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Three Options For Selling Your Northern KY House
So, you need to sell your house.
Selling in a market like today's can sometimes be frustrating. Even with the shortage of homes available to be purchased, many buyers are finding it difficult to qualify for a loan, or worse, after finding a house and locking down the Seller, they either can't finalize their loan process, or, they make repair demands that are many times impractical, unreasonable, and frankly, too expensive. The consequences are obvious - often times causing sellers to wait 3, 6, 12+ months to sell their house for a price they feel is fair.
While it's a given that EVERY Realtor will tell you NOW is the right time to sell, the question becomes what is the right WAY for you to sell. Do you go the traditional route and work with a licensed Realtor; Sell it yourself FSBO (For Sale By Owner); or, work with a real estate investment company?
This blog post will provide a brief overview of options available for you in selling your house. It's for you to really look and see what you need to accomplish with the sale of your house... then make the decision that helps you get there.
The 3 Options For Selling Your House
1) Working With a Real Estate Agent
The most popular way to sell a house today is by working with a real estate agent. The general process of working with an agent is...
1. You contact an agent and they visit with you about your house to determine what they feel it might sell for
2. You sign a listing agreement with that agent (usually 6 months) where they exclusively represent and sell your property
3. Agent lists property on the MLS, markets it, and takes buyers through your house for showings
4. If a property sells, the agent takes care of the paperwork and negotiation with the buyer - basically representing you through until you transfer ownership to the buyer and collect your money from the sale - and the agent collects their fee, which is split between them and the agent who brought the buyer. There's no set fee for what a real estate agent charges, but fees as much as 6 or 7 percent of the total purchase price are not unusual
Agents know the market and have direct access to the MLS which is the main way houses are listed when selling the traditional route.
Cost: As mentioned above - There is no set fee a real estate agent charges. You may be able to negotiate those agent fees, so feel free to at least mention it. By way of example, if we assume Selling agent fees are 3% of the total purchase price and that the "buyers" agent earns the same (totalling 6% in agent fees), if your house sells for $200,000, you could expect approximately $12,000 of that to be paid to the agents at closing.
Timeline: From 30 to 60 days depending on a variety of factors, many of which are outside of your control.
Pros: Agents know the market well; have access to the MLS to list your house, exposing it to a broad range of retail buyers; they'll take care of the marketing, showing the property; and, putting together the closing documents
Cons: It can be expensive. An agent's commission is paid out of the proceeds of the sale at closing. Most agents tend to do a "traditional" marketing which often takes 3 to 12 months to sell a house. In the Northern KY MLS market area the average time on market varies (check here for a breakdown by price point). This of course means that you are responsible for the costs of the house while it's trying to sell. Lastly, with agents... their primary way to get buyers is by focusing on "retail" buyers (people who want to live in the home). This requires showings of the house and there's always the chance that the buyer who's offer you accept has their financing fall through, or delay the closing date. One last "con" is that many retail buyers will ask you as the seller to pay for part of the closing costs... so this becomes an additional expense in many transactions.
Who Working With An Agent Is For
People who aren't on a time crunch and can wait as long as they have to in order to sell; Who have room in the transaction to pay the agent fees; Who are looking for full market value and are willing to wait it out until a buyer comes along who is willing to pay full market value.
|CONTINUE TO OPTION 2 - SELLING YOUR HOUSE YOURSELF (FSBO)|
To search all properties for sale in the Northern KY MLS download my free app by texting 'terry' to 859-780-5527
Featured properties may not be listed by the office/agent presenting this brochure. Information has not been verified, is not guaranteed and is subject to change. The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS.
At Regional Realty, we are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
Terry is the Principal Broker at Regional Realty. He is a motivated Realtor specializing with investors and new home buyers located in the following areas; Alexandria, Ft. Thomas, Ft. Mitchell, Indepe....