The real estate market is complex, but some homeowners still wonder about how to sell your own house. There is a lot of strategy that goes behind selling a home.
Many homeowners who want to sell their own home also want to feel empowered. They may want to avoid agent and commission fees. This type of sale is also known as FSBO — For Sale By Owner.
Although selling your own home will save money on some costs, it may cost you in other areas. To find out more about this complicated process, check out the guide below.
How to Sell Your Own House
There’s a reason why real estate agents have to attain a license before doing business. There’s a ton of paperwork and industry jargon behind every sale. These are some essential steps you must research before you try to sell your own home.
The Home Valuation
The first step to selling your own home is to find the fair market value of it. There are three ways to determine this.
You can use online real estate valuation sites to find the value of your property. Although these estimates are free, they are not always the most accurate. However, you can also use these sites to cross-reference the value of other homes in your area.
After doing your own research, you can ask a real estate agent to give you a free competitive market analysis. However, they may also give you an inaccurate estimate. They often use this as an opportunity to market their services and may give you a higher estimate than is realistic. Make sure to compare real estate agents and their estimates.
Marketing the Home
Marketing the home is essential to selling, but it is also very time-consuming. This involves staging the home and setting up open houses and showings.
Staging involves transforming the home into something that will appeal to everyone. You’ll need to make repairs, repaint, and declutter. Every room should feel clean and fresh.
To market the home, create a sign for your yard. You can go the traditional route with flyers and print advertisements, but online ads are quicker and more popular today.
Don’t forget to include your open house dates in your advertisements. These should be on weekends to ensure the best turn out.
Meeting With Buyers
After a few showings and open houses, you should have interested buyers. Make sure you have the time to answer these calls as soon as they come.
Meeting with buyers after involves negotiation. Usually, the first offer is below the listing price. Other offers may involve contingencies that cost you. The sale contract is difficult to parse out, so consider from templates for home sales in your state.
More Housing Industry Tips
If you follow the steps above, you can master how to sell your own house. It’s a long and complicated process with a learning curve, but it can be done. If you’ve got the time and resources, selling your own home may be the right choice for you.
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