Did you know that US home prices rose 24.8% year-over-year in June 2021? Due to the COVID-19 pandemic and mortgage rates still sitting around historic lows, the US housing market continues its boom.
Given the current factors of the real estate market, now might be the best time for you to sell your home. Selling doesn’t mean you should spend a lot of money that cuts into your profit.
What are the best cost-effective ways to sell your home? Read on to learn more.
1. For Sale by Owner
The most expensive part of selling a home is the real estate agent commission. The average commission cost is around 5-6%, and while that may not seem like much, consider the value of your home.
If you sell your house for $300,000, your real estate agent receives up to $18,000.
Be Your Agent
For Sale by Owner (FSBO) is a legal selling process where the owner of a home or a property assumes the duties of a real estate agent. By doing so, you save the expensive commission fee upon selling your home.
When you choose the FSBO route, you are responsible for:
- Determining an asking price
- Scheduling all showings
- Negotiating sale price and terms
- Preparing all legal documents
- Preparing the deed
- Closing the sale
Does this sound like a lot of work? It can be, and that’s why agents charge a high commission fee. That said, with some research and initiative, you can FSBO for cheap home selling.
2. MLS Only
A multiple listing service (MLS) is a property listing built and maintained by real estate agents and brokers. The information provided on an MLS allows a real estate broker to link buyers and sellers and helps brokers network and facilitate more sales.
As previously discussed, most agents charge a 5-6% commission fee. Some agents make their money working only in the local MLS services, and they charge a discount fee. Their goal is to use an area’s MLS and make money on sales volume rather than an expensive commission fee.
Most “MLS Only” agents charge either 1% or a flat fee of a few hundred dollars to facilitate your sale.
3. Cash Buyers
Inexpensive isn’t always simple home selling. FSBO requires a considerable time investment. MLS agents are less expensive, but they are far less personable given their volume goals.
No matter the route you choose, you have to spend money staging your home and preparing it for sale. That is unless you contact a cash buyer. A cash home buyer will offer you a price for your house as-is!
Many cash buyers provide the professional services of a real estate agent without the fees and hassles. They offer a price, you agree on the sale, and it’s complete!
Are you not convinced? Learn more here about the benefits of selling to a cash buyer.
The Cheapest Ways to Sell Your Home
Are you looking to sell your home? 2021 and the volatility of COVID-19 might mean that now is the best possible time. Why waste money on real estate agents and expensive commissions? Keep as much of your sale as possible by using these three inexpensive home-selling methods.
Do you want more real estate tips? Make sure to check out the rest of our page.
