Every year, thousands of homeowners in Annapolis, Maryland decide to sell their homes. Many will use professional agents, but some will try to sell their own home. The reason homeowners sell their homes varies. Some will sell their home to move to a larger one while others want to move closer to work. Financial troubles can also be a strong motivating factor for homeowners looking to sell.
These are great reasons why a homeowner might want to sell, but why would they want to chose a “for sale by owner” listing? The biggest reason is to save money. If you can eliminate the real estate commission, you can save potentially thousands of dollars! Many consumers also like the idea that they have more control of the process.
Whenever a home is put on the market either the real estate agent or the homeowner must always consider what they need to do so that the home will sell fast. There are at least four things you should know before you decide to try selling your own home. These include preparing your home, marketing, negotiating and preparing the paperwork.
Selling your Own Home in Annapolis Maryland
- For Sale By Owner in Annapolis, MD
Is Your Home Market Ready?
There are many questions you need to ask yourself before listing your property as “For Sale By Owner”:
- Would you, as a buyer, purchase your home?
- What do buyers really want?
- Does it show well?
- Is it move in ready or do you need to complete a lot of repairs?
- Do you know your market?
- Are they looking for a finished deck in the back yard?
- How is your landscaping, particularly the front yard?
- How much should you spend on upgrades and repairs?
- If I list my house at a higher price, will someone pay it?
There is a lot of stiff competition out there and buyers are looking for move-in ready homes with lots of upgrades. In order to get your home sold fast you need to answer these questions honestly. It is critical that you prepare your home properly to meet the expectation of the market’s current buyers
Do You Know How to Market Your Home For Sale By Owner?
If no one is looking at your house, it is not going to sell quickly. Many buyers in Annapolis narrow their search by first looking online for homes that meet their criteria. Marketing your home on local websites, bulletin boards, grocery stores, and on social media is incredibly important. Decide how much of this you can do yourself vs. contracting this activity to a third party. Many people will turn over the creation of website information to a professional. You may even want to hire a professional photographer.
Can You Negotiate?
Negotiation begins well before you are presented with an offer. You need to understand your competition and what other homes have sold for. What features do they have and how much did they obtain? Set your price accordingly. When you do receive an offer, and it will be low, how do you respond? Can you compromise, should you compromise and how much? Motivated buyers and sellers can often quickly come to an agreement with a win-win price provided that both parties are well informed about market conditions.
What About the Paperwork
Every state, including Maryland, requires paperwork to filled out and filed properly. Most people will hire a lawyer to help with this step. Although legal fees are required, a real estate lawyer can save you thousands of dollars in mistakes. They will help with contracts, disclosure documents, understanding financing terms, and area specific documents depending on what region in Maryland your home is located in. Take the time to prepare and educate yourself on Annapolis, MD real estate law prior to making your decision to sell your own home.
For Sale By Owner (FSBO) Isn’t Your Only Option to Avoid Real Estate Commissions
Many people consider selling their own home themselves, since it can save a great deal of money. With no commission to pay, there will be extra cash available to help with the move, help with the purchase of a new home, or help with any financial issue that needs to be addressed. If the For Sale By Owner (FSBO) process is more effort that you want to take on or perhaps more complicated than you thought it would be, consider selling your home to us at Dependable Homebuyers. We are not real estate agents and want to buy your house for cash. You will pay no real estate commission and will be able to sell quickly in as-is condition. We’re local to Annapolis and are happy to meet you at your property. Give us a call at (410) 779-4622 or fill out the form on our homepage.