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CAN YOU SELL YOUR OWN HOUSE?

When people sell their homes through a real estate agent, the average commission is 7%. On a $200,000.00 house, that's a whopping $10,500.00! If you could pocket that money  by selling your own home, would you do it? Or - more to the point - could you do it?

Many in the real estate business argue that a good agent should be able to get  a better price for your house than you would get if you sold it yourself. Using the   example  of the $200,000.00 house, they would argue that an agent could sell it for $200,000.00 and collect the $10,500.00 commission, leaving $189,500.00 for the vendor. On the other hand, a vendor would probably only sell the house for $189,500.00 anyway. So, why bother to sell it yourself?

In practice, there is no solid evidence that agents always get higher prices than owners who sell their own homes. It is true that some owners who are inexperienced in real estate sales get lower prices. However, it is equally true that other owners sell their own houses and pocket thousands of extra dollars that would have been paid to agents. The fact is, the market and the house itself have more to do with the selling price than whether it is sold by an agent or an owner.

This is not to suggest that everyone should try to sell their own house.
Selling real estate is a tough job. It's not for everyone.

However, if you think you can do it, first ask yourself these questions:

Do I have sales experience of any kind and am I good at selling?

Do I know enough about the real estate market to properly price and advertise my home?

Is my home attractive to the majority of average buyers? (Or is it a specialty item like a farm, office/residential combo, exclusive to very high income earners, etc.).

Is the market favorable to sellers and are sales good in my area?

Can I represent my own home in a professional manner? (Or will I have to tell buyers the great story about how I installed the toilet myself).

Can I negotiate with buyers?

If you answered "no" to most questions, hire a good agent. If you answered yes to all of these questions, you can probably sell your own home.

Here are some tips to guide you through the process:

List at the right price

If you overprice your house, it won't sell and you'll eventually have to lower it anyway. Once the house has been on the market for awhile and has had a price reduction, it becomes a target of bargain hunters. To set your price, check those of similar homes in your area. Check local newspapers and real estate papers for current listings. Remember that most house sell for less than the list price. Note any houses that sell quickly. This is good indication that it was priced right. Also, you can contact your city hall or municipal office to ask how you can reference recent home sales and their selling prices. Refer only to homes that compare to yours in terms of: lot size, square footage, number of bedrooms and bathrooms, quality of construction and design, amenities such as fireplaces, mechanical (electrical service, plumbing, heating, and cooling systems), and the overall condition of the house and yard. Refer to this as a guide to set the price for your house.

Make your house presentable

Make your house attractive to buyers. First impressions are everything. Start with curb appeal (how it looks from the street) and work your way through to every room. There are dozens of things you can do to improve the overall appeal of your house and enhance it's selling potential. Most cost very little or nothing at all. The most effective things you can do are to mow the lawn, clean the house, get rid of clutter, and repair any obvious things. For more details on how to make your house attractive to buyers, check out other articles in this section.

Get a good real estate lawyer

A lawyer will draw up a contract and handle any other needed paperwork, including that which would otherwise be done by a real estate agent. He or she can guide you through the process to closing.

Advertise

Advertise in all local and regional papers that you think will best reach prospective buyers. Compose an ad that highlights the location, the price, and any important selling points, (renovated kitchen or bathrooms, large private lot, and so on). Read other real estate ads to see what the pros are writing. Do not make exaggerated claims. If people come to see your house with high expectations, the house had better be able to live up to them or there will be disappointment. If you're competing with ads that
feature photographs, include a well-composed photograph of the front of your house. Expect to advertise for 2 or 3 months. (Tip: Newspapers should offer discounts for each subsequent week that you advertise).

If you put a "For Sale By Owner" sign in the front yard, make sure it looks professional. You can buy generic signs at many stationary and office supply stores. Some people prefer to not use a lawn sign when selling their own house. It can generate impromptu interruptions by people (including real estate agents looking for a listing) who happen to be passing by. This can usually be resolved by having your sign prominently say, "By Appointment Only" and including your telephone number. Only show by appointment. It allows you to prepare for each showing. It's unlikely you will make a sale if someone just shows up while you are in the middle of bathing the dog.

Make listing sheets

Make informative, presentable listing sheets that include: the house address with your name and phone number, asking price, lot size, size of each room, number of bedrooms and bathrooms, special features such as a deck, patio, garage etc., what appliances and fixtures are included in the price, type of heating and cooling systems, annual property taxes, plus attractive location features such as nearby parks, schools, hospitals, public transportation, and so on. Give a copy to each person who comes to see your house.

(Tip: Don't include every fixture and amenity in your selling price. For example, leave out portable things like window coverings, curtain rods, certain light fixtures, appliances that you would have otherwise left with the house, and so on. When the time comes to negotiate the selling price, you can go back to those things and start throwing them in to help the buyer accept your price).

