You’re selling your house privately, meaning that you’re not working with a real estate agent to move your property.
This can be a smart financial move. Listing agents generally charge a commission of six percent of your home’s final sales price. That’s a lot of money taken from your profits when your home does sell. The real estate market is hot today, with sales on the rise across the country. It’s not quite as difficult today to jump into the For Sale by Owner market.
I’m Selling My House Privately: What Do I Need to Do?
This doesn’t mean, though, that you don’t have to take certain steps to succeed when selling your house privately without a Realtor. But there is a formula for successfully selling your home by owner. If you follow the rules below, you’ll increase your odds of selling your home for a solid price without having to pay a listing agent a penny.
Prepare your home
Before you even put your home on the market, make sure it is ready to impress potential buyers. Remember, buyers make quick first impressions. They’ll be turned off if they see an overgrown front lawn, cracked driveway, torn carpets and peeling paint. Before you list your home, you’ll need to spruce it up.
Start by fixing broken appliances, adding fresh paint to interior walls, replacing worn carpeting, mowing your lawn, pulling weeds and boosting your home’s landscaping. Next, remove extra furniture. This will make your home’s rooms look larger. When showings are scheduled, make sure your floors are swept, rugs vacuumed, dishes put away, beds made and kids’ toys picked up. You want your home to look clean, bright and inviting.
Find the right price
Nothing keeps buyers away like a home that’s priced too high for the market. Home values have dropped since the height of the housing boom in 2005 and 2006. Buyers don’t care what you paid for your home or what you owe on your mortgage. They only care about what the current market says your home is worth.
Study recent home sales and compare asking prices in your neighborhood on Realtor.com or Zillow to get an idea of what your home might sell for. You can even ask Realtors to tour your home and provide you with a recommended price. They’ll perform this service for free in the hopes that if you can’t sell your home by owner, you’ll call them to list it.
You need to let buyers know that your home is on the market. Putting a For Sale by Owner sign in your front lawn isn’t good enough today. You’ll also need to list your home on sites such as Realtor.com and Zillow if you want people to find it. To do this, you’ll need to pay a listing service that deals with For Sale by Owner homes. There are plenty that offer this service; just search for them online. You will have to pay, though: Expect to spend $200, $400 or more, depending on where you want your home listed.
Don’t let these steps dissuade you from selling your home privately. This can be done, and the For Sale by Owner route can save you thousands of dollars.
If you need more advice on selling your home without a Realtor, call us. We can guide you through the process.