How Much Does it Cost to Sell a House

Many people consider their home as the most valuable property they ever own. Thus, if they found themselves in need to sell their home, it is only logical that they would like to get the most money out of it. Selling one’s home can be a fulfilling experience if it was bought with the price below its market value. As a seller, it is imperative that you know the costs involved in selling so you can have the maximum return.

Real Estate Agents

If you don’t have the time or the experience needed to move your home, then real estate agent’s fee is the first thing to think through. The service fee varies from one agent to another; usually it is between 7-10 percent of your selling price. You might want to take note that if you will include the agent’s fee in your selling price, it will put your asking price well above the house’s market value. Pricing the house too high will not gain you a favorable deal.

Pick the agent who offers the lowest agent fee possible with the shortest lock-in period. Shorter lock-in period will allow you to search for another agent or choose an alternative should your initial agent failed to sell your house within the agreed time.

Title Insurance

Some states require the seller to pay for the title insurance. This will assure the buyers that the house has a clear title prior to purchasing. The title insurance is dependent of the selling price and varies from one state to another.

Marketing

When you hire an agent to sell your house, he is expected to use any means necessary to find a buyer. However, you should not limit the marketing through your agent alone. You can market the house yourself by spreading the word, giving out flyers, and advertise in local listings.

These are just some of the basic costs in selling a house. Then, there are other costs such as closing fee, fix-up costs, and taxes.

If you want to sell your house and get the most money within the shortest time possible, you can sell it to private property investors. For more details, you may get in touch with Lucas Properties.

Sell Your Home Online

Traditionally, when we buy shoes we go to a shopping mall for stores that sell shoes. We go there personally to try and see if the shoes fit. Today, people buy shoes online without even trying them first. The introduction of Internet makes it easier to buy anything online, even houses.

A good number of real estate purchases come from buyers who have never been into an open house. How do these people see themselves in the new house if they have not even seen the house in person? This is made possible by the profusion of great technology providing the buyer with an experience that is similar to visiting the property in person.

Here are a few tips on how to bring buyers into your house virtually:

Google Street view can help. It allows your buyers to feel like they are walking on the street of their future home. Direct your buyers to Google Maps and look your address up; they can investigate the surroundings from a remote location without having to leave from the comfort of their home.

Create a community video and post it on your website. Community videos will show your buyers what it is like to live in your area. Highlight the location and amenities that might entice people to live there. For example, if you live near a shopping mall, create a video showing the shopping mall and how easy it is for the local residents to go shopping and relax.

Create a Facebook account. Facebook is perhaps the most used social media site today. In Facebook, not only that you can post pictures and upload videos of your house, you can also interact with your prospective buyers in real time. Buyers are more incline to make an offer if they feel that they are being accommodated right away. And being able to reach you, asked questions, and get an answer via Facebook is a great way to show them that you care.

You don’t have time for online marketing? You need not worry. You can always sell your house to Lucas Properties.

Lucas Properties buys houses as is, distressed houses, houses that need repair, and houses with tax issues. 

Do You Have to Drop the Price?

As the seller, it is only reasonable that you would like to get the most money for your house. Is your house not selling? This may be due to several different factors such as economy, competition, location, and fewer demands. These factors are beyond your control however, there is one thing that you can have power over and that is your asking price.

It is maybe the time to drop your asking price if your house has been in the market longer than the others with house features similar as yours. If the average number of days to sell a house in your area is 15 days and your house has been sitting for 25 days already, the price may be affecting your buyers’ interest. Do not let your house sit for much longer otherwise; buyers will think that there is something wrong with it.

Drop the price if you are following a tight deadline. Some people find the need to sell their house quickly if they are relocating, have already purchased a new home, and or facing foreclosure. If you happen to be in a similar situation, you can amp the buyers’ interest by dropping the price. Selling a house is not about how much money you make as the owner but it is how much money the buyers are willing to spend for your house.

Drop the price if you need to sell your house as is. If the reason for selling your house is financial hardship, it is more likely that you cannot afford to pay for a few upgrades. Fresh paint, new kitchen counter top, or new water heating system in the bathroom can go a long way in getting more buyers. Buyers are unlikely to pay for a home which is less presentable than the other comparable.

Do you need to sell as is? Do you need a quick turnaround time? Can’t afford to lose more money? If your answer is YES to all of these; then you need to sell your house to Lucas Properties.

You don’t have to drop the price. Lucas Properties, a private investor, offers a fair cash price based on the marketplace and your house’s condition. 

Home Selling: Types of Home Listing

Home Selling

Home listing is part of a marketing strategy for home selling. It is one of the ways to reach potential buyers. There are several types of listing but only a few are commonly used.

Open Listing

This is commonly used by home owners who have chosen FSBO (For Sale By Owner.) As the name suggests, this is a non-exclusive listing. As the seller, you can have a listing to as many brokers as you want and you only pay commission to whoever finds a buyer first. That also means you need not pay any commission if you found your own buyer. Most brokers do not want to work an open listing unless the home inventory is low.

One-Time Show

This is somehow similar to an open listing. Sometimes, a broker will show a FSBO to one of his clients. The seller signs a one-time agreement which guarantees that the broker gets a commission should the specified potential buyer closes the deal. This prevents the seller from negotiating to the buyer directly after the showing and avoids paying the agent’s commission.

Multiple Listing

This is the very core of home listing. The goal of marketing is to reach as many potential buyers as possible; with MLS (Multiple Listing System) you can achieve this goal. MLS has a huge network of agents and these agents have access to clients looking to buy a home. This type of network will sell your home. Without MLS, for sale by owners are at a disadvantage.

