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How To Sell A House By Owner In Arizona | Bankrate

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Interested in selling your Arizona home without a real estate agent? It’s possible, as it is in any state, but be prepared for a complicated and time-consuming process. When you go it alone as a seller, you have to do all the work a licensed agent would do yourself. It’s a lot to take on: Tasks include pricing, staging and marketing your home, as well as coordinating showings and negotiating contract terms, all without the support of a pro. Read on to find out more about how to sell in Arizona without a Realtor.

How to sell by owner in Arizona

When you opt for a FSBO sale, you’re responsible for all steps of the home sale process, from beginning to end. Here are some basic steps to follow:

Create a listing

The first thing you’ll need to do is create a compelling description of your home to draw buyers in. Setting an appropriate asking price is crucial — check comps in your local market, which are the prices of recently sold homes that are nearby and similar to yours, to get an idea of how much it’s worth. You could also try checking a few online home-value estimators, but for the most accurate assessment of fair market value, hire a home appraiser.

Your listing should include all the basic information about the property, such as age, square footage and number of bedrooms and bathrooms. Don’t forget to highlight unique selling points, such as a swimming pool or unique view. Information about the neighborhood and school district is also helpful, and if it’s part of a homeowners association, include info on that too.

Finally, quality listing photos have never been more important. According to a recent National Association of Realtors report, 100 percent of prospective buyers look at online listings, and you want to be sure to catch their eye with professional-quality images.

Market your property

Next it’s time to get that listing seen by house-hunters. The most effective way to market your listing is to have it placed on your local market’s MLS (short for multiple listing service), which aggregates current for-sale listings. These are typically only available to real estate agents, but there are services that will list your FSBO home on the MLS for a fee: In Arizona, try sites like Houzeo, Listed Simply or AZ Flat Fee.

You might also try flyers, social media and platforms like Craigslist or Facebook Marketplace. Just be careful about what kind of information you disclose on sites like these, especially if you still live in the house.

Coordinating showings with prospective buyers requires care as well, not to mention organization. And while you’re fielding home visits, you’ll need to keep the home clean and tidy so that it always looks its best for buyers who drop by to take a look.

Close a deal

Hopefully, you’ll soon have an offer or two. You may need to negotiate the terms of the sale to come to an agreement, so it helps to be comfortable with back-and-forth haggling over price, seller concessions and other potential sticking points.

Finally, real estate closings involve a lot of red tape and paperwork, and stakes are high if things are not done properly. As a FSBO seller, with no licensed agent to walk you through the process, it’s smart to hire a real estate attorney to review everything — especially the purchase contract — to make sure it’s correct, legally sound and protects your interests.

Required disclosures for Arizona home sellers

The Arizona housing market can differ greatly depending on whether you’re in a major market like Phoenix, a remote desert town or somewhere in-between. But one thing that applies to every market is disclosure: The state of Arizona requires home sellers to provide buyers with a written disclosure outlining any issues that may affect the value and desirability of the property, including “material defects” and the presence of liens or encumbrances. The Arizona Association of Realtors provides an eight-page, downloadable disclosure form that can be useful here.

In addition, under federal law, sellers must disclose any known lead paint hazards if the home was built before 1978.

Do I need a lawyer to sell my house in Arizona?

You’re not required to hire an attorney to sell your house in Arizona. However, it’s probably smart to do so anyway, to ensure that your interests are protected. Real estate sales involve a lot of complex paperwork, and with a big financial transaction like this, a mistake can be costly. It’s worth the money to be sure your interests are legally covered.

Pros and cons of selling a house by owner in Arizona

Pros

Save money: FSBO sellers don’t have a listing agent, so they don’t have to pay a listing agent’s commission. This fee typically runs 2 to 3 percent of the home’s sale price, which can be significant. However, keep in mind that you’ll still have to pay the buyer’s agent’s commission.

Move faster: Not having to wait on a Realtor to call you back, reply to your emails or texts, or fit your showings into their schedule can accelerate your sale process. You work on your own timeline.

