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Should You Sell Your Home by Owner? Here’s What You Need To Know   

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Should you sell your home by owner? Here’s what you need to know!

If you are selling your home or a home for just the money, you may want to look up selling without a real estate agent. This way you can bypass a commission fee, usually, 6% of the final sale price, most likely split by two agents. An example being of it is a $500,000 property, you can end up paying $30,000 to whoever sold the home.

Should You Sell Your Home by Owner? Here's What You Need To Know   

TIP: When a home hits the market without a listing agent, it’s known as “for sale by owner.”{FSBO}

Selling the house by owner and keeping that 3% means you will have to do what a real estate agent does to earn that percentage.

You can roughly figure out the cost of selling a house by using a house calculator, but you should also know what the real estate agent does in order to make sure the house will sell.

Things To Do In Order To Sell Your Home As The Owner

1. Run A Comparative Market Analysis

To make sure you are getting the highest possible price, you should do a comparative market analysis to determine your home’s market price.

What is a comparative market analysis?

A comparative market analysis is an examination of the prices at which similar or comparable properties in the same area recently sold.

To help determine a price to list when selling a home or a price to offer when buying a home, a comparative market analysis is fundamental.

2. Get Your Home Ready For The Sale

Should You Sell Your Home by Owner? Here's What You Need To Know   

You should also go through your home and find any renovations or repairs to do to help sell your home for the most money. This could be as simple as a coat of paint in the master bedroom or as complex as renovated bathrooms throughout the home or the kitchen.

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Putting in the extra effort and perhaps doing a thorough clean and some minor remodeling will get you a top dollar for your home.

These changes in appearance will help the sales price as well as help you create that emotional distance because the home will look less familiar.

Quick Tip…

While remodeling your home helps to increase the value of your home, be sure to spend enough because you want to recover your investment with the amount coming in from the sale of your house.

A common mistake homeowners make is to indulge in a full remodel and have the house sell for less. That way, they incur losses from the sale.

After doing a comparative market analysis, you should be able to determine if you should do a complete or partial remodel of your house in a away that can guarantee your investment.

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    Should You Sell Your Home by Owner? Here's What You Need To Know   

    3. Put Your Home On Listing

    You also need to take professional-looking photographers of your home to put on listing sites.

    These days, many buyers look for homes online, and so, having visuals of your home will attract extra interest- particularly, if you get crisp, clear, and bright photos to set your home apart because there are so many poor photos of homes for sale.

    First impressions always make a difference and buyers will look for what catches their eye. You shouldn’t just take pictures on your phone from your home. You should invest in a nice camera or a professional to take these photos. 

    4. Put A “For Sale” Sign Up

    Along with the photos, a “for sale” sign in your front yard will also help market your home. In order for this to catch the buyer’s eyes, you also must make sure your home has curb appeal.

    A sign in a run-down yard will do nothing, but a sign in a yard that looks like a catalog will make people stop and wonder if they could live in that home.

    5. Ease Your Schedule

    Once your home is listed online and it is obviously for sale, buyers will contact you about seeing the home.

    Your schedule will need to be flexible and you will have to show them the home at times that work with them. The buyer is the first priority; your needs have to be second in selling your home.

    Should You Sell Your Home by Owner? Here's What You Need To Know   

    6. Hire A Real Estate Attorney

    Once you start showing the home, you can accept offers or submit counteroffers. You should hire a real estate attorney to draw up a purchase and sale agreement and help negotiate the terms as well as review all other paperwork and loan agreements.

    This is money well spent because you want everything to be legal and binding.

    7. Complete The Home’s Appraisal & Inspection

    You will also need to complete the home appraisal and home inspection.

    This may lead to more negotiations but you need to listen to professionals in order for everything to go through legally. A buyer will get a final walk-through and then have a day to sign all the paperwork.

    Key Takeaways

    Be Ready For The Work: 

    • Selling your home by yourself can save you 1.5% to 3%, however, you have to make sure you are ready for the work and to put the time into the process.
    • You also have to be prepared for agents who represent the buyer not working with those selling their home by the owner which could result in fewer offers. You need to weigh your best options and figure out what works best for you.
    • While hiring a listing agent can cost you more in commission, it can take a lot of the guesswork out of selling. Thus, be ready for the work for sure!

    Should You Sell Your Home by Owner? Here's What You Need To Know   

    Keep Emotions In Check:

    • FSBO sellers all too often let emotion interfere with what should be an entirely rational exercise. Particularly, many people have trouble selling their first homes since they spent a great deal of time and effort to find the right one, furnish it, and make memories in it. But hey, your love for your home has no bearing on its value.
    • Thus, keep your emotions in check and stay focused on the business aspect of selling your home.

    Prepare For The Sale & Do It:  

    • If you decide to sell on your own, set a reasonable sale price and keep the time of year in mind.  Believe it or not, there really is a right time to sell during the year. A good example is in the winter, especially around the holidays, which is typically a slow time of year for home sales. People are busy with social engagements and the cold weather makes it more appealing just to stay home.
    • In some cases, don’t be quick to make the first offer during negotiations, because some buyers can offer a much better deal than what you had in mind.
    • Opt for written communication once you agree on the basics as much as initial negotiations can be done verbally, but once you agree on the basics, the buyer will have to submit a written offer. It is easier to communicate non-verbally when negotiating back and forth.
    • Be willing to walk away from unserious offers. Thus, be patient, and don’t be discouraged by the slow progress of your house for sale.

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    Should You Sell Your Home by Owner? Here's What You Need To Know   

    Should you sell your home by owner? At the end of the day, it’s up to you to determine whether FSBO makes sense for your home, market, and objectives.

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