Once you've decided to sell your house, your next big decision will be whether to list your house with a realtor, or try to sell your house yourself. There are pros and cons on either side of the discussion, and good reasons why you'd choose one or the other. Should you sell your house yourself, or hire a realtor to do it for you?
You should sell your home yourself if:
1. You bought the house that you're selling less than five years ago.
Usually, owning your home for only a short time means that your equity in the house is low. Since the realtor's commission will come out of your equity, any commission that you pay will cut directly into any profit you might realize on the house.
2. You can afford to pay for advertising and listing costs up front.
When you list with a realtor, advertising and listing costs will come out of the sale price. Without a realtor, you'll need to pay for your advertising, printing and listing costs with internet For Sale By Owner sites out of your pocket and up front. This will typically cost you several hundred dollars - but it's still considerably less than the commission you'd pay to a real estate agent.
3. You have the time to show your house to buyers.
The more flexible you are time wise, the easier it will be for you to show your house. When you sell your house yourself, you must be able to make arrangements to show your house when buyers can see it.
Typically, when you sell your home yourself, you should expect to pay between 2 and 3% of your final price in sales-related costs - which is considerably less than the 4-6% that a realtor would charge.
What are the advantages to using a realtor instead of selling your home yourself? They include the realtor's specialized knowledge of the real estate industry and their available to show your house. A real estate agent can help you set the right price without you having to do all the legwork, help you get through the tangle of legalities and paperwork and negotiate with buyers on your behalf.
An experienced real estate agent can point out needed repairs and make suggestions for cosmetic changes to your home that will make it more attractive to buyers. In return, they'll take 6-7% of the selling price of your home as commission.
The advantages of selling your home yourself are obvious. In the current realty market, that 6-7% commission can amount to a healthy chunk of change - as much as $11,000 t $12,000 on an average house sale. By contrast, if you sell your home yourself, you'll be saving $8,000 or more on the sale - and all of that goes into your pocket.
In the end, the choice is yours - sell your house yourself and put more of the money in your pocket, or engage a real estate agent to do the work, to save you time and effort.
Sell Your House Yourself
Are you ready to sell your house yourself and keep the commission you would otherwise give to a realtor? Well, you're in good company. In today's hot real estate market, more and more home sellers are opting to "go at it alone." As the "sell your house yourself" trend expands, so do the range of tools that sellers have to help them through the home selling process. From books to web sites, Internet discussion groups to adult education courses, sellers who chose to sell their homes without a realtor's assistance are finding that they really are not alone.
Of course, it helps if you have previous experience buying and selling a home. The terminology and the steps involved in the home selling process are unique. But even a novice can survive the home selling process if he or she approaches this task in an orderly and planned manner.
When you decide to sell your house yourself, the first thing you should do is research your market. A visit to the local tax appraiser's office will give you the recent sales figures you need on recent comparable home sales in your neighborhood. Or, simply log on to your computer because in many counties, this information is available online. Regardless of who handles selling your home, you'll have a better chance of selling it quickly if you set a reasonable and fair asking price right from the start. Any realtor will tell you that your best selling opportunities occur within the first 3 weeks of listing your home, so don't be greedy- especially in today's market. Don't try to get the highest possible price based on an appraisal that was done when the market was hot.
In addition to county records, there are plenty of web sites that will provide you with an estimate of your home's fair market value such as HomeGain dot com. The nice thing about these types of sites is that they offer so much additional information about the home selling process. It doesn't really matter which method you choose to research your home's fair market value; just make sure you do it.
Once you've made the decision to sell your house yourself, and you've determined the right asking price, get ready to act quickly. In some markets, even homes that are offered FSBO sell fast. Stick to your checklist and when you have time to breathe, think about all the things you might do with the money you're saving by not using a realtor!
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