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What If You Can’t Find a Buyer When Selling a House By Owner?
One of the problems you may face when selling your house yourself without an agent is finding a buyer. This can cause all kinds of problems, like making payments on a house…which is even worse when the house is empty. Another problem with not selling the house is that you may not be able to move into the house you wanted until the current one is sold.
Of all the reasons why a house may not sell when you sell it yourself, there are two issues that account for most of the problems that prevent you from finding a buyer.
If you price your house too high compared to the market price, you will find yourself with a limited pool of buyers who will pay above the market price. In a normal or slow market, this is even more important. Sometimes in really hot bubble markets it is possible to get a higher price than the “buying frenzy”, but generally these periods are few and far between. Most of the time you are in a normal to slow market where you have to be competitive to attract buyers in this economy.
If you don’t know how to price your property to sell it quickly, here’s an easy way to figure it out. Go to online real estate sites like Realtor.com or Zillow.com and find 3-5 houses in your neighborhood that have sold in the last 6 months. For each sale, take the sales price (not the listing price) and divide it by the square footage to get the price per square foot. Take the cost of 3-5 square feet and add them together, then divide by the number of properties you used to get the average cost per square foot. Then take that average number and multiply it by your square footage and you’ll get a round price. Take that price and multiply it by .98 and that should give you a pretty accurate price of what your house will sell for. If you now have major renovations or additions, or your house doesn’t look like the ones in your neighborhood, you’ll need to adjust. Otherwise, this simple formula will get you close to the price you need for a quick sale.
The second most important aspect of selling your home by owner is aggressive marketing. Now, if you were listed with an agent and they were at the top of their game, you wouldn’t have to worry about that. But if you’re selling on your own, you need to get the word out about your property…and do it in a compelling way. This means you need to focus on the benefits of why buyers would be better off buying your house over every other property on the market. Most people just put an ad in the classifieds in their local paper (which doesn’t get nearly as much attention as it used to) or put a few pictures and a description on Craigslist and expect their phone to ring. However, the reality is much different.
Of all the ways you can market your house, including listing it online on various housing sites, nothing beats signs. Pound for pound, signs bring you the most qualified buyers. The main thing is to do them correctly. This means putting up ugly, hand-drawn signs at busy intersections using the right words to get shoppers to pick up the phone and call you. Also, a handwritten sign on your front lawn, preferably in bright colors, will generate interest among interested buyers.
There is another factor, although not well known, that can quickly sell your house for full price…sometimes even more. And that’s sell-to-lease (also known as rent-to-own). This simply means that a qualified tenant/buyer is given 12-24 months to qualify for a mortgage. As you know, mortgage lending standards have become very strict these days. And many good people with income and qualifications are still getting approved. You just need to give them a lease term to get their financing in place so they can close on you for cash at the end of the loan. Selling a rental like this is also good because you earn full market value because you don’t pay commissions or fees when they take you out.
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