Things to consider before selling your own home.

When selling your own home, a solid understanding of a specific housing market is a must. It is extremely important to gain that market insight yourself. Knowing the market and using that knowledge to determine your price point can be challenging. You will risk scaring home buyers away with the wrong price.  potentially losing out on thousands of dollars in your pocket.

Marketing Your Property

You will have to become your own marketing department, which is no small feat. It is recommended that you take high-resolution pictures that show your home’s best features, and you must be able to write appealing descriptions of these features.

Since you dont have an experienced realtor to market for you, you will need to research the most effective way to advertise your home and what the costs of this advertising will be. You may want to place signage with your home information and your contact information in high traffic areas. Don’t forget to list your property online through various websites in order to market to all audiences.

Showing Your Home

Are you able to make arrangements for your home to be available for showing to prospective buyers? Some qualified buyers are only able to view homes at specific times, you need to make your home available to show at any time.

Will you be able to take all phone calls, that one missed call could have been the right buyer for your home.

Home buyers may be quite critical of you home with the hope to negotiate a better price. Keep in mind that all feedback (both good and bad) is important to your bottom line. It’s important to be able to keep your home in “show-ready” condition before a potential buyer steps through the door.

Risks

Are you comfortable showing strangers your home? How do you know if they are pre-qualified by a lender, or if they have enough cash available to purchase? REALTORS® will usually screen potential buyers before taking them to show homes, as well as supervise them during the showing to ensure the Seller’s time isn’t being wasted and that they do not walk out with any of your belongings. Understanding the liability involved when allowing strangers into your home unaccompanied is a must.

Buyer Broker Compensation

Are you willing to compensate a Buyer’s Broker if a buyer is represented? You can refuse to pay the commission; however, this will decrease the number of potential buyers for your home. Most buyers choose to have professional representation. Buyers would have to pay this fee to their representation as a closing cost. Some buyers may only want to look at homes where this fee, or at least part of it is covered by the seller.

Real Estate Contracts And Disclosures

You will need to be familiar enough with real estate law to write a legal and binding real estate contract? When selling you home yourself, you need to concern yourself with preparing all of the contract documents and legally required disclosures, as well as the guidelines and requirements of the entire selling process. Otherwise, you risk financial and legal liability when representing yourself in a real estate transaction. Remember that if the buyer has representation. The agent only owes their fiduciary duties to there client. They only need to be honest with you and disclose material facts that would affect the transaction negatively.

Title And Escrow

You will also need to understand the steps of an escrow and what is required of both you and the buyer in order to complete the transaction. You may want to research which Title Company will provide the best service and cost to you. It’s also important to have experience with resolving problems and protecting your right in a real estate transaction.

Other Considerations

Your home may be your largest investment, and only you can decide whether you should take on the process of selling your home yourself. You may want to talk with a few REALTORS® before making that decision. You may find that hiring a professional is less costly. This will make selling you home less stressful and more efficient than attempting this feat on your own.

If you live in Sierra Vista, AZ or surrounding area and would like to speak with a experienced REALTOR® or need help finding a experienced REALTOR® in your area contact me. We have 2,286 offices throughout 35 countries around the world. Thank You for reading.