For Sale By Owner Syracuse NY: 4 Quick Tips To Get Listed, Marketed & Sold
Looking to avoid the expensive commissions when selling your home with an agent/brokerage?
I imagine that is the reason you probably ended up at this post.
Since you’re here, I want to let you know that it is very possible to sell your property for sale by owner. However, it can also be very difficult if you do not understand the process, make necessary repairs, and market the property to gain the necessary exposure needed for a successful sale.
Let's face it, between selling your house with a real estate agent/brokerage, closing costs and holding costs throughout the life of the sale we are looking at 9-11% in expenses before our actually net profit.
Now any normal person obviously would like to limit the costs associated with a sale and still try to obtain full market value. The problem is selling for sale by owner is much more labor intensive
You will be in control of the whole sale and will be responsible for getting from sale to close in a timely and price sufficient manner.
So can you successfully sell your house for sale by owner in Syracuse NY? I believe you can.
Everyone's situation and circumstance will be a bit different and for some, this may not be the most logical path to sell their home.
For others who have the time or want to dedicate the time, may have a little equity or just don't want to cough up those costly commission then these tips we give below, will help you through the process.
4 Tips to Improve Your Odds Of Selling For Sale By Owner | Syracuse NY
So let’s get started.
Like we said you will be in charge of taking this boat from start to finish.
Just like with anything, there is a right way to do it and a wrong way.
We are not saying that these tips will guarantee a sale but it will get you on the right path and increase your odds of a successful sale.
1) Local Research
First off every local market is different. From neighborhood to neighborhood, county to county, city to city and state to state.
I want you to understand that just because a home sold for $200,000 the street over does not mean that your property that is 800 square feet less, is in poor condition, was built 50 years before, has less bedrooms and baths and offers no upgrades will sell for that amount.
So let's be realistic throughout this process and come up with accurate figures and numbers to help sell our home fast and for a good price.
A) Local Market Conditions - Our research begins with understanding the current status of our local real estate market. We want to figure out our local market's supply.
Real Estate Supply - Will determine how long it should take to sell all of the houses currently listed for sale given the current rate of sales in the local area.
Determine the current # of houses listed for retail sale
Determine how many retail houses sold in past 30 days
Divide actively listed homes by sold houses
The number that we arrive at will tell us if we are in a buyer’s market or sellers’ market.
This will determine how aggressive we can be with our pricing, what kind of improvements we may need to make & how fast we can expect to get our house sold.
Buyers’ Market - Number of months’ supply is large (large inventory of properties for sale). Buyers have many houses to choose from.
Sellers’ Market - Number of months’ supply is small (small inventory of properties for sale). Demand is higher than normal and buyers have limited options to choose from.
When we are in the market to sell our house, obviously to increase our odds we are hoping to sell into a sellers’ market.
B) Comparable Market Analysis- The most important aspect of selling your house will be pricing it right. A comparable market analysis will help us better understand what similar properties in our area are selling for. Since you will not have access to the MLS when creating your CMA, you will have to use third party resources such as Zillow, Trulia, Realtor and Movoto.
These third party sites will allow us to find properties that are:
Currently listed for sale
When creating our comparable market analysis we will want to look at:
Start with homes within your neighborhood (expand to 1-5 mile radius)
Recently sold in the past 3-6 months
By creating this simple document, we will have a good estimate of what our property will sell for in similar condition.
C) The Process - Before you begin the process of selling for sale by owner, we want you to understand the sales process and all of the paperwork that will be needed to complete a sale. We also want you to understand all the fees associated with a sale and extra closing costs you will incur. When going to sell your house understand that each month the house sits on the market, you will incur:
Depending on where you reside, there may be some extra costs associated with holding the property such as HOA fees.
Closing costs typically account for 3-4% of the sales price, So if you sell your house for $100,000, expect that you will have to pay $3,000 - $4,000 in closing costs when you sell the property.
D) Mortgage Pay off Amount - If you have a mortgage on the property, know what that principle payment is. This principle amount will allow us to determine how much profit we will make on the sale if we sell it for X amount (or how much equity you have in the property). This will be the starting point for determining the profit potential on the sale.