5 Biggest Obstacles Homeowners Face When Selling a House on Their Own
In the USA, in 2019 alone, over 5 million existing homes were sold by sellers to buyers. There are millions sold each and every year. While most people will enlist the help of a real estate agent to sell their home, this isn’t always the case. Many people instead elect to sell their homes on their own. This can save them a lot in realtor fees and give them more control.
Of course, while cheaper, selling a home on your own isn’t always that easy. There are definitely some challenges you may face along the way. With that in mind, this blog post is going to cover 5 of the biggest obstacles homeowners face when selling a house on their own.
Creating a Strong Listing
Because most people begin their real estate search online, it is incredibly crucial to have a strong listing. This will include the price of the home, the size of it, photos of the rooms, the features of the home, and many other pieces of important information.
Oftentimes, it will be your real estate agent that crafts your listing, or at least is a big influence on what is included. Without one, you’re pretty much on your own. As you could imagine, this can be a little challenging. You will have to know what people are looking for, and how best to convey the quality of the home.
Thankfully, there are some sites and platforms that can help you out a little. For example, a seller will be able to market their for sale by owner by going to Houzeo and using the platform to create their listing, attract more business, and use many other tools.
Choosing the Right Price
In addition to the listing, arguably the most important aspect when it comes to selling your home (with or without an agent) is the price. You need to choose a price that isn’t too high, but also not too low. If the price is too low, you won’t get the amount of profit you deserve. On the other hand, if it is too high, you may encounter difficulty when it comes to selling the home.
While the price choice is up to you, agents generally have a lot of knowledge and can assist you in valuing your home. The most important part of choosing the right price is to do your research. You need to look at the average selling price of homes in your area, and then compare your home to those. After enough homework, you should be able to come up with a value that is relatively fair for both sides.
Another obstacle to selling your home could be the paperwork required to sell a home. Normally, the responsibility of filling everything out would fall on your landlord, but that isn’t the case if you sell on your own. You are responsible for the purchasing contract, disclosure forms, and several other important documents.
If you miss something crucial or fill it out wrong, it could be a major obstacle and roadblock in the selling process. Even if you don’t hire an agent, it is a wise decision to hire an attorney to assist you with these documents. The last thing you want is to reach the end of the sale, only for it to fail because of an issue related to the paperwork.
Remaining too Attached to the Home
When selling a home, you need to do your best to take emotions out of the picture. Normally, if you sell with an agent, with them handling most of the work, this won’t be a concern. But if you sell on your own, these emotions and your connection to the home you are selling could cloud your judgment.
Not only can be attached to the home make you unwilling to sell, but it can also often make you overvalue the home. Because of all the good times and memories in the home, you may want to list it for a price that is too high. When selling a home, try to detach yourself and value it honestly and do your best to keep emotions out of it.
Getting the Home Prepared for the Sale
While it might seem simple, getting your home prepared for sale on your own may not be the easiest thing. The home needs to be clean, look a certain way, and generally be fixed up before the sale is final. If you don’t have an agent, you might not have a good idea of what more needs to be done before the deal is done.
If you overlook this important stage, it could leave your listing photos looking subpar and can lead to dozens of hours of work before the home is really ready to sell. If you’re up to the task, that’s great, but many people don’t have the time to fix up and prepare their home ahead of time.
While selling your home on your own is viable, it is important to be aware of the potential obstacles in your way. If you work on ways to overcome these obstacles ahead of time, you could be well on your way to a successful sale.