Be your own boss: Similarly, without an agent running the show, you run it yourself and can do everything your own way.

Cons

No professional guidance: Pricing, marketing and showing your home can be daunting tasks without a licensed pro by your side. Not having a seasoned local expert to guide you can be detrimental, especially if you’re not an experienced seller.

Fewer potential buyers: Realtors are professional marketers. Without one working to introduce your home to house-hunters and fellow agents, fewer people may see your listing, which means a smaller pool of potential buyers.

Potentially lower profits: If you’re not an expert negotiator or don’t understand your local market well, you might end up leaving money on the table. In fact, according to a National Association of Realtors analysis, FSBO listings typically sell for nearly $100,000 less than agent-assisted sales.

FAQs

Can you sell a house in Arizona without a Realtor?

Yes, it’s possible to sell a house in Arizona without a Realtor. “For sale by owner” listings are fairly common, but if you’re considering one, make sure you’re prepared for how much work you’ll have to put in. You’ll be responsible for everything from determining an appropriate sale price to creating a compelling listing to scheduling showings and negotiating the terms of the contract.

Do I need a lawyer to sell my house in Arizona?

No, Arizona law does not require you to hire a lawyer in order to sell your house. But it’s wise to do so anyway, to make sure your interests are protected in the transaction — especially if you’re going it alone with no real estate agent.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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Realtor Fees And Real Estate Commissions in California | Bankrate

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Traditionally, when a homeowner hired a real estate agent to handle the sale of their property, they agreed to pay that agent, as well as their eventual buyer’s agent, a commission. This fee typically amounted to between 5 and 6 percent of the home’s selling price, split more or less evenly between each agent.

Due to a recent lawsuit settlement, sellers may no longer be on the hook for buyer’s agent fees. But if you use a real estate agent, he or she will have to be paid somehow. How does that look for California home sellers? Let’s take a look at Realtor fees in the Golden State.

How much are real estate commissions in California?

In California, the current total real estate commission averages 5.11 percent, according to the latest data from Clever Real Estate. This clocks in lower than the national average of 5.49 percent.

That might be because the California housing market is so expensive: The median price of an existing single-family home in the state was about $908,000, in May 2024, per the California Association of Realtors (CAR). For a home sale of this amount, 5.11 percent equates to $46,400 total, or $23,200 per agent.

Chalk it up to the high cost of living in the Golden State. Here’s what the Realtor fees would be in a few major cities across the state, assuming a home’s median sale price per May CAR data and an even split of a 5.11 percent commission:

City
Median price
Total agent commission
Individual agent commission

SOURCES: California Association of Realtors May 2024; *San Jose median price from Redfin May 2024 

Los Angeles
$811,610
$41,473
$20,736

San Francisco
$1,690,000
$86,359
$43,179

San Jose*
$1,500,000
$76,650
$38,325

Fresno
$425,000
$21,717
$10,858

Sacramento
$555,000
$28,360
$14,180

What’s included in a real estate agent’s commission?

Whether they’re representing the buyer or the seller, most agents do a lot to earn their fee.

“For the seller’s agent, the commission generally includes services like listing and marketing the property, hosting open houses, negotiating with buyers and assisting the seller through the closing process,” says Scott Beloian, broker/owner of Westcoe Realtors in Riverside, California. Listing agents also often prepare a comparative market analysis to determine a competitive price and help the seller review and compare offers.

“For the buyer’s agent,” Beloian says, “the commission covers tasks such as finding suitable properties, setting up property viewings, advising on the [bidding] strategy and guiding the buyer through negotiations and closing.”

Who pays agent commissions in California?

Across the country, including in California, it used to be that commissions for both agents in the transaction were paid by the seller. “This arrangement [meant] that, while buyers [did] not directly pay the commission, the cost [was] typically factored into the home’s final sale price, affecting both parties indirectly,” says Beloian.

Again, however, changes to the way Realtor fees are paid are coming this summer. Under the new rules, sellers may — or may not, depending on the details of their deal — be responsible for paying their own agent directly.

