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Monday, May 20, 2024

Everything you need to know about selling a house in the USA

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Selling a house is a complex procedure riddled with red-tape processes. For a first-time seller, this could be daunting. Therefore, one needs clarity and preparedness before putting up the property for sale. Here is how you can make this procedure simple and get top dollar for your property. 

Up until a few years selling a property required the seller to enlist the services of a real estate agent who generally charges 2-3 percent from a seller who also has to pay him buyer commission which amounts to an additional 2-3 percent. To do away with this expensive method, for sale by owner websites have come up with flat-fee packages which offer various services to sellers including listing their property on the Multiple Listing System (MLS). 

The first step towards selling your house is getting it listed on MLS. This will ensure maximum bidders and an open playing field for you. If there is a cash crunch and you need to sell your house fast, then listing out the property will increase your prospects of a bidding war with interested buyers. Here are a few factors which will help you navigate this seemingly complicated process and help you sell your house fast with minimum hurdles and at the best possible price.

Here is what selling a house in the USA entails 

Table Of Contents:

1: Factors on which effective sale of a house depends on

2: Best time to sell your house

3: Ways to sell 

4: How long does it take to sell your house?

1: Factors on which quick sale of a house depends on

Your home must ideally garner interest from the buyers as soon as you list it on the market. The price point, layout, house condition, area, and move-in readiness are the most obvious factors which will affect your sale. Other than this, one should also consider aspects like a strong listing agent, positive marketing, transparency in contract, and an in-depth understanding of the target market to quickly sell the property. Though not rocket science, it sure takes an expert to navigate through this process. It is best suitable then to pay a flat fee and let for sale by owner websites do the MLS listing and documentation for you if you want to save thousands of dollars in commission to a full-service real estate agent. 

2: Best time to sell your house

All-inclusive data from Zillow and listwithclever.com suggest that spring and summer is the best time to sell your property. Much of the property sale happens before the onset of the school season. It is advisable to list the property three or four months in advance to capture this trend. March to May is considered one of the best periods. Sellers earned 1 percent more profit in the month of May as compared to other months. 

3: Ways to sell 

Selling a house at the right price in a given environment is tough to achieve but with the right tools, it can be hassle-free and profitable. There are various ways to sell. The seller can choose a method depending on the urgency of the sale, the target buyers, and the ongoing market trend. Broadly, here are the three different ways in which you can sell your home 

A: Is selling my home to a cash buyer worth it?

Distressed property sellers usually seek cash buyers. Even though a consolidated amount is paid by the buyer, it usually is less than the market price. The flipside also includes the buyers actually paying only about 50% of the home After Repair Value (ARV).

Also, if it is FSBO, the sellers are required to manage the entire transaction on their own which is not only cumbersome but also non-profitable as you would still have to pay the buyer agent commission.

B: Is selling a home to I-buyers a workable option?

Have you decided to sell the house on your own due to an urgent need for cash? Then probably the fastest and best way forward is to sign up for I-buyer. It is reported that I-Buyers like Zillow and Opendoor account for selling the properties for 99 percent of what they are worth in the market. But the cons of signing up for this service are that the fees are steep plus the sellers are provided with a list of repairs and their estimated costs which are non-negotiable.

C: Traditional full-service agent or an MLS company – Which is an assured way to sell the property quickly?

If you go for a traditional full-service agent, the process will be slow yet very costly. Also, going through with the sale with the help of an estate agent will leave you with little or no control over the deal. 

The best way forward then is to pay a flat fee to a for sale by owner websites to get an MLS listing. Not only will you end up saving up on cash, but will also be able to expedite the sale.

How can you use this system to your maximum benefit? You can pay a flat fee to an MLS which will, in turn, provide you with many services such as the “Contract to Close Coaching Package” by sites like Houzeo.com. You end up a lot of money on commission fees to realtors, get a well-researched deal for your house plus you have full control over the sale. 

4. What is a realistic timeline for selling your house?

Depending on the service you take, the process will take anything between 20 to 40 days. However, in the case of I-buyers, houses have been sold in seven days flat. Once the deal is struck, closing takes about a month. If the listing inventory is at an all-time low and the buyer market is hot, then the sale takes place quickly. 

To conclude, selling a house is a seemingly arduous complicated process and can be expensive as well as time-consuming. To ensure that you don’t sit on the property for a long time, choose the right way to sell. From among all methods, it is advisable to go for an MLS listing company like Houzeo for an effective, cheap, and quick sale of your home. 

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