Selling or buying a house is a big decision to make. Traditionally people are used to employing the services of an estate agent, but with advances in modern technology, many have taken it upon themselves to sell their own house.
Why Sell a House by Yourself?
One of the primary reasons that people sell their own houses is, of course, the savings they make for no agent commissions. On average, an agent could charge between 5-7%. Another reason might be that the seller feels they could market and sell their home better than an agent as they know the house the best.
It also allows sellers to control when prospective buyers visit the property. Before you start this process, take advantage of the internet and do some research. Looking up ‘how can I sell my house fast for cash by ISoldMyHouse.com’ and other sites or questions you have can help.
Is it a Good Idea?
As mentioned above, the most significant advantage would be savings. If the seller does their research correctly, they can save a lot of money, not only on commission but on other processes that are involved in selling a house as well.
For others, it might be challenging to sell a house. Sellers need to realize that there’s a lot more involved in the process than sticking a ‘For Sale’ sign on the front lawn. There are online adverts to consider, taking appealing photos that will attract buyers, preparing a home for prospective buyers to view, and then having the time to host potential buyers.
It might seem like a simple process, but in reality, it can be overwhelming and time-consuming. Some listing websites have great blogs with information for sellers and buyers, so take the time to see what they suggest doing before selling your home.
What Should You Keep in Mind?
The reason agents charge a commission is that they do a lot of the leg work for you. The tasks include screening potential buyers, because you don’t want to waste your time showing people your house when in fact they can’t afford to buy it. Many sellers are not able to pre-screen potential buyers and spend a lot of wasted time showing their property to anyone that asks.
What you think your home is worth and what the real market value is can differ significantly. Make sure to research the market properly so that you don’t over evaluate your home and land up with no interested buyers, or under evaluate your home and lose out. To avoid mistakes, many suggest that sellers hire an appraiser before listing their property on any advertising platform.
If you do happen to get a willing buyer, they are likely going to ask for a reduction in price. Be prepared to negotiate or market your property at a slightly higher cost to give you room for those negotiations.
It’s a good idea to use a site to see what other properties in your area are selling for. This way, you’ll have a minimum price in mind when the buyer starts negotiating.
Lawyers and Red Tape
Selling a property can get complicated from a documentation point of view. There are several steps to follow, and the correct paperwork to sign to get the process started. You won’t be able to do these processes all alone. Most states require a title agent or real estate lawyer to be on board to facilitate the transfer process.
Staging for Show
Be prepared to make your home look irresistible. Any repairs or small improvements that need to be completed must be made before showing prospective buyers the property. Unkempt properties will lower the market value and the more problems the buyer sees in the property, the more they’ll want to negotiate the price down.
Today’s modern society has a firm ‘do it yourself’ way of thinking. Many people are convinced they can do anything themselves. While this might be true for many small projects, selling your house without the assistance of an agent, although possible, can be challenging. Examine the pros and cons of doing this process yourself before committing to the time and effort that it requires.