Are California real estate agents worth it?

Although no one is required to use a real estate agent to either buy or sell a home, there can be considerable advantages to doing so. Agents are licensed professionals who are experts in their local markets. Their job is literally to help you meet your real estate goal, whether that’s earning top dollar on your sale or finding you the right new home at the right price.

Selling a home without a listing agent — known as a for sale by owner transaction, or FSBO for short — means you take on all the responsibilities typically managed by an agent yourself. With California’s high home prices, a mistake in negotiations or missed detail on the contract can really cost you.

That said, $23,200 apiece in commissions is a lot to tack onto an already pricey transaction. And there can be disadvantages to using an agent, aside from that cost, as well. For example, if the two of you don’t mesh well in your schedule or communication styles, working together can be a rough road. And most agents juggle multiple clients at once, which means you might not always be their top priority.  But generally speaking, the pros of having an agent on your side should outweigh the cons.

Saving on commission fees

There are ways to save money on fees if the commission is a hurdle you just can’t get past:

Negotiate the rate: Real estate commissions are often negotiable, and many agents might be willing to lower their rate if you ask. On a high-priced home, even a small rate reduction can make a big difference.

Choose a discount agent: Think about hiring a low-commission real estate agent — companies like Redfin and Clever often charge closer to 1 or 1.5 percent of your home’s sale price, rather than the traditional 2.5 or 3 percent. You might also explore agents who operate on a flat-fee basis, earning a predetermined amount rather than a percentage of the sale price.

Sell by owner: When you sell without a listing agent, you don’t have to pay a listing agent’s commission. But you do have to do all the work yourself, and you still might have to pay your buyer’s agent.

Sell to a cash homebuyer: There are many companies in California that buy houses for cash, closing quickly with no hassle and no Realtors or fees. However, this method will yield a lower sale price compared to a traditional market sale.

Find a trusted California real estate agent

If you’re ready to sell and eager to maximize your profits in the pricey California market, your next step is to find a local real estate agent to team up with. Do your homework first: Start by asking for referrals from family and friends. Look for agents with a thorough knowledge of your specific area and expertise in selling properties similar to yours.

Interview multiple agents and ask targeted questions to help you make an informed choice. The better you click with someone, the smoother your journey is likely to be.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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How To Sell Your House In Oregon Fast | Bankrate

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The Oregon real estate market is hot, with strong demand for homes and buyers competing for limited inventory. Home prices are well above the national averages and are steadily increasing, with the current statewide median price at $513,100, up 3.6 percent from last year, according to April Redfin data.

Even amid such favorable market conditions, though, it typically takes a month for homes to go into contract. But the good news is, there are ways to speed up the process. Here’s a primer on how to sell your house in Oregon — fast.

How fast can you sell a house in Oregon?

As of April 2024, the median number of days a home spent on the market in Oregon was 28, per Redfin. That’s two days longer than the previous year, and it means it could be a month before your home even goes into contract. (Then, you’ll have to wait even longer for your buyer’s financing to be approved.)

Need to sell faster?

If you list during the window of Oregon’s best time to sell a home, which tends to be between May and July, things will likely move a bit faster. But if you need to speed things up considerably — say, if you’re relocating ASAP for a new job or you need the cash urgently — you have several options to consider.

Sell for cash: One of the quickest ways to sell a home is by working with one of the many companies that buy houses for cash in Oregon. Cash sales means there’s no need to wait on financing, and businesses of this type specialize in speed. Often you’ll have a cash offer within 24 hours and close in a matter of weeks, or even days. But there’s a caveat: You are not likely to get as much money for your home as you would selling the traditional way.

Use an iBuyer: Working on a similar model, iBuyers are known for providing instant offers on homes. However, they also don’t pay top dollar, and they may charge steep fees to boot. One of the largest iBuyers, Opendoor, buys homes in the Portland area.

