Selling your home can be one of the most significant financial decisions you make in life. The goal is often to make the largest profit possible. The percentage paid to a real estate agent can easily become one of your most substantial expenses by the end of a sale, causing many to choose to sell their home without a real estate agent. When listing your home for sale by owner Denver has a marketplace that can present many benefits, as well as many challenges. Whether you’re in no hurry or looking to sell your house quickly, here are some tips for managing the sale of your home.
Before you start doing anything, you should get familiar with your area’s market. Take a look at all homes in your area that are listed for sale. Remember, the homes closest to you are your direct competition. Specifically look at:
If you find a significant number of upgrades that your home lacks, you may want to consider small renovations or adjusting your price to compete.
You will also need to look at the properties that have recently sold. Be mindful of the sale price in comparison to what the asking price was. Make a note of how long homes stay on the market before sale.
Lastly, remove your emotions from your pricing. You must objectively consider what your home is really worth. If you were a buyer, would your home seem like a good value? Are there other homes available a buyer would choose to buy before yours? Your price should reflect reality.
You do not want to be blindsided by closing costs. Calculate the average closing costs for your sale price and geographical area. Try not to guess calculations. It is beneficial to contact a title company to attempt to get a realistic idea. Another consideration is the cost of potential repairs following the buyer’s inspection.
Even though you are selling your own home, you cannot totally escape realtor’s fees. Try to be flexible about the buyer’s agent’s fees. You do not want to lose a deal because you refuse to pay the buyer’s representation.
When considering your overall closing costs, review your mortgage payoff amount. You will want to make sure the threshold for your sale is large enough to cover paying off your mortgage and all associated closing fees. The balance, after taxes, if applicable, will be the profit you keep.
Sit down and create a list of all work that needs to be done on your home. Attention to detail is a must. Small items like outlet covers, dirty vents, and un-kept grounds can affect your homes perceived value. Deep clean your home. Replace all fixtures older than five years.
Clean or replace:
Landscaping is also important. There is no need to go overboard. Cleaning the area, removing weeds, laying new mulch and such will make a significant difference. You want to weigh the cost of landscaping over possible added value to your home. If you want to have a greater impact, consider making upgrades to your home. Items that add value are:
Since home purchases are primarily emotional decisions for a buyer, pick upgrades that will emotionally invest a buyer’s interest in your home.
While your home is on the market, be prepared to live in a way that may not be the most comfortable. De-clutter your home. Put away soaps, excessive bricker brack, personal items, photos, extra appliances, and anything else that closes in your space. Buyers need to visualize themselves in your home.
Proper staging can significantly increase the amount your home sells for. It can also help get your home off the market more quickly. The goal of staging is for the home to look unoccupied. It would be a good time to pack up unnecessary items and take them to a storage unit.
Removing large pieces of furniture, and keeping dressings neutral will give your home the best presentation. If your property is vacant, you may want to invest in professional staging. Doing so will give your home a better flow. Not everyone has a talent for staging. It may be better to outsource vs. trying to do it yourself.
After your home is staged take time to record a detailed video walkthrough. You can hire a professional or do it yourself. Professionals may do fancier camerawork and use effects, making the presentation more polished. If you choose to do the video yourself, review it and make sure it is something that would appeal to you if you were buying.
Professional photos are the best way to go. High-quality equipment will not necessarily ensure you have good photos. HDR image processing and wide-angle shots will capture your space the best.
Once your visuals are in place, list your home everywhere possible. You can list on the MLS for a flat fee without going through a realtor. Also, list your home on websites like Zillow and Trulia. Facebook, YouTube, your local Craigslist, and locally-used real estate listing sites should also be targets for marketing your home. Local Print ads are a good idea as well.
Be sure to track your marketing results and adjust your strategy accordingly. Also, familiarize yourself with the documents you will need for sale. Have a seller’s disclosure ready. Older homes, built prior to 1978, will need a Lead Based Paint Addendum. There may be additional local disclosures needed as well.
Once an offer is on the table, review it carefully and keep in contact with your buyer’s lender to be sure everything stays on track. Have a real estate attorney review your documents. With luck, preparation and by taking the proper steps, you will close the sale!
Yellow Brick Walk can offer excellent resources to for sale by owner Denver homeowners. They can help you avoid many of the hassles listed above by making a solid cash offer on your home. If you are ready to sell your home, call us today at (720) 600-4669. We hope to be working with you soon.