Are you ready to sell but not sure where to start? And it appears you don’t want to work with a realtor, so let’s talk about it. The main reason I hear from people that do not want to work with a realtor is the same reason they want to sell in the first place: You either want the most money on your investment you can get, or you want to sell as fast as possible, or both. Either way, it’s good to know what your options are, so let’s go over a few ways this can happen.
Less time but less money – Investor or Short Sale. We all get those ads for “We Buy Houses”, well they do, and they can close pretty quickly. In fact, it might be the fastest way to get your house sold, and with the least hassle, but it’s going to make you a lot less. You’ll likely be giving up around 30-40% or more of the actual value in your property. If you don’t know what a short sale is, you may not need to worry about it. It’s an option that some people have to take in order to get out of a mortgage they can’t afford and the bank has to approve the sale because it falls short of the amount owed on the mortgage for the property. Again, not a good way to make money on the equity you have. So how do you get more money and still sell quickly?
One way to get more money and sell pretty fast, is to go with an iBuyer. Selling to an iBuyer is similar to selling to an investor, and although it may make you more than an investor normally pays, it’s not going to get you the maximum amount you can get. The thing is, people don’t realize that selling with an iBuyer comes with similar costs as you may have in selling with an agency, but you get a lot less support from a company than you do from a real person who has a vested interest in helping you, and you’re not going to get full market value because they still need to turn around and sell it. Not to mention, closing with iBuyers can take just as long as closing with real people buyers.
So, “For Sale by Owner”? If you’re thinking the way of the FSBO, maybe you’re an analytical thinker, so let’s look at a couple stats:
- Only 8% of home sales were FSBO sales last year
- FSBOs typically sell for less than the selling price of other homes; they sold at a median of $200,000 last year (the same as the year prior), and significantly lower than the median of agent-assisted homes at $280,000
The majority of FSBO sellers are over 60. They are much more difficult to manage in today’s market because they tend to work best if you already know the person with whom you intend to sell. In fact, although FSBO sales tend to take less time than selling with an agent or an iBuyer, only 58% percent of FSBO homes sold in less than two weeks – and those were sold to someone the seller already knew.
To weigh these options, you need to know how much your house is worth so you can compare the real pros and cons of each by looking at the bottom line, and you need to establish a timeline that works with your situation. But generally speaking, selling a house on your own, cutting out the “middle man”, only really helps those people that don’t need to sell quickly, or are willing to take less than their house is worth. And most people in that situation aren’t watching a video like this. So, if you want to know more, especially if you want to know how you can realistically sell your house quickly and for the most you can get, let’s talk. I’m open to the conversation, I can help and I’m happy to. Until then.