Are you searching for a way to sell your home without using a real estate agent? Some homeowners use the “for sale by owner” (FSBO) method to avoid paying real estate agent commissions. While this method may save money, keep in mind that it is far from simple. It entails much more than simply putting a “for sale” sign on your lawn. Check out our step-by-step method to evaluate if selling your property is right for you before making any decisions.
Assess the present state of the market.
Getting a pulse on your local real estate market is the first step in learning how to sell your house without a realtor. You should figure out whether you’re in a buyer’s or seller’s market; knowing this will help you price your home correctly and establish when the best time is to put it on the market.
A buyer’s market is one in which there are more houses for sale than active buyers looking to buy them. Due to the enormous number of available properties, if you’re trying to sell your house in a buyer’s market, your home may stay on the market for longer before finding a buyer.
When more buyers are looking to buy homes than available properties on the market, the market becomes a seller’s market. This frequently results in numerous purchasers competing for a single property, leading to bidding wars. In a seller’s market, you have a better chance of getting a more excellent sale price than your listing price, or at least more than your bottom line.
2. Choose your list price
Setting the right price for your home is one of the most critical aspects in learning how to sell a house by owner. To begin, you can utilize a home value estimator to determine the value of your property. To get a better idea of where you should price your property, look at recent sales of comparable properties in your neighborhood. Look for properties with similar square footage, several bedrooms, bathrooms, and lot size recently sold. Start with a lower asking price if you’re unsure. Overpricing your property by $10,000 can cause it to languish on the market for months, forcing you to sell for less than you would have if you had priced it correctly in the first place.
3. Prepare and Stage your House
Take a walk around your house and make a list of anything that may be improved or changed. To help raise buyer interest, make simple improvements like repainting walls in neutral colors and replacing appliances. You can employ a home staging business for your complete home or just a few rooms after you’ve done home upgrades. If you don’t want to stage, you’ll need to clean and declutter. Personal objects, such as family photos should be removed so that potential buyers can envision themselves living in your house. Rent a storage facility if necessary to temporarily store all except the most important furniture and decor pieces.
4. Take Listing Photos
Investing in high-quality listing photos is one of the most significant measures you can take while figuring out how to sell your own house. Most home buyers start their search for a home online, and the first thing they view are images. Engage the services of a professional photographer to ensure that your home makes a great first impression. According to a Redfin study, properties with professional photos sold for $3,400–$11,200 more on average than homes without professional photos.
5. List your Home Online
Advertising is essential when selling your own home. To market your house online, look for a few for sale by owner (FSBO) websites. This kind of website usually charges a set fee plus the cost of further services. It would help if you also considered putting your home on the Multiple Listing Service (MLS). The MLS is the most comprehensive and up-to-date database of properties for sale in your area. Unfortunately, only licensed real estate agents can post listings, which is one of the most significant roadblocks for FSBOs. However, some services would charge you a few hundred dollars to put your home on the MLS via a “Flat Fee” listing. Find similar services in your area by searching online for “Flat Fee” MLS.
6. Further Market your Home
Yard signs and FSBO sites, as well as advertising your home on the MLS, should not be the end of your marketing strategies. It would be best if you also considered using some or all of the following strategies to advertise your home:
- Make actual flyers or brochures with all of the important information about your house.
- Inform your friends, neighbors, and employees that you are selling your house.
- Make a YouTube channel for your home and upload a professional-looking video tour.
- Place Craigslist advertising for your listing and distribute it on neighborhood and community pages like Facebook or Nextdoor.
7. Be available and knowledgeable about the selling features of your home.
Prepare to respond to queries and present your house to potential buyers at any time. You should also be aware of your home’s selling features, as you will be the one marketing it to potential buyers. You know your house better than anyone. Therefore you know what its best aspects are. They’re most likely the same people that sold you the house in the first place.
8. Hire an Attorney
Real estate agents handle all of the contracts, paperwork, and fine print associated with a house sale. You should hire a real estate attorney to handle the intricacies of your house sale if you don’t have the help of an agent. Your lawyer will draft a buy and sale agreement, assist with contract negotiations, and examine relevant documentation and loan agreements.
9. Wait For the Right Offer
To sell your house for the most money, skilled listing agents discover highly qualified buyers. You’ll have to put in more effort to find the ideal buyer if you sell your house without the help of an agent. An offer will often come through in 30–45 days if your home is priced correctly. Meanwhile, if you receive many competitive offers or an offer below your list price, brush up on your negotiating skills.
Or Lower the Price
If you don’t get any offers, you’ll probably have to reduce your asking price. Keep in mind that the longer your home is on the market, the more likely you will have to drop the price. Avoid price decreases at all costs and set the correct list price from the start.
10. Close the Sale
Ask your attorney to go over your buy and sale agreement with a fine-tooth comb to protect yourself from costly consequences. Then, to handle the closing, employ a title company or an escrow officer. If any liens are discovered in your title report, consult with your title agent or attorney to settle them to complete the transaction successfully.
Are you planning to sell your house but don’t know where to start? JZ Home Buyers can assist you in determining the best modifications to make your property more appealing and increase its worth in order to sell your home quickly with the necessary repairs and updates. Call us today at 817-382-3579 to schedule your free inspection or visit www.jzhomebuyers.com.