Promptly return all phone calls

Promptly return all telephone calls from people who want to see the house or make an offer. When making appointments to show the house, coordinate with the family to minimize activity and disruptions during a showing. Avoid times that are used for meals, cleanup, children's baths, and other messy, noisy activities.

Keep quiet during showings

When showing the house, don't talk your way out of a sale. Let people look around on their own. If you want to accompany them, just lead them to areas of the house and wait on the sidelines while they take their time. Wait to be asked questions, then answer in a concise, professional manner. Don't impose with anecdotes and stories. You want them to remember the house - not you. Let the buyers see themselves in the house. When they finish, thank them for coming.

Only consider serious offers

Only accept offers to purchase that are made in writing. Verbal offers are not real offers. They are tactics to feel you out on your negotiating range. When meeting to negotiate an offer, keep all children and pets out of the room. Don't allow any disruptions as it will upset the negotiation process.

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WHAT SELLS YOUR HOUSE?

Some houses are so desirable that people line up to buy them. But what about your house? Is it just an average house with none of the fabulous features that attract top prices? If your house is average, that doesn't mean that you must settle for an average price. Some houses sell for more than their
seemingly similar competition. Why? What makes buyers pay more for one house than another? When the time comes to sell your house, what can you do to get the best price?

Timing

The real estate market is cyclical from year to year and even from season to season. Its down periods are almost always followed by ups. If the market is not in your favor and you don't have to sell, it could be wise to wait for six months to a year. When markets have gone through a decline or flat period, 1 year can bring a turn-around of price increases. Also, some seasons are better for sellers. Spring is usually active while major holiday periods are quiet. The pattern will vary from place to place. A real estate agent can tell you when buyers are most active in your area. There is one exception to the rule to avoid flat periods. You can turn a flat market to your advantage if you want to sell a cheap house so you can move up to a more expensive one. That's because you can save more money on the new house than you will lose on the old one. Here's how it works. Real estate prices tend to increase and decrease by percentages. Therefore, if prices are down by 20% and you have a house that was worth $100,000.00, that house will now sell for $80,000.00. But let's say that you will then buy a house that was worth $200,000.00. That house is now only $160,000.00. Although you've lost $20,000.00 on the old house, you've saved $40,000.00 on the new one.

Price right

Even when you want to get the best price, don't make the mistake of overpricing. No matter how wonderful is your house, buyers still expect to get value for what they pay. So how will you get that top price? Let's look at two similar houses. Both are listed at the same price. However, one sells for its asking price while the other sells for much less than asked. That's the key. Price right but make sure you get as much of that price as possible. Don't leave any detail undone that will let buyers discount your price.

Maximize your exposure

Get the word out to as many buyers as possible that your house is worth seeing. If you use an agent, make sure that he or she will do an effective advertising campaign. Ask the agent about advertising options in your area and how he or she plans to use them. Get your house listed on the Multiple Listings as this will announce it to every other agent who is looking on behalf of buyers.

Make a good first impression

A prospective buyer will judge your house on first glance. No matter how good is the agent, if you want to get top dollar, the house must virtually sell itself. That first impression is what is known as "curb appeal". It is quite literally the impression one gets of your house when viewing it from the street. Stand in front of your house and look at it with a critical eye. Does anything look tired or in need of repair or paint? Mow the lawn, weed the garden, trim overgrown shrubs, pick up toys and other articles in the yard. Paint, if needed. Repair all exterior damage. Top priorities include: torn window and door screens, broken steps, doors, and windows. Other nice touch is to get rid of the old dirty doormat and get a new one.

Clean the house

Now take a good look at the inside of your house. What will the buyer see when he or she enters and looks around? Most people tend to get comfortable with their own mess. To a stranger however, a newspaper left lying on the floor can make a place look like a dump. If the prospective buyer winces at the grungy walls and the agent must say, "Oh, it just needs a coat of paint and it will look fantastic.", you've lost money and a possible buyer. If your house "doesn't show well", it will take longer to sell, will deter people who'll pay top money, and will attract people who want a bargain. Clear shoes and boots away from the door and put them out of sight in a closet. Don't leave dishes in the sink or on the kitchen counter. Put away anything that looks like clutter: kitchen counter-top appliances and containers, excess knick-knacks, tools, and all that stuff that accumulates in the bathroom. If the walls don't need paint, at least wash off smudges.

Repair

Repair all interior damage that will spoil appearances and reduce the perceived value of your house. This includes: dripping faucets, running toilets, holes and cracks in walls, worn carpets, chipped sinks, tubs, and toilets, counter-tops that are cut up or have cigarette burns in them, and any water damage.

