All homeowners eventually have to go through the daunting task of selling their home. In fact, for many people, this year will mark the first time they’ve ever sold property in their lives. In this article, we hope to educate you on the best path you can take in this tricky process. Here are three different methods for selling your residence in the United States.
Sell your home to a house-buying company
House-buying companies, also known as property investors or cash home buyers, are businesses that purchase your house for a fair cash price. This type of house-buying is an increasing trend in today’s economy with a proven, painless process. We won’t go into too much detail on house-buying companies in this article. However, if you want to learn more, check out our blogs on how to find a good house-buying company and reasons to sell to a cash house buyer. For now, we’ll break down the pros and cons for you.
- Enjoy a quick transaction (can take as little as under a week).
- You both agree on the price offered.
- There’s no need to make repairs (they will flip your home after purchase).
- No heavy paperwork.
- No commission or closing costs.
- You won’t have to market your property or appeal to purchasers.
- If not careful, you may fall victim to scammers. (Not to worry! Check out our article on how to avoid house-buying scammers).
If you’re interested in learning more about house-buying companies, we encourage you to do your research. These businesses are quick, easy purchasers with years of experience under their belt.
Sell property through a realtor
Selling your property through a realtor is the common, traditional route. Indeed, this method is tried and true, which is why so many people take the realtor path. However, if this is your first time selling property, be sure to educate yourself thoroughly. Many people don’t realize the amount of fees and time commitment needed when selling through an agency.
- Realtor is knowledgeable about the area, process, and other sale-related factors.
- Your house will probably get more exposure to potential buyers.
- A lot of the stress of selling your home yourself is taken care of by the realtor.
- Realtors are experts in their field and can answer questions.
- Paying commissions.
- Paying closing costs.
- Draining money into making repairs and staging your home.
- Being only one of many clients your agent may have.
- Possibility of home sitting on the market for longer than you’d like.
Indeed, while real estate agents are professionals, they’re still at the mercy of the market like anyone else. This means that you’re not guaranteed a speedy sale or ideal profit.
Sell on your own (FSBO – For Sale By Owner)
These days, many people elect to sell their home themselves rather than through a real estate agent. As newer generations become familiar with DIY-culture, and search engines make a vast wealth of information available to us, people are more confident in their ability to do things themselves. However, for novice house sellers, putting property on the market can be overwhelming if they don’t know what they’re in for. Here are the benefits and drawbacks of selling a home by yourself.
- You have your own timeline and can proceed at a pace comfortable for you.
- If you need help, the internet is always available.
- You don’t have to pay commission costs, closing costs, or other fees to a third party agent.
- You have to draft your own paperwork, prepare your own showings, and research all selling factors.
- Marketing your home can be incredibly difficult.
- Your home may get less exposure if you have a small or nonexistent network.
- You may still have to pay for repairs or stage your home.
- The process is time-consuming and stressful.
If you are set on selling your home yourself, Forbes has a great article that breaks down a few tips which may be helpful to you.
All in all, selling your home is a different experience for all homeowners. The method you choose should be the one that best accommodates your needs. If you’re looking to cut out costs, consider avoiding real estate agents. If you don’t want to deal with stress, try not to sell by yourself. Of course, we encourage you to investigate further to make a decision that will ultimately benefit you in the end!
Ready to do business?
If you’re in or around Macomb County, Michigan and want to sell your home fast, connect with us! We’ll purchase your property – repairs and all – for a fair cash price. For more information, feel free to explore our website or reach out to us at 586-200-1710.