Your home is a major investment, and for many, it’s a retirement plan and savings account all rolled into one. It makes sense that you would want to maximize the return when you decide to sell your home. Some homeowners choose the traditional route and let a realtor do the work, while others take their chances of selling their home by owner. However, the landscape has changed over the last few years, and homeowners have become savvier and aware of their options – another solution sellers have is to get an almost-instant purchase offer from companies such as OfferPad, who eliminates third parties. The industry may refer to this as an iBuyer, but a ‘direct buyer’ would reference the correct terminology.
What is your home really worth?
To you, your home is priceless. With all its memories, it may be hard for you to put an accurate price tag on what your home is actually worth. Typically, realtors will look at the home’s age, size, condition, and yard and then compare it to similar homes in the neighborhood that have recently sold to get a listing price. Homeowners can use online tools or hire a professional estimator to provide an assessment of what it is worth. Once again, more out of pocket money to be spent by homeowners. Instead of going the for sale by owner route, just sell your house to OfferPad for a fast and easy process!
Getting the word out
Homeowners who want to sell themselves should look to doing a little extra marketing on the side — anything from papering the neighborhood with flyers of the home specs to taking out an ad in the local paper. While this approach may not be as significant, getting the word out about your home for sale is an added cost (and an added stress) when selling your home by owner.
Those pesky real estate laws
Are you fully versed in the real estate laws of your particular city, county, and state? There is a lot of legalese that needs to be deciphered before selling a home to make sure you are within your rights and the rights of the buyer. It would be prudent to talk to a real estate attorney in advance of a sale – and again, more $$$.
The waiting game
In many markets, it can take weeks or months for a home to sell, even with a real estate agent. Choosing to list your home on your own may not be the best decision if you need to sell quickly. On average, a seller can expect their home to be on the market from start to finish for 90 days, and that’s if there are no issues with a buyer. When allowing people to choose their closing date, OfferPad customers get an offer in 24 hours and choose a process closer to 28-30 days.
It helps to have scenarios for when your home does sell mapped out in advance. By thinking through where you are going to live, packing and moving your stuff, making necessary small repairs to your home, you will have the framework in place and can adjust plans as needed when you hand over the keys to the new homeowner.
New options are available
While FSBO works for those who have the time to do the research and legwork to get a home listed and advertised, and those who can wait out the market if the home doesn’t sell quickly, it is not a viable option for people who need to sell quickly or don’t have the ability to put in resources upfront to sell their home. Online direct home buyers, like OfferPad, are a great alternative for people who want to avoid paying commissions. OfferPad can also help move you if you move to another residence locally. The company is perfect for people who want the convenience of doing everything online, want to sell quickly, and want to avoid the hassle of showing a home.