The majority of people who decide to sell their homes are not realtors, but with various options for homeowners to list the property themselves, some are looking into how to sell a home by owner. Forsalebyowner.com reports about nine percent of those who list their homes for sale do it through a minimal services option, like for sale by owner websites or only paying for use of an MLS. While the majority of homeowners, roughly 81 percent, still rely on real estate agents to market and sell their homes, others are willing to take the steps to selling a house by owner.
Is it time to sell?
Making the decision to sell your home, even before you begin to think of how you’ll do it, can be nerve racking. It’s normal to wonder if it’s the right time to sell and have some fears on facing the unknown – will there be any interest in my house? What’s a good list price? Once you decide you need to make the move, you can then choose how you’ll market and sell your house.
Marketing to the masses
One of the biggest parts of a real estate agent’s job is to market your house to potential buyers. When considering how to sell a home by owner, you need to know how and where to promote your property. The National Association of Realtors says nearly 90 percent of buyers search for homes online. The majority of selling a home by owner will include marketing – taking photographs, developing a luring description, posting the house online, promoting through social media – through major online sources. You’ll also need to make time for the viewings.
What’s a good offer?
When offers begin to come in for your property, it’s time to begin the negotiation process. You know from your market research in pricing the home what is a fair offer, but other contingencies may also come up. Buyers may request changes or repairs made to certain parts of the home based on their own needs or what the home inspector finds.
Closing the process
As you delve into selling a home by owner, you’ll want to make a checklist of closing procedures so you’re prepared when it comes time to sign the paperwork. You can expect the timeline from accepting an offer to sitting down at the closing table to take about six to eight weeks. Even though you’ve gone the route of selling you home by owner, you’ll want to hire a few professionals to help walk through the closing process with you to ensure everything is legally correct.
Will selling a home by owner work for you?
The biggest challenges most people face when attempting to sell a home by owner is the lack of knowledge in marketing a home and the amount of time it takes to prepare, market, show, negotiate and close on the property. For those who have some experience in the real estate industry, or perhaps you know a potential buyer, a minimal services platform may work well for those who want to sell their homes on their own. For the majority of sellers, a real estate agent will be ideal. Having someone else take the responsibility of the entire process off your plate and represent you through closing is worth a realtor’s commission.
If you’re not sure if selling a home by owner may be the right avenue for you, give us a call and we’ll help explain your options. If you decide to allow us to market your property, we’ll have it sold in 90 days, or you don’t pay a thing.