Most homeowners will sell their home through a real estate agent or broker. However, many others will venture off to try and sell their homes on their own. By doing so, they have been able to successfully save a ton of money in the process. If you too are in the market to sell, then here are a few tips on how to sell your home for sale by owner.
Step 1: Prepare Yourself Mentally
In today’s market, it is extremely important to understand that you may not actually get what you feel your house is worth. Unfortunately, none of the sweat, blood, or tears that you’ve put into your precious home are going to dictate what you get out of it. The single most important thing that will dictate what you will actually get for your home is the “market.” What people are actively paying for comparable homes within a half mile of your home is the single most important thing that will help you in determining what your property will sell for. And if you’re not ready to face that number, assuming that it is less than what you expected, then you may just need to hold onto it a little while longer until the market shifts and people start paying more.
Step 2: Staging
Once you’ve come to terms with a fair and realistic asking price, then you’ll need to start getting your property ready for buyers to look at it. The first impression is everything, so you may need a few home improvements – this includes anything from the curb appeal to the paint on your walls. Most home buyers are drawn to clean, spacious, and uncluttered homes. They’re also drawn to neutral wall colors and warm, cozy spaces. So, as you prepare your home for selling, it may be a good idea to make a checklist of everything you need to do, while keeping these particular things in mind each step of the way.
Step 3: Marketing
If you’re not getting the word out there about the sale of your home, then no one is going to buy it. Here are a few ways to let people in the area know that your home is up for sale.
Use yard signs. You might place 1 or 2 signs in your yard, but you might also want to place a few on busy streets within a mile or so of your property.
Take tons of photos of the property. Video is even better. Share your photos or video online via classified ad sites such as craigslist and backpage. Place new ads every day until it sells.
Plan an Open House. Place classified online ads inviting potential buyers to the open house. Also, invite everyone you know, including friends, family, and neighbors. Be prepared to hand out brochures displaying the features of your property to each and every guest.
Step 4: Negotiate, Sell, & Profit
Once you start receiving offers, you can then begin negotiating the price. Average acceptable offers are typically between 91%-97% of the asking price. You may also be asked to contribute to closing costs. If that’s what it takes to close the deal, then it may be a good thing to consider. Also, be sure to close with a reputable title agency or closing attorney. They can assure you of a smooth closing. Upon title transfer, you may close escrow and take your check to the bank.
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