Many folks who are avid fans of DIY projects are often overconfident in achieving a specific outcome. May it be building their desk or selling a house, there’s a certain level of confidence and doubt to consider. If you’re a first-time homeowner, you must ask yourself, “how hard is it to sell your own home?”
This is the first question you should ponder aside from, “should I sell my house?” It will help you determine if you have the energy, manpower, financial backing, and overall threshold to sell your own house to a rightful buyer.
Let’s do a deep dive on some factors that make selling a house quite challenging and see if you’re up for the colossal task.
Permits, Paperwork, and Personal Attachments
There are several avenues to take when selling real estate, especially if it’s your home. If you plan on selling your own house, hiring a real estate agent is an option that poses pros and cons.
Some real estate agents and brokers are keen on making a sale than helping you find the right buyer for a place you considered your home. Not to mention, several papers and processes need to be done meticulously to meet all the requirements, even to sell a home.
Investing in the right real estate agent and the broker will help you skip the gruesome yet necessary paperwork many sellers hate sorting through. When acquiring specific permits and processing documents like pre-inspection reports, tax records, and other contracts, a real estate agent can give their time to ensure you don’t miss anything vital in securing a sale.
At the same time, they will help you skip the emotional tug-of-war when selling a place you treasured as a home. Some sellers tend to have a hard time letting go of their homes during a sale. This could dampen the process of making a good sale to well-vetted prospective buyers who are ready to buy the house but tend to get overwhelmed by the seller and eventually forego their bid.
The next step after securing all the paperwork is to pass inspection, including prioritizing repairs and remodels. This part of selling a house can be tedious and often take longer than scheduled due to many steps skipped by DIY home sellers. Typically, pricing strategy, real estate, and staging research, as well as digital marketing collaterals, must be prepared before creating your mood board for a showing.
This means putting trendy furniture to make the space you’re trying to show compliments the house isn’t enough. You must be able to gauge the interests of your prospective buyers and subtly incorporate touches they would appreciate in a new home. Many DIY home sellers tend to miss this sales tactic, and with a real estate agent, sweet-talk, and tactical persuasion won’t have to be your problem to worry about.
Pricing Strategy Fluctuates
When it comes to putting your house on the market, every dollar has to be backed by numbers that make sense. You can’t just look at a two-bedroom penthouse and place six digits next to it just because it’s a penthouse.
Creating a comparative marketing analysis based on the location, cost of repair, and other miscellaneous expenses that are usually taken into account in a real estate sale can make a world of difference to your buyers.
The housing market never responds well to overpriced homes, and more often than not, the sale takes a while or never sells. Thus, the pricing strategy would have to be reviewed more than once to ensure it meets the fluctuating changes of the market but still maintains a price point that works for you as a seller and your buyers.
Several real estate agents state that overpricing is a common mistake by first-time home sellers. Don’t shy away from a low initial price since serious buyers tend to come through with generous bids, upping your initial selling price and still staying aligned with your home’s market value.
Showing and Staging
Another crucial part of selling a house is showing the property to interested buyers looking for a new home. This is often seen as a DIY project by many homebuyers, but the reality is, staging a home also requires strategy.
It’s more than just neutral-colored paint for the walls and adding accents in various dead spots. It also requires meticulousness about the piping, chipped cabinets and cupboards, leakage from the gutters, and many more small but significant points buyers will notice and look into if not addressed before a showing.
A showing or a staging also means finding the right property developers to borrow or rent furniture to create a picture for your buyers. Your next homeowner should be able to see themselves gleaming with possibility once they walk into the main rooms in an open house, the living room, kitchen, and master bedroom.
When it comes down to it, the decision to sell your house is your own. Whether your gut tells you to invest in an excellent real estate agent or find a way to save money by putting in more time to sell your own house, there’s a way to make it happen.
Keeping things in line, asking yourself the tough questions, and answering them with research is essential when finding the intelligent approach to selling a house.
If you got what it takes to learn the process, then small talk and a few weekends of repairing, remodeling, and rescaling shouldn’t bother you so much, only if you’re willing to put in the grunt work in making a sale, of course.