Two of the most challenging and stressful times for a person is buying or selling a home. There are many things to consider, and things magnify if you have a family and job to manage. You may think that you can take the time to work out things, but it is not that easy.
In today’s fast-paced world, it can be tough balancing your personal and professional life and then selling the house too. The traditional way is to employ a real estate agent or realtor to sell the house. However, most homeowners are looking to sell the house as quickly and possible and receive fast cash.
There are several reasons why a person may have to sell the house; some of the common ones are
- Divorce or separation
- The family is growing, and the space is getting small
- Relocation to another town or city
- You need more cash flow
- The house is old fashioned, and you want to upgrade to a modern home
- You are nearing retirement
- There is a real estate boom, and you can get considerable profit if you sell the house now
The problem may not be the reason to sell the house but how and what are the available options.
What is For sale by the Owner, and how is it Different from traditional selling?
So, you want to sell the house but do not want to take the conventional route. You may be a pro at selling used household stuff such as furniture, electronic gadgets, and treadmills but selling a house is different altogether.
Somewhere an expert realtor may be laughing, thinking people selling the house without knowing the process is. You may want to sell the house quickly and get cash quickly. On the other hand, employing a realtor means listing the house, preparing the house, performing home appraisals, and waiting for a potential homebuyer to come.
You have another option of ‘For sale by owner (FSBO),’ which means selling the house on your own without the representation of a realtor. Experts suggest taking a professional realtor on board for selling a house, but it means giving 5% or 6% commissions.
The biggest advantage of selling property in Chicago by owner is getting to keep all the money yourself without paying any sale commissions to realtors. Like most homeowners, you may want to get the highest return on your property, but this process requires time and careful consideration.
The advantages of FSBO are
- Direct and full control on how your house will be sold
- You decide the selling price, the schedule of showing the house, and negotiation, if any, on the price of the house
- If you get to sell the house without listing on a website that charges money, then you can save 3% of the money
- The FSBO owners who find a buyer get to save another 6% on the buyer’s agent commission.
The Reasons to take help from Real Estate Advisor
You may think just posting a ‘For Sale sign outside the house will suffice, but it does not. One other step you may take is to post an online ad for selling your house, but it does not guarantee a sale. Sooner or later, you will need help from an advisor who can help you navigate selling the house.
By getting a trustworthy and expert advisor, you will have the following advantages
- Comprehensive insights on the real estate market on the whole and prices of houses in the neighborhood
- The right strategy to advertise and sell the house at a profitable price
- Advantage of listing the house that can get a quick response
- An experienced individual who can guide you through the entire process from the sale, closing, and beyond
A real estate advisor performs the same functions as a realtor but charges less money. Most real estate advisors even ask a fraction of the amount from the sale of the house.
One most crucial aspect the advisor will help you with, apart from the paperwork and listing the house, is pricing the house. If you go a little less hoping that you will attract more potential buyers, you will leave money on the table. On the other hand, the price is a little high, and few buyers will turn up.
The advisor can cut your work short by providing you with comparable listings according to your area. You can easily compare the price of other houses and what price you need to make. Next, while listing, you need to mention any unique feature of the house. You can mention how old the house is or that a famous architect designed the house.
How to Prepare Your House for Sale
The things you need to manage to ensure that you get to sell the house at a high price are
- First, analyzing the prices of houses that have recently sold in the neighborhood
- Examining the current state of the house and making a list of necessary cleaning, repairs, and small upgrades
- Competitively pricing the house
- Making sure you list down all the important details of the house. Take high-quality pictures and even make a video. You can make a video through a drone camera which makes the house look big and beautiful
- You need to post the pictures and videos online on social media platforms and ask friends to share it
- When a prospective buyer comes, then show the house and verify If the buyer is genuinely interested in buying the house or not
- Explaining if the buyer raises some issues on the condition of the house
- Negotiating the price with the buyer and make any repair concessions
- Asking the advisor to prepare all the important paperwork necessary to sell the house legally
One best thing to highlight is the upgrades you have done, so the new homeowners do not have to spend time fixing the house. You also have to be honest on when the last renovation was done, its cost, and the current condition of the house. Being honest will earn respect from potential buyers, and many will even feel comfortable buying the house from you.
An expert real estate advisor can help you out in your quest to sell the house yourself. Not all potential buyers are the same, and an advisor knows what may appeal to buyers.