Is it necessary to hire a real estate realtor to sell your home in Queens, New York? It might not be so according to a paper published by the NBER (National Bureau of Economic Research) in 2007. Now, selling a house for the first time without a realtor is not an easy task, especially if you live somewhere in New York City. The real estate market in Queens, NY is one of the most competitive. It is important to approach the market with caution as selling the house for the best price requires some patience and skill. A house for sale without a realtor is referred to as “for sale by owner”. More and more people have started to list their homes on their own. With the rise in multiple listing services for non-agents, it is easier than ever before to sell a house without a realtor. However, selling a house on your own is not a walk in the park. If you want to sell your house on your own, then this post will help with just that. Read on to find out how you can sell a house without a realtor in Queens, NY.
So What Do Realtors Do?
In order to be able to sell a house on your own, you need to know just what realtors do. Before you make a decision to go at it alone, it is crucial that you first understand what you would give up. Some of the services provided by a professional real estate agent are mentioned below.
Helping Set a Realistic Price
The key to selling a house is setting a realistic price. Buyers would only be interested in a house if it meets their budget. Nobody wants to waste time on negotiating a house that is unreasonably price. When you hire a real estate agent to help sell your home, you hire someone who has knowledge of the market and has experience selling houses which are similar to yours. A real estate agent knows how to interpret recent sales patterns, comparable sales, and comps. Moreover, the realtor will consider your motivations and objectives as well so as to help you with setting a realistic price.
Prepare the House for Sale
An experienced realtor will cast a critical eye over the house to identify if there are any issues with the house before it is listed. The realtor will ensure that the house has been thoroughly checked beforehand.
Staging of the House
Staging plays a huge role in getting a house sold. As the realtor has experience with staging, he or she will help prepare the house for listing. This involves a systematic, thorough cleaning process. The agent will make sure that strict rules are adhered to in order for the house to meet the requirements of the market.
Marketing & Listing the House
Before the house can either be marketed or listed, the agent has to ensure that professional-quality pictures of the exterior and interior of the house have been taken. The realtor will write a comprehensive description of your property listing. In a seller’s market, the agent might have to shop the house to buyers’ agents in order to attract offers.
Facilitate House Showings
The realtor is the organizer of the house showings/ open houses. He or she will act as the intermediary between you and the buyer. A realtor that does his or her job well will result in a higher than expected price.
It is the responsibility of the real estate agent to facilitate the negotiations. The agent would receive offers from prospective buyers and would act a the intermediary in all negotiations. This is where local market expertise and sales experiences is of great use. A competent realtor will allow you to identify quality offers.
Assist with Closing
Finally, the closing plays a major role in determining the success of selling a house. The realtor has to accompany you for the closing which would be organized by the title company or a settlement agent. You might also need a real estate attorney to ensure that you have understand all of the laws in your jurisdiction. Legal issues and last-minute disputes can be mitigated when you have an experienced realtor by your side.
How You Can Sell Your House Without a Realtor?
If you want to sell your house without a realtor in Queens, NY, then you need to follow the below sequential order. From the pre-listing preparation to the closing day, just about everything that you should know about selling your house on your own is mentioned below.
Get the House Ready
Before the house can even be listed, it has to be prepared for sale. In order to get your house ready for sale, you need to thoroughly clean it and remove clutter. The main objective should be to ensure that it is easy for potential buyers to navigate the house and envision their life in it rather than seeing signs of your life in the house. This is why you should remove anything which contributes to such a feeling. Hide any such items which hinder potential buyers from imagining a life in your house. Moreover, you can take this opportunity to give away or even sell your possessions that are no longer needed. You could also consider holding a garage sale to get rid of unwanted items fast.
Furthermore, clean the house until it shines. If you do not want to hire professional home cleaning services, then you need to make sure that you get it right. Besides, there are plenty of affordable house cleaners that offer exceptional services. Prospective buyers know the difference between a professional deep clean and an amateur one. In order to get an objective opinion, have a friend walk through your house to identify and inform you about issues that you might have overlooked. Some of the common activities that you should be involved in are mentioned below.
- Repainting of the interior walls.
