Selling your own home can leave you with more money in your pocket at the end of the sale; however, it also comes with its own unique challenges. Here are seven things you should keep in mind if you plan to place a “For Sale by Owner” sign in your front yard.
#1. How will you market your home?
Real estate agents have the ability to reach more people through print and web exposure, meaning you’ll have to be creative when coming up with a plan to market your home. Keep in mind that taking out newspaper ads can sometimes be expensive, so you should carefully consider their costs before deciding to sell on your own.
#2. Negotiating Power
Are you comfortable negotiating the terms of your sale? You may be asked to negotiate on almost any aspect of your sale, which is why you should feel comfortable about doing so if you plan to sell yourself.
#3. What is your timeline for selling?
Keep in mind that a home sold by its owner may take longer to sell, and the longer your home is on the market, the harder it will be to get top dollar for it.
#4. Are you aware of legal issues surrounding real estate sales?
Real estate laws are often very complicated, so you may want to enlist the services of an attorney to help you with the process.
#5. How does your home compare to others?
Knowing how your home compares to others is important if you are to price yours accordingly. Homes in top condition tend to be sold sooner and for more money than ones that are in poor repair.
#6. How much time can you devote to showing your home?
When you list your home yourself, you’ll also be responsible for showing it to potential buyers. Think about whether this might encroach on your personal time or greatly restrict when others could view your home.
#7. Can you attract qualified buyers?
Having pre-qualified buyers view your home is one way to ensure you don’t receive an offer from someone who is later unable to obtain financing.
If you’re in a hurry to sell your home, contact us. We buy homes in as-is condition, and can help you avoid Realtor® commissions.