter. Many disheartened For Sale by Owner sellers have left the closing table only to discover that their buyer couldn’t afford the home. They leave empty handed and have to start the sales process all over.
