Selling Your Home by Owner

When it comes to selling a home most homeowners utilize the services of a professional real estate agent. This can often cost the owner 2 to 6% in real estate commission fees. For many this is a reasonable amount to pay, especially if you don’t know how to do it yourself.

Cost Considerations

There are homeowners that simply don’t want to pay a real estate commission and save the money. That is fine but there are a couple things to keep in mind. First, selling a home will require a monetary investment. You need to advertise and market your home to the public and this could cost $2,000 to $5,000. This cost will vary depending on how long your home is on the market and how extensive your marketing campaign is. Additional cost factors to consider is whether you will be willing to work with a buyer who is represented by a realtor. Typically it is the seller who pays the buyers commission, up to 3%, so you will need to make that determination in the beginning.

Selling Your Home

With the right expectations and preparation selling your own home is not as hard as you may think. Yes, it does take time and requires additional knowledge about the real estate market. Selling your own home works best when you don’t have to sell in a hurry. You will be reaching a much smaller market when you put your home up for sale yourself. However, if you price your home to sell or under market value you can greatly speed up the process.

Steps to Take When Selling Your Own Home

Determine whether it is the right time to sell or if you should wait for the market to improve.

Prepare your home for sale by cleaning up the property and making any necessary repairs.

Evaluate the market in order to set a good selling price.

Market your home to the public.

Hold several open houses.

Negotiate the sale.

Close the deal.

When selling your own home it can take much longer than using a realtor but it can be done and is done everyday. The time requirements to sell a home are demanding so be prepared. Having a well drawn up plan will help immensely in keeping you on track.

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