Selling your home can be a great way to save some money, but it can also be costly if you don’t have a full understanding of the process from A to Z. I will give you a quick run down of 5 factors to keep in mind, along with some resources to help you.
1. Timing. Know that the time of year that you decide to sell your home makes a big difference. For example if you need to sell near the holidays, people will perceive that you are “desperate” and will make lower than normal offers. You will also have people calling you and trying to come look at your home at a time when you may not want to be bothered. If you can avoid selling near the holidays you should.
Another challenging time to try to sell is when the school year starts because most families are not going to switch school districts after the school year starts.
2. Price. Everyone feels that their home is worth top dollar, but the reality is that a homes value is not determined by emotions. The selling price is determined by what people are willing to pay, and if they are savvy, it is usually based on what other homes with similar featues are selling for in the same neighborhood.
3. Advertising. If no one is looking at your home, the price doesn’t matter so you need to have a plan on getting your home noticed that entails more than putting a sign up and holding open houses (so your neighbors can snoop around). Advertising can get expensive and some of the cheaper venues may not even attract prospective buyers. Two reputable sites that I recommend that allow free ads for home sellers are Craigslist and Backpage.
4. Taking Calls. This can be a pain because you will get call from people who are serious, those who are just shopping and not qualified, real estate agents who want to list your home, and investors who want your home for a fraction of what you are asking. One way to screen your calls is by using a voice messaging service that forwards your messages to email. This way you don’t tie up your home or cell phone voice mail, and you can just delete the messages you don’t want. I use Voice Nation and have been very happy with their service.
5. Writing the Contract. While you can get a generic contract from an office supply store or online, you want to make sure that you have a contract that protects you. I recommend establishing a relationship with a setttlement attorney up front and letting them know you are selling your home yourself. They should be more than delighted to help you draft your contract and it shouldn’t cost you an arm and a leg.
One resource that no home seller should be without is the book Selling Your Home Alone which is the ultimate resource for the “for sale by owner” seller. It nhas received accolades from the New York Times, and is worth every penny. If you decide that you want to consider having a real estate professional give you their opinion, you can have one our FSBO Therapists give you a call.
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