It is the toughest thing to sell your house. The house in which you have lived for so many years and generations, having memories, and where you have spent your best and worst days there, the house you call your home, your heaven. You always wish that whenever you have to sell your house if in any case, the owner always has new residents to be responsible and cherish living in the house as he was. Getting ready your house for sale is always a big task. There is a lot of details to add and remove so that it can attract the customers easily and you get the high profit out of your home. This may overburden your budget but always try to go for the extra mile so the profit can help you cover up the losses.
How to sell your house on your own
For sale by owner accounts for a small percentage of home sales. FSBO sellers represented 8% of all home sales in 2020, according to a large annual survey by the National Association of Realtors (NAR). Most of those properties were sold to someone that was known to the homeowner. That said it is possible to sell your home on your own. These are 6 tips to sell the house at the highest profit in the fastest way, which can any owner who wants to sell the house on his own.
Determine the market value of the house
The list price of your property is the most impactful decision you will make when you decide to sell. Know the market value of your house and do the marketing accordingly. If the price is too low, you will be at the loss of cash to buy a new house or whatever your purpose of selling your home is. And the same goes if the price is too high, the house will remain with you for centuries without selling. Overpricing makes your house remain on the market, and eventually, properties that stay on the market too long inevitably have price reductions. To evaluate the right price of your property, there are different methods such as using a real estate evaluation site, hiring a real estate agent to get the comparative market analysis, and the last method is to get appraised value of the property.
What are CMA and Appraisal?
CMA is a comparable market analysis. CMA is generated by a real estate agent to provide you with a valuation of your property based on the comparable properties of your area. This gives you the comparative market value of your house. You can have a wide range of values and do marketing accordingly. In contrast, appraised property agents give you the fixed and accurate estimated value of your property. This is an unbiased opinion of the professional agent related to your house. You can efficiently use the appraised value while negotiating with the buyer.
Do marketing and advertising
It is necessary to appropriately market and advertise are mandatory. If you want to sell your house in no time, invest in marketing. Try your best to get the attention of strong buyers and a wide range of competitive offers. For this purpose, you will require the help of a professional photographer who can visually present every corner of the house completely. Furthermore, description of the house, signage, ads, and MLS listing are also helpful in marketing and advertising. For description, enlist the complete features of your house, such as the number of bedrooms, bathrooms, kitchen area, and total square area of the house. Along with the special features of the house must be added in the list like hardwood floors or kitchen countertops etc. location of the house, i.e., where it is located, is there any public park or transportation present in the neighborhood should be mentioned.
Distribute signs and ads in the community or place the ads on the nearby walls or banners, and your social media platforms, etc., so that people around you can know that your house is on sale and will help in spreading the news to others. Also, inform your friends, relatives, and coworkers or place an ad in the local magazine or newspapers.
Read more about marketing your home by doing an open house in my article Open Houses, Best Marketing Practice for Sellers in this Market.
Negotiate the selling price
Act like a professional and always negotiate the prices with the buyer because if you do not involve any real estate agent, the buyer might be hesitant to because of your inexperience. It can give you a hard time, but you will get a serious buyer. Initially, the buyer will come with a very low price, but back and forth negotiations can help both parties to agree on a mutual price. As a buyer and you are agreed, sign the written offer. The contract should contain every detail of the sale, the prices and the items included, the closing date, and the location of the house.
Get your house show ready
Get your house prepared before you plan to sell it—Declutter the house, the closets, and the attics. Do the repairing of the washroom taps, faucets, loose doors, etc., redo the paints, and whitewash if the rooms look dirty and smelly. Clean the garden and parking area also. Make space for the pets if the new people are fond of pets. Keenly observe the house from a buyer’s point of view.
Selling A House By Owner Requires Time And Effort
Selling your home is stressful, there are so many factors out of your control and so many steps in the process. Most homeowners have enough to worry about, they don’t have time to be the project manager of the sale of their home. Consider listing your house on local MLS (Multiple Listing Services) with a trusted professional. The typical FSBO home sold for 18% less than a home listed with a Realtor. Hiring a local real estate agent with a proven system for selling your home with ease and with the highest profit.
If you are thinking about selling let’s talk through your financial situation and real estate goals, and get a plan in place to get your home sold.
I'm Amanda and I love helping first time home buyers make their first home more affordable and I love helping sellers move up to their forever home. Let me know how I can help you make your real estate dreams come true.
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