Are you looking 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.
There’s no disputing that selling your house on your own is difficult. But thousands of people do it every month and they sell their houses without the help of any agent. And once you understand how to do it, it’s actually quite simple. You essentially require a strategy, which we provide here.
It entails much more than simply putting a “for sale” sign on your property. Check out our step-by-step method to evaluate if selling your own property is right for you before making any decisions.
1. Analyze the present market situation.
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 house correctly and decide 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 there are more buyers looking to buy homes than there are 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 greater sale price than your listing price, or at least more than your bottom line.
2- Decide Your Price
Setting the proper 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 region.
Look for properties with similar square footage, number of bedrooms and bathrooms, and size that have 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 your house for selling
Take a walk around your house and make a list of anything that may be improved or upgraded. 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 prepare, you’ll need to clean and organize. 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 pieces of furniture and decor.
4- Take attractive Photos
Investing in high-quality selling images is one of the most significant measures you can take while figuring out how to sell your own house. The majority of 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 good first impression.
5- List your home online
Advertising is crucial when selling your own home. To market your home online, look for a few for sale by owner (FSBO) websites. These kinds of websites usually charge a set fee plus the cost of further services. You should also consider 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 are allowed to post listings, which is one of the most significant roadblocks for FSBOs. However, there are firms that will list your property on the MLS for a few hundred dollars through a “Flat Fee” listing. Find similar services in your area by searching online for “Flat Fee” MLS.
6- Be available
Prepare to respond to queries and display your house to potential purchasers 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.
7- 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.
8- Wait for the Right offer
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 fairly priced. Meanwhile, if you receive many competitive offers or an offer below your list price, brush up on your negotiating skills.
9- Close the deal
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 so that the transaction can be completed successfully.