So you are planning to sell your house, and without any hint of doubt, it’s evident that you desire to get the highest possible return on the investment at the end of this tedious process. For many house owners, the option to sell house by owner is a highly appealing and lucrative way forward.
Some of the advantages include the possibility to sell on your own terms and timescale, the opportunity to fix what you want — or not make any renovations or alterations before selling — and, perhaps most crucially, the fact that you don’t have to deal with a Realtor or pay their commission charges after the property is sold.
However, the procedure has its own set of challenges. You’ll be left to negotiate the turbulent market on your own, with little help in getting the right set of information about your house.
If you’re resolved to sell the property yourself, here are the top four steps you’ll need to take to do it effectively.
1. Prepare Your House
Organize your house well in advance before listing it. Begin by making a comprehensive decluttering effort. Instead of seeing traces of your personality everywhere, the strategy is to create it easy for potential buyers to imagine themselves in your house. Remove everything that adds to the home’s resided appearance, such as family photos. Place these personal belongings in locked closets, storage rooms, the garage, or an off-site storage facility.
Then, go around your home and discover any issues you may have overlooked, such as repainting the interior walls (here, utilize a neutral color scheme, such as off-white or beige). In addition to the painting process, allot some time to rearrange the furniture to make the house look more fashionable and replace any outdated fixtures and appliances that look out of place.
2. Analyze the Market and Determine Your Price
It’s now time to do an analytical examination of your local property market and determine the selling price for your home. “Objective” is the fundamental element here. When you are going for selling house by ownertag, it’s all too usual to let high your emotions stray on the way of what should be a perfectly logical procedure. Your sentimental attachment to your house does not influence its monetary worth.
Examine previous sales of houses in your region to estimate how much you should price your property. Look at the selling price of houses with similar completed square footage, the number of bedrooms and bathrooms, and lot size. You can also tweak your price using the Federal Housing Finance Agency’s HPI calculator, but don’t consider its advice as final.
3. Promote Your Property
One of the most critical things involved in selling your house on your own is to make your property visible for buyers to locate it once it’s ready for sale. Unfortunately, this is the most challenging scenario in the process of selling a house privately.
However, with the help of a gorgeous yard sign display on the front, you can attract the attention of potential buyers. You can also use flyers or brochures for marketing the property; in this process, make sure to provide the house address and the contact person, including phone number and email address. You must include essential data such as the selling price, the number of rooms, overview of the neighborhood like nearby schools, nearest hospital, airport, etc.
4. Organize an open house event
Here comes the crucial juncture where you unveil your house to the public. This method is done especially on weekends, and it works best on days when the weather is excellent. Start advertising your open house at least a week before the event, and then place posters on main highways nearby your house or community to guide potential buyers.
Selling a house by owner is a more complicated process when you don’t have the services of a realtor or an estate agent. However, if you find the best ways and do it well, you will save big bucks. That is why more house owners are trying it. If they can, then you, too, can.