Thinking of Selling Your Home On Your Own?

It can take a lot of time to sell your home yourself.  There are several activities you need to consider. 

 

  • Look at the market conditions in your area extensively.  You will need to be aware of the market conditions, the listing and selling price of all homes in your area for the last 4-6 months, the listing price of homes currently for sale, and the listing price of homes that were on the market but did not sell.  Answer the following questions: 
     
      - Who is my competition?
      - What is the current inventory level of homes for sale in my price range?
      - Is there a short supply or an over supply of homes for sale in my price range?

  • You will also need to create a marketing plan.  Decide how much money you can invest in advertising.  Include costs for classified ads in the daily and Sunday issue of the local papers, costs for local real estate magazines, and costs for creating and printing flyers. Also include costs for signage ? consider placing signs at intersections and not just your front yard. You may want to invest in directional arrows to guide traffic flow.

    Also, think of your target market.  Potential home buyers read the newspaper and real estate magazines but most buyers use a Real Estate Agent.  How will you advertise to the agents in your area?  Will you mail them a flyer or create a website and email the address to them?  Who will design the flyers and who will create the website?

    Another thing to consider is scheduling appointments.  Decide which phone number you want to publish ? your home phone or a cell number?  Who will be available to answer calls, schedule appointments, and follow-up with potential buyers?
     
  • Additionally, you will need to be prepared to negotiate the contract and closing.  Become familiar with the legal requirements of the seller ? in addition to the contract, youll also need to complete a Sellers Disclosure and a Lead Based Paint Disclosure. Make sure buyers are pre-qualified and confirm they have the necessary resources. When writing the contract, will you need to hire a lawyer? What are those costs?

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