With interest rates rising many people are deciding to stay in their old homes rather than get a new place with a higher interest rate. This means not only fewer sellers but also fewer buyers. Not long ago, it was a “seller’s market” in most of the country, i.e., sellers had the advantage and could often get more than their asking price.
Recently, conditions have shifted, and buyers who can afford higher mortgage rates are gaining the upper hand, i.e., a “buyer’s market”.
If you’re considering selling your home, you may be wondering the best way to go about it. There are a lot of different factors to consider, such as your current local market climate, your personal timeline, and what type of sale would be most profitable for you. This post will explore five different ways to sell real estate so that you can make the best decision for your situation.
Selling With a Real Estate Agent
Working with a real estate agent is the most common way to sell a home. When you work with an agent, they will list your home on the MLS (Multiple Listing Service) and handle all of the showings and negotiations for you. The downside of working with an agent is that you will have to pay them a commission, which is usually around 6% of the final sale price. But this may be your best option when you are trying to sell in a tight market since agents will have access to the few available buyers.
Selling Without a Real Estate Agent
If you aren’t in a hurry to sell and are looking to save on commissions, you can try to sell your home without hiring an agent. You will be responsible for marketing your home, scheduling showings, and negotiating offers yourself. While this option will save you money in commissions, it’s important to be aware that selling without an agent can be more work and may take longer since you won’t have as much exposure to potential buyers.
For Sale By Owner (FSBO)
A variation on selling without an agent is “For Sale By Owner,” or FSBO. When you FSBO, you’ll still be responsible for all of the same tasks as if you were selling without an agent but will also have some help from real estate websites like Zillow and Trulia. These websites allow you to list your home for free and reach a wider audience of potential buyers.
Auction
Another option for selling your home is through a real estate auction. This is usually only done in cases where the house is unique, or there is a lot of interest from buyers. The upside of auctioning off your home is that you may end up getting more than the asking price.
Wholesale
Finally, when selling in a tight market, you could always wholesale it if you need to sell your home quickly and don’t mind taking a lower price. When you wholesale your home, you’ll find an investor who is willing to buy it below market value so that they can fix it up and sell it themselves. The advantage of wholesaling is that it’s a fast way to get rid of your property; however, the downside is that you won’t make as much money from the sale.
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