It’s not easy to sell your home yourself. But with high real estate agent commission rates and steep closing costs, more and more sellers are choosing to sell their home without a real estate agent.
If you’re thinking about selling your home yourself, you’ll need to know what steps to take to maximize your profits and sell your house quickly. Here are five steps to sell your home without an agent.
Determine the market value of your home.
Determining the market value of your home is a critical step in selling your home without the help of a real estate agent. If you price your home too low, you’ll walk away with less cash than you should. But if your asking price is too high, your home can sit on the real estate market for months without selling.
There are three main ways to determine the value of your home:
- Using online real estate appraisal sites. There are several websites you can use to value your home, but remember that these are estimates, and the value of your home could be off by thousands of dollars.
- Request a comparable market analysis from a real estate agent. A real estate agent can provide a detailed analysis of the value of your home based on sales of comparable properties of your area. A comparable market analysis from a realtor is typically free.
- Hire an experienced appraiser. Working with an appraiser will provide the most reliable estimate of your home’s value. Appraisals can also serve as a basis of valuation while negotiating the sale price with prospective buyers. However, appraisers can be expensive, and most appraisals cost between $300 and $450.
Prepare your home for showings.
Preparing your home for showings requires objectively analyzing your home through the eyes of prospective buyers. If you’re not sure how to get started, make sure to repair leaky faucets, broken door locks, electrical switches, and any other broken appliances.
Additionally, give your house a fresh look. Repaint any rooms that need a touch-up, and stick to neutral colors. Consider giving your entryway a fresh coat of paint to draw in buyers and invest in a deep-cleaning for any carpets.
Market your home.
If you’re selling your home without a real estate agent, you’ll need to market your home yourself. Some popular home marketing techniques include
- Advertising the home online. Taking professional listing photos and posting your home on popular real estate websites can attract prospective buyers.
- Setting up a yard sign. Shop around office supply stores for a high-quality yard sign will let buyers know that your home is for sale.
- Hosting an open house. For the best results, start advertising your open house at least a week beforehand, and set up signs near your home to lead people in.
Negotiate the sale.
Without a real estate agent, you’ll need to negotiate directly with prospective buyers. Selling your home is a give-and-take situation, and most buyers will send offers below your asking price.
If you choose to decline the initial offer, you’ll need to send a counteroffer. In most cases, as you come down on the sale price, the buyer will come up.
After agreeing on the basics, the buyer will need to send a written offer. During the sale process, you may want to refer to state-specific real estate contracts or hire a real estate attorney. Your written contract should list every detail of the sale, including the final purchase price, closing agreement, and the closing date.
Handle the closing.
Because the closing of the house is a legal affair, it requires a specific process, which is typically handled by a title agent. Although most of the closing work will be completed by the title agent, you may be asked to provide documentation during the process. It’s also important to maintain contact with the buyers between the time of the real estate transaction and the closing.
Whether you’re upgrading to a bigger home or moving across the country, selling your home yourself can help you walk away with the most money in your pocket. To save money on the move, consider shopping for discounted furniture. Online stores like OutletSale sell home and kitchen products from top brands at discounted rates, making it easy for homebuyers to find the best deals on new furniture.