Tips to sell your own home
By listing on your own, you have more control of pricing and the showing schedule
Basketball legend Shaquille O’Neal is turning to Instagram in an attempt to sell his house. FOX Business’ Lauren Simonetti with more.
If you’re looking to sell your home but don’t want to go through the hassle of using a listing or real estate agent, there are ways you can go about the process on your own.
This year could be a good one to sell, too. As previously reported by FOX Business, experts predict the spring purchase season should “have a lot of legs,” driven by an uptick in activity among millennials.
An existing lack of inventory is expected to be exacerbated at the entry level, which could bolster prices for individuals selling homes in that segment.
By listing on your own, you can avoid paying a listing agent’s commission of 3 percent. You also have more control over the pricing and showing schedule.
IS SINGLE-FAMILY HOME OWNERSHIP UNDER ATTACK?
Here are some tips, as noted by home brokerage firm Redfin:
Choose an attractive price
Research what similar homes in your area are priced at and selling for – comparisons should include everything from size to location. Typically, you should look at homes that have sold as recently as possible.
Redfin notes that if you have doubts, it’s better to start at a lower asking price. That’s because overpricing by $10,000 can steer away homebuyers and cause an eventual price reduction to a lower amount than what you may have gotten had it been priced correctly in the first place.
THESE ARE THE MOST LIVABLE CITIES IN THE US: REPORT
Getting an appraisal can also help – which can cost a couple hundred dollars.
However, according to Zillow, individuals who sell on their own tend to get lower selling prices on average than those assisted by a licensed real estate professional.
List your home online
Research and find websites that will allow you to list your home. There may be fees involved in listing through a website.
Zillow notes that you will have better luck selling during your local real estate market’s peak season – which will require some additional research.
CLICK HERE TO READ MORE ON FOX BUSINESS
Prepare your home for market
Preparing your home for market includes deep cleaning, replacing anything that needs to be fixed, taking care of landscaping, etc.
You will also need to stage your home, which involves making sure there is ample lighting, that your valuable personal items are stored away and – if you have pets – that they are cleaned up after.
You can also hire a professional to take photos to list on a website. According to Redfin, a home with professional pictures can sell for as much as $11,200 more than homes without them.
It is also worth noting that you will need to be available and flexible when it comes to showing your home to interested buyers.
Reassess your price (if needed)
If you are not receiving any offers – you may want to consider lowering the asking price. The longer a home sits on the market, the lower the price may have to eventually be cut.
Hire an attorney
Since real estate agents handle the minutiae and legal details pertaining to a home sale, without one Redfin advises people hire a real estate attorney to iron out a purchase and sale agreement, negotiate contract terms and review other paperwork.
Close the sale
If you have additional questions, you can also ask listing agents in your area for advice.