Business & Finance Renting & Real Estate

Save Money by Selling Your Own Home

In a difficult real estate market, sellers are looking to recoup as much money as possible.
It's well known that using a real estate agent can often cut into profits because they take a significant commission out of the sale price.
While having a real estate agent take care of all the work is a nice convenience, what if there was a way to eliminate paying thousands of dollars in commission? The best way to save money is to become your own real estate agent.
Sell your own home.
If you've driven around any neighborhood there's no doubt you've seen the ubiquitous "For sale by owner" signs popping up in front yards around the country.
While it may seem a bit intimidating at first, there are plenty of people who've successful sold their homes.
There are many resources available that make selling your own home a simple and relatively painless endeavor.
There are a few steps any potential seller must take before selling their home.
Appraise your property Normally, a realtor would be the one to assess your property value and set a fair market price on your home.
When selling your own home, you need to separate any emotions (good and bad) or sentimentality you may have for your home.
It's important to be as objective as possible.
You can get a good idea of your home's value by pulling the comparable real estate prices in your area.
This information is readily available in an online database called an MLS system.
If you want to ensure you are correctly valuing your home, you can also hire a professional home appraiser.
You need to be aware of the market and remember that a number of factors that have nothing to do with your home can also influence how much a person may be willing to pay for it.
Choose the right time Selling a home is no small undertaking.
You should be readily available for open houses and showings and to respond to buyers' questions and offers.
Make sure that when you decide to put your house on the market, it's a good time for you personally and you will be available to devote a significant amount of time and energy to closing a deal.
Timing in the real estate market is very important.
There are ebbs and flows and figuring out when your home is most likely to sell is key if before you decide to put it on the market.
Stage and prepare your home Once you know what your home is worth and have decided when to put it on the market, it's time to make it look presentable to buyers.
Remember, it's important for potential buyers to see themselves living in your home.
Does your home have curb appeal? This might be the time to take on a few quick and easy gardening projects.
Spruce up the walls with a few fresh coats of paint.
If your carpet shows wear, it may be worth the investment to replace it.
Keep the rooms presentable by clearing the clutter and using neutral decor.
Ensure the home is clean from top to bottom.
Nothing scares buyers away like a dirty house.
If there are any major repair issues present in your home, complete them so they don't deter buyers.
Market and highlight your home Sometimes it's not enough to just list your home for sale.
You need to spread the word and attract buyers.
Thankfully, there are some relatively inexpensive ways to do this.
Utilize the Internet as much as possible.
There are numerous free classified postings and real estate websites that allow you to post for-sale information.
Consider placing ads in your neighborhood papers.
Print up one-sheets with a nice color photo of your home, the sale price and the real estate specifications.
What are the characteristics that are unique about your home? What makes this property so special? Is it the location? The view? Is it the school district or the home improvements? You need to find the angle from which you want buyers to view your home.
A well marketed home will command its asking price.
Understand financing There is no real estate agent to advise you about the financial aspects of this deal.
Utilize your resources and do your homework so you know exactly what you're walking into.
Consider aligning yourself with a local mortgage company as your preferred lender.
A mortgage broker should be able to give you a good idea of what attractive options you can offer buyers like no closing costs or zero money down options.
Know the law It may be worthwhile to seek out a little legal advice when it comes to closing the deal.
You want to ensure you have filed all the correct paperwork and that the deal is legal and well documented.
You also don't want to be held liable if there are any subsequent issues with the property.
Property disclosure laws often mandate that sellers list any flaws in the property.
This is definitely an area where you want to be a stickler about details.
While selling your own home is a bit more work than using a real estate agent, the work you do on the front end will most certainly pay off in the end.
Consider the ability to gain thousands of dollars for all your hard work.
After your home is sold, you'll think it was all well worth it!

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