- Rearrangement of furniture in such a way to accentuate smaller spaces.
- Replacement of outdated fixtures or appliances.
- Placement of homey items like decorative candles and area rugs.
The house exterior should not be neglected unless the listed property is in fact a condo. If the exterior requires work, make sure that it is completed. Get a paint job for the driveway and the exteriors. Landscape the garden to ensure that it is in perfect condition.
Research the Market Before Setting the Price
In order to set the right price for your property in Queens, NY, you need to first research the market. Run an objective analysis of the local market to get an idea of what is normally charged for similar houses. It will help you set the right listing price. You have to be objective. Do not let emotion come in the way. The price of the property should be in accordance with the market value and not sentimental value. Although the house might seem like one of a kind to you, it has to be priced keeping in view of the market prices.
The best way to find the best price is by reviewing and comparing recent sales in your area. Determine the sales prices of similar homes keeping in view of the finished square footage of the houses. It will allow you to calculate the listing price. The Federal Housing Finance Agency calculator can be used to get an idea. There is no need to waste money on an appraisal as you can easily confirm the cost of your home without having to hire an appraiser. Besides, the buyer’s bank would already conduct the appraisal. Once you have conducted the market research, you will have the results in hand to set the right listing price which reflects the time horizon and your objectives. However, if you want to move as soon as possible, then you will need to price it accordingly.
Gather Information for the Listing
Before you can list your property, you need to first gather information. The following information is required.
The most important information that will attract potential buyers to take an interest in your home is the home data. It includes qualitative and quantitative information. Some of the quantitative information which you need to gather includes the year in which the property was built, lot size, bedroom count, bathroom count, finished interior square footage, parking arrangements, and heating or cooling configuration. Make sure to only list accurate information.
Potential buyers want to look at pictures of your home before they decide to see it in person. These pictures can either make or break the listing. If you cannot hire a professional photographer, you need to make sure that you are able to replicate the work. The secret to amazing high-quality pictures is natural light, more photos of sweeping views, and curated close-in shots. Moreover, editing software should also be used to give the pictures a touch-up. Make sure to take a picture of each room, the views from each room, the balcony, the hallway, the garage, the attic, the basement, the exterior, and even the neighborhood. The pictures should tell a story. Potential buyers have to feel like they are experiencing a visit to your house through pictures.
Finally, you need a clear description which only includes factual information. Write about what sets your house apart from others in Queens, NY. Brainstorm and ask for your friends opinions to ensure that the best description is written to attract potential buyers. The description should be concise and has to communicate your intentions in the best way possible.
List Your House
The next thing that you need to do is list your house. Use a multiple listing service. If you want to sell your house on your own in the easiest way possible, then you will need to use the best listing service. Leave the Key offers the best platform to sell your house. We buy houses for cash in Queens. The service will help you sell your house in no time. Sometimes, it is necessary to sell your house without having to hire a real estate agent. It allows you to avoid having to pay hefty fees, commissions and you get to sell your house according to your terms.
Advertise Somewhere Else
Now, it is not compulsory to use a multiple listing service. You can always advertise somewhere else. Some of the available options for advertising your house are mentioned below.
- FSBO Websites: These allow you to list your house for a reasonable price. It is crucial that you stick with ones that are well-known.
- Real Estate Websites: You can also rely on real estate websites to post an advertisement of your home.
- Classified Sites: Next Door and Craigslist are free to use and the best classified sites out there. They are used by buyers and sellers abound.
Hold the Open House
An open house plays a huge role in getting your house sold. In order to prepare for an open house, you need to make sure that your house is in perfect condition. Moreover, you can also visit open houses in your area to get an idea of what an open house should be like. During the open house, you will need to offer a dedicated tour of your house to potential buyers.
Since you are planning on selling your house on your own, you will need to negotiate the offers with potential buyers. You will represent yourself and engage in negotiations with buyers and their agents. Make sure to remain patient throughout the negotiations and do not appear desperate even if you are, as it would allow the buyer to take advantage of the situation.
Finally, the closing is one of the most important parts of the selling process. You need to make sure that you get it right. Complete all the requisite paperwork and consider hiring a real estate attorney to assist you.