Sellers with FSBO do not necessarily need to list their homes to sell. The presence of private property investors makes FSBO easier. The seller needs only to work with a decent property investor and he is guaranteed to have a close deal within a few days.

Private investors, such as Lucas Properties, have a list of buyers who are qualified to purchase a home but unlike brokers, they do not ask for commission. The biggest benefit that private investors have to offer is they provide for sale by owners an option to beat the time and expense of selling their homes the traditional way.

Advantages and Disadvantages of FSBO

FSBO also known as For Sale By Owner has definite advantages in certain situations. What made it popular to home owners is the cost they save on realtors’ or brokers’ fees. At most, home owners save up to 6% of the asking price when they opt for FSBO. At times, this amount can be tempting enough to forego the realtor’s services. But before you make a decision, let’s take a look at the advantages and disadvantages of going the FSBO route.

Marketing

Realtors have marketing leverage. They can list your home in MLS plus they have contact with other agents through their network which gives you the advantage because you are sure to reach wider prospects. On the other hand, since realtors handle multiple clients at once, you cannot expect them to devote their time on your property alone. It is true that realtors can list your home in MLS but it will only become as one of their many listings.

Property Showing

When you hire a realtor, he will take care of showing your property to prospective buyers. He will help you prepare or stage your house before the showings. He will answer questions from buyers, set up open houses and handle financing and closing issues. With FSBO, you will be doing all these work by yourself.

Money

With FSBO, you can save up to 6% of the asking price. Let’s examine this further by taking a look at these situations:

• You will be paying your own advertising – online listing, local papers, making of signage, flyers, posters, and print ads.
•  You will be paying for an attorney who will be handling the legal issues and drawing up of contracts.
•   If you don’t know how, you will be paying for a consultant who will do the comparative analysis of your home.

Do you think you can still make the most money after examining these costs? Do not forget that when you choose FSBO, you will also invest time and effort in the selling process.

Are you still decided to go with FSBO? You can skip the marketing and property showing and still save on the realtor’s fee by selling your house to private cash investors.

Sell your house for cash to Lucas Properties LLC. Unlike realtors, they do not ask for commission. They take away the strain by taking care of the closing documents making every transaction hassle free.

Common Reasons Why Your House is Not Selling

Why the house has been sitting on the market for months can be attributed to several reasons. As an owner, it is wise to know the things that push buyers away so you can create actions to prevent them.

Lack of curb appeal. First impressions last – this much is true in every real estate transactions. You need to capture a buyer’s attention and make sure to leave a lasting impression otherwise, he will simply move on to the next listings. But what kind of impressions should you make? The kind that will make any buyer think that your house is what he needs.

External maintenance is as important as the house maintenance. If a buyer is turned off by a lack of exterior maintenance (bad fence, cluttered pathways, and overgrown grass) then most likely he will have a bad impression of the house itself. It is no wonder that he may not even take the time to see the house.

Unreasonable expectations. Overpricing is the most common reason why buyers stay away from your property. Although it is typical that as an owner, you will think that your house is above all the others, this is not always the case. To attract buyers, you have to think like a buyer.

• Pretend that you are shopping for a new house and compare yours to others. 
• Is your house beautifully staged?
•  Is it located in a more desirable area of the subdivision?
•  Does it have all the modern amenities?
•  Is it built by highly regarded home builders?

Does your house compare? If your answer is NO, then you have a work to do.

Lack of proper marketing. You have the most beautiful house in the area but do buyers know about it? Aggressive marketing plays an important function in getting potential buyers. Whether you are selling the house on your own or you are working with an agent, you have to make sure that your property has the maximum exposure. Make use of the social media, create a personalized website, list in multiple listings, distribute flyers, and ask for referrals.

If you need help in selling your house, contact Lucas Properties. They have been in the industry for many years and have helped many home owners who find it difficult to sell their homes.

Should I Hire a Realtor?

Many homeowners have chosen to bypass the real estate agents in selling their houses for good reason. If you cut out the agent, you can save an average of 6% of the asking price as the agent’s fee. It also goes without saying that if you take out the agent’s fee from the asking price, you can set it for a few thousand of dollars less making the price more competitive. Competitive price means a quick sale.

Some people have become successful in selling their houses on their own however; this path may not be for everybody. If you want to sell your house, you have to know what are the tasks involved in the process. These are some of the responsibilities that an agent will do for you:

• Perform market analysis and comparable studies for home values. A good agent knows the market trends which plays an important role when you want to find a good deal in as little time as possible.
• Recommend a fitting listing price. Most homeowners failed in this aspect. As the owner, you would normally think that your house has more appeal than the others. It is because you have emotional ties to your house which will increase its value in your mind.
• Arrange for viewings and open houses. Most buyers have difficulty envisioning themselves in your house. That is why they would want to see it first before they decide to buy. An agent is most useful in this area if you don’t have the time to meet prospective clients.
• Advertise your house. Regardless of how well you prepare your home for the sale, you will not close a deal if buyers do not know that is available. Agents have access to multiple listing sites and have accumulated a network over time which can greatly help your cause of reaching prospects.

The list above does not stop there. As you take a closer look at the processes, you will soon realize that there are even more critical tasks that you did not even think of. Sounds like a lot? There’s no need to worry. You can still save a few dollars more by selling your house to a private investor.

Lucas Properties, a private investor, buys houses with cash. They buy houses in any condition anytime.