Lighten up

A bright atmosphere makes spaces look bigger and more inviting. Open the curtains and let the sun shine in. If your windows are cluttered with plants and knick-knacks, remove everything but 1 or 2 of your best looking plants. Put 100 watt bulbs in light fixtures. The extra light will make rooms look bigger and brighter. When a showing is scheduled, turn on lights before your agent and buyer arrive. Always turn lights on in basements and rooms that have small windows or none at all.

Let in a breath of fresh air

Each family generates its own smells from cooking, pets, smoking, and other sources. These odors might go unnoticed when you are exposed to them on a daily basis. A stranger however, might be put off by unfamiliar or (to them) unpleasant smells. Locate sources of strong smells (cat litter boxes, diaper pails, laundry, ash trays, garbage, etc.) and deal with them. Open the windows to air the house before your agent and prospect arrive; even if it's freezing outside, give the house a good airing. Unpleasant smells are one of the biggest turn-offs for buyers and create some of the most negative impressions. (Tip: Use smell to your advantage. Generate pleasant, inviting smells with fresh baking, or a piece of cinnamon in a warm oven. This evokes a pleasant, inviting atmosphere).

Create a look of spaciousness

People are attracted to the luxury of large rooms. If your kitchen is cramped, your dining room less than stately, and the bathroom is a closet, you can open them up and improve their appeal. First, walk through your house and observe the traffic flow. If you must step around things, try to imagine the traffic jam when an agent and family of 4 tries to navigate through your place. Improve traffic flow by rearranging furniture to create an open passage through each room. Or even better, remove over-sized or unnecessary pieces of furniture; (store them if you want to keep them; otherwise, sell or give them away). Pay special attention to the entrance and front hall. This is the area people see when they first enter your house. If yours is a small entrance, don't clutter it with coat racks, chairs, or accessory tables. Remove these things and your entrance will appear to be twice as big. Other things that make a room look smaller are dark colored walls and floors, too many pictures on the walls, and clutter. Repaint the room in light, neutral shades and remove all but a few well-placed pictures. Or, instead of pictures, hang a large, well-placed mirror. Mirrors create the illusion of space. Another space enlarging trick is to harmonize the color scheme. Too many colors in one place create a busy look. Simplify for the eye with light colors and one or two accent colors. As you're creating space in your rooms, don't forget those very important "rooms" . . . the closets. Buyers want to feel that they're getting lots of storage space. Go through all the closets and clear out anything that you no longer use. If your closets are poorly designed with one rod across the top, you can redesign them at very little cost with sturdy precut shelves and racks. These are easy to install. A well-designed closet will hold much more and not look cluttered. (Tip: An easy way to make a clothes closet look less cluttered is to get things off the floor. The combination of hanging clothes and objects piled on the floor makes the closet look packed. It's better to install a shelf in the space above the clothes rod and store objects
up and out of sight).

Avoid the eccentric look

Whether or not your home reflects the eccentric look might require the opinion of an objective third-party (your real estate agent, perhaps). Try to be objective on anything that might not appeal to the broadest range of buyers. It might be the orange beaded curtain at your bedroom door or the green flock wallpaper in the living room. It could also be things like religious objects or a collection of rock band posters. There is sometimes a fine line between decor and personal expressions that might deter buyers. It's good for your home to have a "look" but that look should appeal to the majority of buyers. If your goal is to sell your house quickly at a good price, put away the things that don't appeal to mainstream taste. You can always bring them back out when you move to your new home.

Disguise unsightly views

If your window looks out onto the wall of your neighbor's house or the shopping mall parking lot, don't try to hide it by closing the curtains. This is just an invitation for people to open them for a peek at what's out there. It's better to mask an unsightly view and still let light through. One of the easiest and least expensive solutions is to hang panels of sheer fabric. The fabric can be anchored to rods at the top and bottom of the window casing. Soft gathers in the fabric will create a flattering look and further obliterate the view through the window. Another effective solution is to install textured glass (the kind used as privacy glass in bathroom windows). The texture will obscure the view and will let light freely enter the room. Vertical blinds are effective when slightly opened to let in light but angled to block the view. Beyond these treatments, you can be more creative. What about a lacy lattice panel with a whisper of potted ivy clinging to it?

Pay attention to the important rooms

The rooms that attract the most attention from buyers are the kitchen and bathrooms. Everyone wants these to be bright, modern, and roomy. If you can't do much more than to improve a few things around your house, these are the rooms that pay the best dividends.

Stay out of the way

Don't hang around while the agent is showing your house to a prospective buyer. Buyers will feel more comfortable if nobody is home. They will be better able to envision themselves in the house. Therefore, when your agent calls to arrange for a showing, use the time to do things away from the house.

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