Price aggressively: Pricing your home to sell is another tactic to consider. This involves studying the market and listing your home to undercut area prices — something that should be done with the guidance of a real estate agent who knows your local market very well.

Sell as-is: If you list your house as-is, you’re telling buyers “what you see is what you get.” As-is listings mean you aren’t willing to negotiate back and forth about repairs with potential buyers, which saves time.

Selling your home in Oregon

If you decide to sell the traditional way, with the assistance of a local Realtor, here are some of the factors to consider and discuss before you list the home.

How should you price your listing?

Getting the pricing right is one of the biggest challenges for home sellers. If you aim too high, you might turn off prospective buyers. And if you aim too low, you might leave money on the table. Pricing your home competitively usually involves your agent pulling and analyzing comps, or similar homes in the neighborhood that have recently sold. This helps you figure out how much your house is worth by giving you a sense of what local buyers have paid for other properties similar to yours,

What should you fix before selling your home in Oregon?

Put yourself in the buyer’s shoes to figure out what you need to repair before listing your home. Obvious issues, like a leaky shower, cracked kitchen tiles or carpeting that’s been ripped up by your dog, should be addressed before they turn off prospective buyers. But you don’t need to go crazy — ask your agent what’s worth doing and what’s not.

Is it worth upgrading your home before you sell?

Probably not. Major upgrades, like full kitchen remodels, rarely recoup their costs. Plus, supply chain issues and labor challenges may delay your sale. Look into faster (and cheaper) ways to increase your home’s value, such as adding an energy-efficient thermostat or repainting the front door.

Should you pay to stage your home?

First impressions are everything, and home staging is one way to make sure your house impresses everyone who sees it. From virtual staging that can make the property pop in online photos to in-person staging with furniture rentals and more, the costs of home staging can vary widely, so consult with your Realtor to see if your home could benefit from this service.

What do you need to disclose to a buyer?

As an Oregon home seller, you will need to complete the state’s seller’s disclosure form, a lengthy document that outlines any defects that could impact the value of the home. The buyer has five business days to revoke their offer after reviewing this disclosure statement. Additionally, if your property is part of a homeowners association, be prepared to hand over documents that share the association’s financials, bylaws and more.

The closing

Selling a home isn’t free, in Oregon or anywhere. Home sellers should be prepared to direct a portion of their proceeds to cover a range of closing costs and other expenses.

Costs of selling a home in Oregon

Realtor commissions: One of the biggest costs associated with selling a home is the money owed to the real estate agent(s) involved in the transaction. A listing agent typically receives between 2.5 and 3 percent of the home’s sale price — on a median-priced $513,100 Oregon home, 2.5 percent comes to more than $12,800. Depending on the deal you strike, you may or may not have to pay your buyer’s agent’s fee as well.

Title insurance: This expense is your responsibility as the seller, and the cost depends on the purchase price of your home. For example, a standard Oregon title policy on a $400,000 home is $1,150, while the price jumps to $1,500 for a $600,000 property.

Transfer taxes: While sellers in many states must pay real estate transfer taxes to shift ownership to the buyer, most counties in Oregon don’t charge this common tax. One exception is Washington County (home to Beaverton, where Nike’s corporate headquarters are based): For sellers here, it’s standard practice to split this fee with the buyer.

Escrow fees: You will likely need to pay a fee for the escrow account that manages funds for the transaction; this cost may be able to be split with the buyer.

Attorney fees: Home sellers in Oregon are not required to hire an attorney. But it’s smart to consider adding one to your team anyway, to oversee the legal details and make sure the paperwork is in order.

Capital gains taxes: Because property values have skyrocketed in many parts of Oregon, there may be tax implications from your home sale. Whether you will be subject to capital gains taxes depends on several factors, including how much of a profit you make on the sale.

Next steps

Ready to get moving on selling your house in Oregon? Your next step will depend on what’s more important to you: speed or price. If you need to sell quickly, and are willing to sacrifice a bit of profit to make that happen, reach out to an iBuyer or cash-homebuying company in your area. They will be able to close a deal fastest. If time is not a pressing factor and you’d rather hold out for the best price possible, start looking for local Realtors who can help you bring in top dollar for your Oregon home.

