What You Need to Know About Selling Your Own Home

If plan on selling your home on your own, make sure you avoid these seven “For Sale By Owner” mistakes.

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If you’ve decided to list your home as “For Sale By Owner,” congratulations. It can be a challenge, but there are a few people out there who can do it.

That said, according to the National Association of Realtors, 90% of all homes that were sold last year were represented by an agent, Realtor, or real estate professional.

Of the 10% that were FSBO properties, just over 50% of them were a shorthanded transaction, meaning the owner sold their home to a friend, family member, or someone they knew. Of the remaining 4%, about 2% successfully sold on their own, while the remaining 2% pulled their homes off the market.

There are seven common mistakes that you should try to avoid if you plan on selling your home by yourself:

1. Pricing your home inaccurately. This is the No. 1 mistake most FSBO sellers make. Test the market data to make sure that your list price is effectively positioned in the market.

2. Not preparing your home for the market. Many FSBO sellers just put their home on the market and hope for the best. Unfortunately, in today’s market buyers are looking for turnkey properties or homes that have been prepared as best as they can be.

3. Not marketing your home correctly. Most FSBO sellers don’t have the understanding or wherewithal to market a home properly. Marketing is one of the most important parts of selling your home these days.

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Marketing is one of the most important parts of selling a home.

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4. Not understanding the paperwork. There is a lot of money on the line. If you don’t dot your i’s and cross your t’s, you could be putting yourself in a harmful situation from a liability standpoint.

5. Not understanding the proper terms and conditions. When speaking with buyers or industry professionals, you may agree to terms that you don’t understand, which can put you in a negative financial situation.

6. Saying the wrong thing at the wrong time. Just because you did a repair doesn’t mean you have to bring it up. As long as it’s not an active issue, you are protected. You don’t have to talk about what happened when the house flooded or the foundation crack that you’ll repair.

7. Overlooking details. Some FSBO sellers are simply not educated on the process. There are many steps involved in a successful home sale, and an overlooked detail could cost you tens of thousands of dollars.

Avoid these seven mistakes and you may be one of the successful FSBO sellers in 2017.

If you have any other questions or you are interested in working with an agent to sell your home, just give us a call or send us an email. We would be happy to help you!

What Are the Unexpected Costs When Selling in Raleigh?

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If you’re selling your home, you’re probably expecting to make a decent chunk of change out of it. However, there are many different costs to selling, and these can add up and affect your bottom line. This is especially significant when you’re moving up into a better home. Here are some tips so that you can better prepare for a home sale.

1. Always get pre-approved for a home loan. If you’re moving up, you need to be in the position to financially afford a new home.
2. Estimate the costs of selling your home. Many sellers don’t realize what it costs just to get your home on the market. You’ll have to pay contractors, landscapers, Realtors, and more. Don’t forget property taxes, HOA fees, and inspection fees.
3. Determine the cost of acquiring a new home. You need to pay your agent and also a portion of the closing costs. Sit down with your local agent to discuss these costs in detail.
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   Many sellers don’t
   know the costs just to get
   your home on the market.

   
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4. Calculate the proceeds from the sale of your existing home. These are called seller closing costs, and they’ll be a little different for everyone. This includes taxes, insurance, deed, revenue, and more.
5. Complete repairs on your existing home. Get quotes for repairs and make the most urgent ones when necessary. Keep the receipts for these repairs so that buyers can see that you were proactive with your home maintenance.
6. Getting the home ready to show for buyers can be costly. Staging, getting a professional to do a walkthrough, and professional cleaners can increase costs quickly.

If you want any more information on these topics, please don’t hesitate to reach out to me. We would be happy to discuss how you can make your move easier and more efficient.

Thanks for tuning in!

10 Things to Know About Selling in Raleigh

Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report

As a Raleigh seller, what are the most important things to remember?

1. Know the reason for selling your home. At the beginning, buyers sometimes aren’t sure if the decision is right for their families. You should be able to commit ahead of time, and be assured this is a good decision.
2. Confirm you’re financially prepared. Your payoff shouldn’t be more than your list or sale price. Check with your lender about your affordability.
3. Reduce clutter. Prospective buyers might not be able to look beyond the clutter when viewing your home. Less is best!
4. Clean your home. Buyers want to see homes in turnkey condition to avoid tidying up themselves.
5. Inspect and make repairs. Pursue a home inspection prior to listing. That way, repairs are addressed and fixed ahead of time once buyers are interested in your property.
6. Find a Realtor with a successful track record. They should have results selling for top dollar in a short amount of time. Conduct your research!
7. Confirm level of exposure. These days, it’s all about marketing. Speak with your Realtor about their marketing budget and exposure.
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   Avoid the mistake
   of overpricing.

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8. Stage your home professionally. This has become more important over the last few years. Typically, a staged home sells quickly for a higher price compared to one that isn’t.
9. Price your home correctly. Avoid the mistake of overpricing and missing the market. Price your home according to market conditions. Your Realtor will make the big difference here.
10. Get excited! Be prepared for buyers to visit your home. After all, this is an exciting, new chapter of your life.

If you’re thinking about buying or selling a home in the surrounding area, contact me by phone or email. I’d be happy to discuss your real estate needs and any questions you might have!