Once you’ve decided to sell your house, the next thing to consider is how to sell it. The first thing some people (that’s 93% of Americans, according to the National Association of Realtors) do is look around for a local agent.
Although agents are an excellent and one of the standard ways to sell your house, they are not the only approach you should consider. With the right resources and preparation, you can sell the house on your own, saving you time and money in the process.
Still not sure if you’ll hire an agent or sell your home on your own? We list the typical costs involved in traditional listings so you can find the best choice for your situation.
Putting your house up for sale in a traditional listing means tougher competition with other properties in the neighborhood. To make your home appealing to buyers, you’ll likely have to clean the home either on your own or through a professional cleaning services, repair any issues may it be minor or major, touch up the house, and upgrade old parts (usually utilities) of the property.
When hiring an agent, prepare to pay up to 6% of the final sale price of the house. Some agents will also charge other costs, such as administrative fees, marketing, and photography. Make sure to check the values in the listing agreement, since they vary with each agent. You may also want to canvas multiple agents and real estate companies for the best price for hiring an agent.
Aside from paying your agent’s commission, you may also have to pay closing costs, which is around 2% of the final sale price. Closing day also includes other costs like appraisal fees, deed recording, and taxes. While standard real estate practice dictates that the buyer shoulders the closing costs, do not be surprised if the buyer requests that you shoulder the fees when closing the deal.
Hiring an agent means conforming to a timeline that might clash with yours. If the agent doesn’t devote the time and effort, your house may sit on the market longer than it needs to. Conversely, your agent might want to sell your property quicker than your intended timeline and encourage you to accept a lower offer. Take note as well that agents will have multiple properties they are looking to sell to potential homebuyers and if your home is not what his clientele is looking for, it may just sit on the shelves until an interested individual comes along.
Agents are usually excellent salespeople, but hiring them may not benefit you and your property. Gather as much information as you can about potential agents so that you won’t have a regretful experience.
Or, you may decide to sell the home on your own. If you need help, contact Offer Hut today. Fill out our contact form or call us at 919-514-1001.