FAQs

Is it a good time to sell a home in Oregon?

Yes. Oregon is currently experiencing a seller’s market, with high prices and not enough inventory to meet demand. April 2024 data from Redfin shows that the state has only a two-month supply of available homes for sale — it typically takes a five- or six-month supply for a balanced market that doesn’t favor either buyers or sellers.

Do you need an attorney to sell your house in Oregon?

No, Oregon law does not require sellers to hire a lawyer for the transaction. However, hiring legal expertise is usually a good decision. Selling a home is complex, with lengthy contracts, legal disclosures and a lot of money at stake. A real estate attorney can make sure your interests are protected and that any issues are resolved properly.

Who pays for the title policy in Oregon?

The seller is usually responsible for paying for the title insurance policy in Oregon. The cost varies based on the price of the home: The more expensive a home is, the more expensive the title policy will be.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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How To Sell Your House In Tennessee Fast | Bankrate

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If you want to sell your home fast in Tennessee, you may find yourself facing some headwinds. The supply of homes jumped by more than 20 percent in April, according to data from Tennessee Realtors, and homes typically spend nearly two months on the market before going into contract.

If time is not on your side, don’t worry: There are ways to speed up a sale in the Tennessee housing market. Read on for everything you need to know about how to sell your house in Tennessee fast.

How fast can you typically sell your home in Tennessee?

It takes a long time for the typical home to sell in Tennessee: 53 days in April, according to Redfin data. That’s almost two months just to go into contract; after that you’ll probably need to wait several more weeks for the buyer’s financing to be approved. That might move a bit faster in late spring and early summer, which are historically the best times of year to sell, and it also varies from one market to the next. In Memphis, for example, that metric is 42 days — much faster than 53, but still a long time.

Need to sell faster?

If you can’t wait that long, or can’t afford to, there are ways to get a deal done on a tighter timeline.

Sell to an iBuyer: Depending on where in Tennessee you live, you might be able to get a quick cash offer in from an iBuyer. Offerpad buys properties throughout the Nashville metro area, for example, and Opendoor buys homes in the Chattanooga, Nashville and Knoxville markets. Be aware that you’ll pay for the convenience of speed, though: iBuyers typically offer below-market-value prices, and they may charge fees.

Sell to a cash homebuyer: There are many other companies that buy houses for cash in Tennessee, too, all of which work on a similarly speedy timeline (and offer similarly low prices). These companies usually buy homes in any condition, no matter how rough, which can make them good options for homes in serious disrepair.

Sell as-is: Another option is to list your house on the open market, but with an “as-is” disclaimer. As-is listings indicate that the seller isn’t going to negotiate with a buyer about repairs, which speeds up the process by eliminating the back-and-forth bargaining that can often hold things up.

Sell with an agent: You can also take the traditional route to selling your home, listing it with a local real estate agent — just be upfront that speed is your number-one concern. An experienced agent will be able to market your home with that in mind, which may include pricing aggressively to motivate potential buyers.

Selling your home in Tennessee

If you’re selling the traditional way, here are some topics to discuss with your agent before you list.

How should you price your listing?

How much is your house worth? Your agent will be an invaluable resource in helping you determine the right asking price for your home. By reviewing local comps, you’ll get a sense of what buyers have been willing to pay for nearby homes with similar characteristics to yours. You’ll want to put a finger on the pulse of the local market, too. For example, while prices have jumped by more than 18 percent in Morristown over the past year, according to Redfin, they declined by more than 3 percent in Memphis.

What should you fix before selling your home in Tennessee?

To fix or not to fix? That is the question that so many homeowners have as they get ready to list properties for sale. While visible issues, like water damage from a leak, should be addressed, there are some repairs you don’t need to bother making. It’s smart to ask your agent what can stay as-is, and what might turn off prospective buyers.

Is it worth upgrading your Tennessee home before you sell?

