So you want to sell your home on your own? In the real estate industry, we call this process a FSBO or For Sale By Owner. With the right information, selling your own home can be done by just about anyone. Supported by information that can be found through the Internet, your local library, or a personal referral; a person can sell his or her home either by a real estate agent or selling the home by him or herself. In today’s high tech environment, many tools are available for you to sell your home and hopefully, at a reasonable price.
Whether you want to sell with an agent or by yourself, keep these tips in mind to help you sell your home. There are some specific steps in selling your home that you want to make sure you follow. These steps can really help you set your house apart from the numerous homes currently on the market. Never under estimate these steps because they could have a tremendous impact on your home selling at all. Here are some things to consider when selling your home:
1. Preparation – show your home in the best condition possible
Here is the first step in selling your home. Make the best first impression to your buyers so that they are attracted to buy your home. Get rid of dirt and garbage, remove all clutter, repair all flaws of your home, get rid of unused furniture to make it looks spacious. Remember, less can equal more!
2. Pricing Your Home Right
A home that is priced right and reasonable will sell in a short time. You can consult a Realtor to give suggestion about your home’s value and the condition of it. Don’t price your home so low that it will cost you more money, yet don’t set the price so high that you lose potential buyers. In today’s market, the right price at the right time will make all the difference.
3. When To Sell
You also have to know the right time to sell your home. In different markets, the timing can be different. Know your market! You surely want to sell your home in a good economic condition with strong demand for houses, but today’s market doesn’t provide that. I can’t stress enough the importance of timing and price. Both must be done properly in order to sell your home in today’s market. If you sell your home at the right time and with good preparation, you will get the highest price for your home.
4. It Will Cost You
You also need to consider any and all costs that you will have in selling your home, whether it is attorney costs, closing costs, advertisements costs, etc. Selling your home will cost money. Since you are likely not paying a Realtor, you will need to pay for signs, marketing costs, advertising costs, flyers, and anything else you will need to get your home in front of qualified buyers.
There is one final thing regarding cost you might not have considered. Time will be one of your biggest expenditures. There will be people who want to look at your home, ask questions about the home, write contracts, review contracts, open escrow, and many other unforeseen items. You will also need to spend a significant amount of time researching and familiarizing yourself with the market and the process involved with this process. Never hesitate to contact a professional who can answer your questions.
5. Selling Privately
Selling your home by yourself is not as easy as it seems but it might be worth your time because you might be able save about 2-4% of your selling price. Selling your home privately is sure to take much time and effort but it could pay off in the end.
6. Selling At Auction
Selling at an auction can also be an option. I bring this option up because many people today are having a hard time selling their homes via traditional means. That being said, it is not an ideal option because it will cost you more money and and there is a good chance you won’t get asking price for your home.
7. Get Professional Help
Once you find a buyer who wants to make an offer on your home, you will be inundated with documents and deadlines that you must complete. You can make the flow of documents easier by getting professional advice through someone who has experience in this process. You can also find books related to this topic at your local library. An escrow company can also help with the needed items and also act as a third party for the sale of your home.
8. Marketing your home
There are many ways to market your home:
· Writing and posting your “for sale” ad
· Home Photos: a picture is worth a thousand words
· Lawn signs
· Open houses
· Home Brochures/Information sheets
· The MLS (Multiple Listing Service) provided by the agents
· You are your home’s best salesman
9. Negotiating an offer on your home
If you receive and offer, it is almost certain that the offer will be less than your posted selling offer. Today’s market is a buyer’s market and buyers will be trying to get a deal. You should brush up on your negotiation skills so that you can counter offer without scaring away the buyer or the deal. This process could involve multiple counter offers which may draw out the sale of your home but don’t be discouraged. Keep your head about you and don’t be offended by low offers.
10. Home inspections
If you don’t want to be surprised by unexpected expenses, you may want to consider having a home inspection completed before you put your house on the market. The buyer will likely hire and inspector themselves and if anything shows up as a potential problem, they will consider asking the seller (you) to pay for problems to be fixed or a reduction in the sales price.
