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SELL MY HOUSE- What are my Options?

Selling a house is a big deal. One must take care of many things. To sell your house at the best price you should understand local market trends. You should have an idea about the selling price of your house, and the method of selling a house.

 

To get a handsome amount of money for your house you need to consider a few things:

 

  1. Local Market Understanding

 

Firstly, you should have an idea about sellers’ market and buyer’s market. If there are greater number of houses then buyers than sellers compete for buyers. The prices of houses will be down in this way. This is called buyers’ market.

If there are a greater number of buyers than houses then buyers compete for houses. The prices of houses will be more in this way. This is called the seller’s market.

 

Look at the average Days of Market. It is to see similar houses in your area. It shows you that similar houses are selling faster or not in your area. If the selling rate is faster it means demand is high.

 

You may look at the prices of houses in your area. And you must have an idea how much buyers are paying in your area for a similar house. In this way, you will be able to fix an amount for your house depending upon the trend in the market.

 

  1. Choose A Right Time for Selling

 

Timing is everything. The rates for buying a home is high during the spring season. Most of the people want to shift their houses in this season. So, selling a house in spring is the best time of the year to get enough money.

 

  1. Set a price

 

If you set a high price for your house then you will face a lot of problems. Because it will take more time to sell and may be difficult to sell. Because it would be difficult for buyers to purchase a house with high price than normal.

So, you need to set the right price that will attract maximum buyers to your property.

 

According to Homelight, if the prices are high then it would be difficult to discover your home for the buyers. The home value tool is a good place to price your home. Because it uses the latest market data.

 

  1. Understand the Cost to Sell a House

 

During a house selling process, 4-6 per cent will go to the Real Estate Agent as a commission. There are other expenses also like repair cost, maintenance cost etc. They will reach about 9 – 10 per cent of your sell price. You cannot control the agent commission and closing cost but you can control the other expenses of your home. During its repairing and maintenance.

 

  1. How You Are Going to Sell

 

There is a traditional method for selling a home that is to prepare your house for sale, hire an agent, list your home, negotiate with the buyer and then finalize the deal with the buyer. You also have other methods to sell your house that is sale by owner (FSBO) and selling to an iBuyer.

 

In the sale by the owner method, you will take responsibility for everything. You do not pay the listing agent commission. But you have to pay the buyer’s agent commission. Well, this method gives more harm than good.

 

The other method is iBuyer. They make a quick offer for your home and find a buyer for your home. You just pay their service fee. There is no need to give agent commission in this method.

 

  1. Minor Renovations to Add Value at Your House

 

By doing minor renovations you can add value to your house. Like the demand for the wooden floor is high in the market and it will increase your house value as well. Similarly, by changing the bathroom set or kitchen set you can add value to your house.

 

Best ways to Sell A House

 

  1. Hire a Real Estate Agent

 

To sell your house, you must hire a local Real Estate Agent. Then he will negotiate with the buyers and fix the deal.

Some advantages and disadvantages of real estate agents are:

 

Advantages  

  • He will help you throughout the process
  • Assist you in negotiation
  • Have access to agent marketing tools
  • Lessen your burden

 

Disadvantages

 

  • Commission charges about 6 per cent of the sales price
  • Requires showing
  • Requires cleaning and photographing your home

 

Hiring a real estate agent is good because you need guidance during your selling. Also, you are not familiar with the real estate world.

 

  1. Flat Free Agent

 

Some agencies provide a flat fee or discounted agent to help you to list your home. And their fees will be varying depends upon the provider or agency.

 

Advantages

 

  • Cheaper than other
  • Have access to agent marketing tools
  • Offer assistance in negotiation and contracts

 

Disadvantages

 

  • Have limited services
  • Require open house events
  • Require cleaning and staging your home

 

It is best if you do not want to give agent commission and want to work on your own.

 

  1. An iBuyer

 

In this method, you can sell your house to the company. You will add information about your home to the website. Then you will get an offer may be instantly or after few days. Then you have to select a closing date to collect your money.

 

Advantages

 

  • You can sell your house online
  • No agent commissions
  • Fast sales

 

Disadvantages

 

  • Prices are less than market
  • Not available in all market

 

An iBuyer is best if you want to sell your house instantly and get cash. And if you want to avoid staging and showing your home.

 

  1. Sell by yourself

 

You can sell your house by yourself called FSBO. You need to list your house on the FSBO website. You will handle all the negotiation, contract and other details by yourself.

 

Advantages

 

  • Flexibility in timing
  • No agent commissions

 

Disadvantages

 

  • A lot of legal work by your own
  • Lower sale price
  • Longer time to sell
  • Must have some knowledge about real estate

 

This method is best if you are familiar with the selling process. And if you have a lot of time to sell.

 

Conclusion

 

To sell your house in the best price you must have an idea about local market trends and how to set the right price for your house. Also, you have different methods to sell your house. That will help you to sell your houses at the best prices. It all depends upon you preferences.

 

 

 

 

 

 

 

 

 

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