4 Ways to Sell Your Home and What to Consider First
If you’re looking to sell your home, there are several factors you’ll need to take into account. The housing market can be a tricky beast and selling a house can be an expensive venture, but with the right advice and preparation, you could make that final chapter in your home ownership story as stress-free as possible.
Sell by Owner
Selling your home by owner is the most common way people sell a house, but it’s also the most time-consuming and potentially costly approach. There are two main reasons that people tend to choose to sell by owner. The first reason is that they want to get the full amount from their home instead of paying a real estate agent a commission for the sale. The second reason is that they want to test the waters for selling their home and aren’t in a hurry to sell. Situations like your neighbors selling their home and you want to see if anyone that is interested in their home would buy your home instead are common for this. If you don’t mind waiting a year or two to sell your home, then a sell-by-owner option is probably the best option for you.
If you’re looking to sell a house without the help of a real estate agent, you’ll need to advertise your home on the Multiple Listing Service (MLS), which will help get the word out to potential buyers and allow you to collect inquiries and put a sign in your hard. Once you’ve sold your house, you’ll likely need to hire someone to do a final walk-through and help you close the deal. While you might be able to save some money by selling by owner, you’ll need to be prepared for a longer, more complex process.
Find a Cash Buyer
Finding a cash buyer, or a private investment company like We Buy Houses MN LLC, who will purchase your house “as-is”, is a great way to sell a house quickly and without the added burden of a real estate agent commission. The main benefit of this approach is that you’ll be able to sell your house quickly, usually in a matter of days or weeks, and for cash instead of waiting for an offer from a traditional buyer. This makes it easier for both the seller and the buyer since you don’t have to work through a bank to get the funds. However, you will still need to give the cash to the bank that you have the mortgage with to get the title of the home transferred to them. One reason that people don’t do this every time they sell their home is that you usually don’t get as much for your house as you would if you sold with a real estate agent. This is because you are getting the convenience of a cash offer.
Sell with a Real Estate Agent
If you decide to sell your house through a real estate agent, you’ll likely be able to command a higher price for your house. The average real estate agent commission is 5% of the sales price of your house, but the range can be between 3% and 6%. In addition to the commission, you’ll pay the real estate agent, you’ll also be responsible for any fees associated with selling your house, such as the cost of staging your home or repairs that are needed before the house can be sold. If you decide to sell with a real estate agent, you’ll want to be sure to shop around for an agent who can help get your house sold quickly for the best price.
Use a Trade-In Service to Buy Before You Sell
This is a fairly new method of selling, but it allows you the flexibility of buying a new home before selling your old one if you’re in a hurry. A trade-in service will front you the cash to buy your new home, then help you list your old one for sale. When your old home sells, the service collects any service fees, interest, and other expenses from the proceeds before turning the rest of the money and the title to your new home over to you. While waiting for your old home to sell, you may have to pay rent on the new home, but the service will ensure you have money to pay for both homes without stretching your budget too far. If your old home doesn’t sell after a certain amount of time, the service will buy it for a pre-agreed-upon price.
It’s important to remember that selling a house is a complex and individual process. Every situation is different and the best approach will depend on various factors, including your location, the market, and how long you’ve owned the home. To make selling your home as easy as possible, you should make sure you have a plan that outlines each step of the process, from advertising your home to finding a buyer. The more prepared you are when you list your house for sale, the easier it will be for potential buyers to find you and for you to find the right one for your home.