11. Closing
This is a great place to be! You and the buyer have come to terms for the sale of your house. Remember though, the home isn’t sold until the actual closing is complete. This means that the home will transfer ownership. Many things need to be completed for this process to go through to completion. Make sure you understand all rules and regulations for this process so that there are fewer unexpected surprises that may delay or even cancel the sale of your home.
These tips will help you go a long way in selling your home. Never hesitate to ask for professional advice if you encounter some problems while you are in the middle of the selling process.
Good luck and happy selling!
Provide by Sean Aske, Realtor of Phoenician Properties Realty in Scottsdale, Arizona. For more information please visit www.askerealestate.com or email me at sean@askerealestate.com.
Education is the key to successes in any kind of business. It is paramount to decrease the risk of your endeavors, especially if it concerns real estate investing. Investing in real estate is regarded as a somewhat risky undertaking, specifically for amateurs, but also for those who don’t seem to understand the business and all that it entails. Regarding a specific investment, the determinant of risk usually falls under the education of the person. The more a person knows, the more they can identify a questionable situation therefore increasing the potential to be successful. During any point in a real estate deal, an investor who is educated always has a plan of exit when things get rough.
A person’s lack of knowledge can oftentimes get them into trouble. An inexperienced person diving into a real estate investment could encounter many challenges. Choosing a bad location, a bad property, not knowing market trends, personal financial instability, and even plain bad luck can all lead to a poor investment choice. If a person doesn’t have the slightest idea on what they are getting into, chances are, their entry into the real estate investment can be a nightmare.
Education can make the difference between success and failure. It is often true that the investor will run into trouble because they were overwhelmed with the risk they were taking. If a person enters this endeavor with very little education and research, they will gain knowledge but at a great price. Loss of capital and a bad credit score are hard ways to learn lessons in the real estate investing profession. The risk is great but the reward can be greater if you have the proper knowledge.
There is a principle that states if the risks are high, profits are higher and if risks are low, profits are lower. This doesn’t always have to be the case. If you think about it, there are contradictions to this principal, especially on the part of the professionals who are well educated who minimize risks and receive increased profit. Those who object with the principle have proven that through knowledge and education regarding the craft, risks can be mitigated. You must make smart decisions with small and large investments alike.
This principle holds a certain truth behind it that some people may agree with. But in the eyes of the professionals who have gained much through education, the principle would apply only to amateurs who depend on being passive, and diving into investments without really educating themselves to the present risks. Items that fall under the lesser risk category can also be seen as risky investments due to returns that are non-existent. If you, as a beginner, would bet your future on that kind of principle, then it is risky. Still, education can lessen any immediate risk and also long term risk.
In real estate investing, there are many great resources that can help you understand environment you are entering. But remember, you will find that there are professionals who will only lend a hand if you will give something in return. While you can find some very reliable and helpful sources through books and seminars, always know going into the conversation that they aren’t going to give away all of their knowledge and secrets. Make sure that you do your homework by reading and asking multiple sources the same questions. From this research, you can come to your own conclusions. Isn’t it comforting knowing you are sitting at the drivers seat and taking hold of the wheel of your new business? You are the one taking the risk with your money and your time so don’t let others make important decisions for you. Always take advice and information you receive with a grain of salt and educate yourself on the real risks in this industry. You don’t want other people making decisions for you. This is probably the main reason you are going into real estate investing anyway!
Therefore, don’t outsource the acquisition of knowledge. It is your responsibility to know what you are getting into to. This will greatly help you in dealing with lessening the risk that comes along with real estate investments. You are in control and all the information and education is out there and readily available. Don’t short change yourself by not doing your homework. If you educate yourself, the sky is the limit and you can control your own destiny.
Happy investing!
Please visit www.askerealestate.com to look for homes in the Phoenix metro area or feel free to call Sean Aske to search for your next investment property.