Selling your house is something you’ll have to do maybe just a few times in your life. And unless you know a local real estate agent who will sell your house for free or a hugely discounted commission, it can be a real pain in the rear and an expensive process for you as well.
You may be trying to sell your house by yourself for a few reasons:
- You have no or very little equity in your house so you can’t afford to pay a real estate agents commissions
- You have equity, but you want to try to save money by selling the house yourself before you resort to hiring a real estate agent
- You’re in foreclosure (or heading that way) and just need to sell fast without incurring thousands in agent commissions
- You can’t wait the months and months it sometimes takes to sell your house so you’re looking for speedier options
Whichever one fits your situation, there is a way to sell your house fast and by yourself.
Since 2013, the housing sector has been experiencing a major recovery. Selling your house at this time will definitely be profitable if you do it right. In most cases, it is about using smart marketing strategies and being realistic about your expectations for what you want to achieve with this sale.
This article will provide some guidelines to help you sell your DFW area house yourself.
How To Sell Your House By Yourself
Know The DFW Real Estate Market Well
The first and most important step is doing a market research on your neighborhood in the DFW area. This step involves visiting various home marketing sites (Zillow, Eppraisal the Chase home value estimator, etc), calling a real estate agent or two to see what your home is worth, or reading about the various market pricing techniques.
Proper homework on these issues will allow you to come up with a right price for your house and also helps you to avoid making certain home-selling mistakes.
If you don’t want to deal with hassle of trying to come up with a home value yourself, give us a call at 972-487-7653 and we’ll give you an honest and fair valuation of what your house is worth on the retail market (if you’re going to wait the 3-6+ months to find the perfect retail buyer).
Assess the market
This step is almost similar to conducting market research, only that in this case, you are bound to your neighborhood and similar houses. Are there lots of houses for sale in your neighborhood here in Dallas? If so, what is the average that they are listing for?
Are there lots of foreclosures in your neighborhood? That may drag your house price down.
Assess the house
As a seller, your house should be in top condition or shape in order to sell at a good price. Identify certain unique characteristics about it and emphasize them during the marketing. For example, in a Dallas, a house with a driveway parking may be more attractive to buyers compared with one with a garage parking.
Also, does your house require repairs? Does it need to be repainted inside or out? How is the condition of the roof? Is the landscaping in good shape? Is the house outdated at all? (you know, those popcorn ceilings.
All of these things can make the house more attractive or less attractive depending on the buyer, which changes the price they’re willing to pay.
After all of this, come up with an asking price for your Dallas home that is fair and isn’t so high it’ll take you 12 months to sell the house, but is attractive so you get a frenzy of buyers who are ready to buy it quickly.
Use Photos or Videos
Dallas home buyers are obsessed with media. Taking walk-through videos of the house and using the videos to advertise will enable you to reach a wider market. In fact, these videos are considered more transparent than taking photos. However, this should not stop you from using the latter option since it is more affordable compared to the video.
So, take some great pictures. Take a picture of every room in the house that helps show it off. Take a picture of the house from the outside in a few different angles. People want to see the house before they ever show up to see it.
And, having great pictures of your house online could be the difference between getting the right buyer quickly and waiting months and months to sell.
Get Your House “Listed” On The Local Dallas MLS And Market It
You can find no or low fee real estate brokers these days who will charge you a few hundred bucks to put your house on the Dallas MLS. This gets your house in front of all of the real estate agents quickly so be prepared to pay those “buyers” agents a 2-3% buyers broker fee if you plan to have their support in helping you find a buyer.
Place ads in the local newspaper, post signs on the roads, and hold an open house.
Does all of this sound like a lot of work?
It can be.
And in the end, many Dallas house sellers think they’re saving money and time by marketing the house themselves… when in the end it costs them more money to go that route.
When you sell your own house here are some things you need to consider:
- If you’re not a good marketer or aren’t ready to spend a bunch of time marketing your house right, selling it yourself may not be your best bet
- If you don’t do a good job preparing the house and the marketing materials, and working with buyers to really build the value of your house in their minds, you may actually sell the house for 3-8% less than you may get for the same house an experienced person marketed the house for you
- Too many sellers never think about holding costs or opportunity costs. Every month that your house doesn’t sell means another mortgage payment, tax payment, insurance, utilities, etc. If your mortgage payment is $1,500/mo and $1,300 of that is interest. If it takes you 7 months to sell your house, that will cost you an extra $9,100 (not to mention taxes and insurance you paid during that time). So, if you were able to sell that house more quickly… would it make sense for you to provide a buyer a discounted price today so you can close quickly and move on? Something to think about.
If you’d rather not put up the hassle of trying to sell your Dallas house yourself and would rather just sell it quickly for a fair price without paying any commissions or fees, contact Metroplex Homebuyers.
We can close quickly (in as little as 7 days if you wanted to) which would save you thousands of dollars vs. trying to sell the house yourself and waiting for months.
Also, when we buy local Dallas houses we do all repairs that are needed (we pay for it ourselves) so you don’t have to worry about that.
If you want to see what we can pay for your house, give us a call today at 972-487-7653.