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Selling a house in the United States is complicated, challenging as well as profitable if one is abreast with the current changes in trends and acts accordingly.
As the world was gripped by Covid 19 pandemic, the demand for housing increased, surprisingly and for over two years it kept on rising. As a method to prevent and control inflation, the Fed hiked the mortgage rates and therefore it is touted by the experts that now is the time to sell the property you’ve been probably sitting on, or else the price of the same house might depreciate in near future.
Selling a house doesn’t have to be complicated despite all the red tape and ever-changing market conditions if you follow a simple checklist to enable a successful transaction. Read on to know more.
1: Choosing the Perfect Time to List
Did you know that most houses are listed on a Thursday? The best months to sell are May and June? Or that listing your property in January-February might fetch you a deal 10-15% above the market price? It is therefore very important to do your research if even you are planning to hire a real estate agent.
If your home is in an area recognized as an important school district, then the demand would automatically increase when the new term starts.
Factors like holidays, and the rise of employment opportunities in a particular region impact the sale of a property. It is very important to consider this according to your state.
2: Ways to sell
Traditionally, selling a house was limited to hiring a full-service real estate agent who would charge a 3% commission rate from the seller and an additional 3% as a buyer agent commission which was to be covered by the seller.
In turn, they would then provide full service to the seller covering pricing, marketing, managing open houses, doing all the legwork for the documentation, and of course handling the closing.
It has been a preferred method by sellers because A An agent has the local market knowledge and thus would know the pulse of the buyers and B – All the complicated legal formalities and paperwork is taken care of. This is especially useful for sellers who are new to the real estate field and do not want to take risks.
While hiring a real estate agent is surely an advantage, it also has its issues. The most obvious one of course is that it is very pricey and eats up into the savings of the sellers.
The second important disadvantage is that it is a long process and sellers have little or no control over the transaction. In today’s time and age, Flat Fee MLS services seem to be the best option for FSBO sellers.
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Flat Fee MLS
A Flat Fee MLS service enables a seller to pay for MLS listing and certain services as preferred for a fixed fee with no additional charge. It is both convenient and there is maximum exposure guaranteed with this service.
Companies like Houzeo offer packages starting from $199 up to $999 which cover everything from quick MLS listing with photos, marketing, digital documentation, closing assistance, and even management of showings.
For their premium packages, Houzeo’s concierge connects you with top real estate agents who provide all the virtual assistance of a full-service agent. The best part about this is that there are no hidden charges.
There are many Flat Fee MLS companies in the market. Sellers have to be prudent to not invest in the wrong one because a lot of them charge extra dollars at the time of the closing and the seller has no option but to pay up to save the deal from falling through.
Best Real Estate Websites
Real estate agents and Flat Fee MLS are not the only ways to sell a house. With the market getting dynamic, there are a lot of opportunities for sellers to choose a more hybrid model to transact.
Best real estate websites in the country offer Flat Fee MLS, and full-service brokerage but also suggest other ways like discounted brokerage, low commission estate agents, and other A-La-Carte services to their clients. Now FSBO sellers who need assistance with a few services could look at the following decent real estate websites in the United States.
Zillow
This is arguably one the biggest real estate agent websites in the country today which enjoys traffic of thousands in a day. Getting listed with such a company would automatically guarantee continuous buyer interest which increases their chances of making a quick and profitable sale.
They also have great technology as they keep their clients abreast with the proceedings of their transactions through many apps specially designed for showings and 4D home tours. They also help clients with foreclosures and bidding wars. FSBO sellers can take full advantage of this feature.
The disadvantage of Zillow is that too many people would have access to your details and you may be badgered by agents soliciting calls. It only has about a 1.6\5 rating on Trustpilot.
Homefinder
Homefinder boasts of having a good user interface and it is also one of the few websites that have excellent coverage across America. But they do not have more numbers in terms of eyeballs every day. Their inventory also is nothing to write home about.
Redfin
Redfin is one of the best choices if you are looking for discount brokerage it is safe with a scope to increase sellers’ savings. It charges 1-2% from the sellers as commission and caters to their needs in a highly effective customized manner.
Agents working with them are on a salaried basis and hence they work for more than one client at a time. This might be a little cumbersome to the seller. Also, there is a danger the quality of agent service might suffer due to this.
Realtor.com
Realtor.com gives a seller no savings as their realtor fee is 3% plus, they are also not great on the tech front but despite that, Realtor.com is one of the most preferred online marketplaces because it is the official website of the National Association of Realtors (NAR).
It has listings from roughly 800 MLS who perform on a non-profit basis and hence the inventory is most accurate here. This is the main reason why sellers could opt for Realtor.com.
Houzeo
Not actually a real estate website, Houzeo is a tech company that facilitates the seller to list their property on MLS and connect them with interested buyers. It offers you four types of packages adhering to various needs of sellers.
Their basic plan is priced at $199 and goes up to $999. They have an app that has made tracking the listing very easy and accessible to sellers, it also lists properties on MLS in a matter of a few hours and has features like 4D home tours, online showing management, and digitalization of paperwork, legal documents, disclosures, and agreements. Do check out Houzeo reviews for more information.
3: Home Value and its Estimation
Pricing is a highly critical component of selling a house. Competitive Market Analysis by your agent would help you list the right price and eventually earn a few extra dollars at the end of the sale deal.
4: Decluttering and Staging
Decluttering, repairing, re-painting, and arranging or changing décor to attract more buyers is called Staging. Presentation is as important as market conditions, pricing, and other economic factors to increase the saleability of the house.
One can hire a home inspection expert to look into the repair work needed in the house. This will neutralize the risk of facing litigations from the buyer in the future.
5: Promoting the Property for Sale
Online and offline marketing is very important to crack a great deal, especially in this day when social media marketing is so aggressive. Getting a personalized yard sign, lock boxes, and pamphlets are examples of offline marketing.
Syndicating listing on sites like Zillow and Trulia apart from MLS, and advertising through various social media apps can give you a good reach and visibility.
6: Paperwork and Legal Bindings
Disclosure by Seller, Lead Paint Disclosure, Flood Zone Disclosure, The Deed, The Sale Agreement, foreclosure, Title certificate, HUD-1 (closing disclosure), and finally, closing cost statement are the most important and mandatory documents that sellers need to get ready with before the sale.
7: Closing
FSBO sellers face a tough time with closing the deal. Two critical points include requesting a counter offer and choosing the best one. Flat Fee MLS companies like Houzeo offer technological support to carry out these complex processes, online.