It’s tempting to think that a major renovation — a new kitchen, for example — will dramatically increase the sale price of your home. But the reality is that most big projects don’t recoup their full costs at resale. And waiting on contractors will only delay your sale further. Instead of investing a large chunk of cash in a remodel that may or may not pay off, consider cheaper ways to boost your property value.

Should you pay to stage your home?

Professional staging can bring some star power to your property. Think of it as dressing up for a big date: You want to turn that special someone’s head. Staging your home might be as simple as decluttering and organizing, or it might mean renting furniture to make an empty room come to life. Your agent will be able to tell you if your home could benefit from some extra love.

What do you need to disclose to a buyer?

Like many states, Tennessee requires home sellers to complete a residential property disclosure form. This lists any defects that could impact the value of the property, including any past history of flooding and whether the new owner will need to pay for flood insurance. It’s a standard form, and you simply need to be honest about what you know. You may also need to update it just before closing to verify that nothing has changed in the interim. In addition, if your property is part of a homeowners association, be ready to hand over documentation about the HOA’s finances and bylaws.

The closing

Closing is the final step in the sale process — you’re almost there! But first, there are closing costs to consider. Closing costs in Tennessee are some of the cheapest anywhere in the U.S., but it’s still smart to budget for the amount you’ll have to shoulder.

The biggest line item for sellers has historically been real estate commissions, which usually means handing over 2.5 or 3 percent of the sale price to your agent. Traditionally, the seller has paid the buyer’s agent’s commission fee as well — but that may change at the end of the summer as a result of a major lawsuit settlement. Here are a few of the other closing costs Tennessee sellers typically pay.

Title insurance: There isn’t a set standard for which party covers the cost of title insurance in Tennessee. It can be costly — more than $2,500 on a $500,000 property — but your agent can try to negotiate for the buyer to split the cost with you.

Attorney fees: The state of Tennessee does not require that you hire an attorney to sell your house. However, it’s wise to hire one to represent your interests in the deal. You’ll need to pay for their time, but the peace of mind you’ll get knowing that the contract is buttoned up is priceless.

Seller concessions: If the buyer’s home inspection unearths any problems with the property, they may ask you to help cover part of their closing costs. It’s up to you whether to agree with the concessions, but this is not unusual.

Mortgage payoff: If there is still an outstanding balance on your home’s mortgage, that will be paid off from the proceeds of your sale. Again, this is not unusual.

Next steps

It’s time to figure out what matters more to you: Do you want to sell your house in Tennessee as fast as possible? Or do you want to make as much money as possible? Typically, you’ll need to sacrifice one part of that equation. If speed is crucial, reach out to a cash-homebuying company or iBuyer in your area. If maximizing your profit is more important, reach out to a local real estate agent.

FAQs

How long does it take to sell your home in Tennessee?

Homes spent a median of 53 days on the market before selling in April 2024, according to Redfin data. After that, you typically have to wait a few more weeks for the buyer’s financing to come through before you can close. If you want to move faster, iBuyers and cash-homebuying companies can close an entire deal within a few weeks, and sometimes a few days — but they won’t pay you as much as you’ll make on the open market.

How much do homes sell for in Tennessee?

As of April 2024, the median sale price for homes in Tennessee was $387,500, according to Redfin. Location makes a big difference here, though — for example, the median price in Nashville was a much higher $485,000, while in Jackson it was just $263,500.

How much are closing costs in Tennessee for the seller?

You’ll need to pay your real estate agent his or her commission fee when you sell your home in Tennessee, and depending on the details of your deal, you may have to pay your seller’s agent as well. Beyond that, closing costs for sellers here will likely add up to a few thousand dollars. According to a recent study from Assurance, the average closing costs for a home sale in the Volunteer State come to $3,090.



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Selling A House In Massachusetts | Bankrate

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In a hurry to sell your Bay State home? The odds of selling relatively quickly are in your favor: Homes here spend much less time on the market than in most parts of the country, according to Redfin data.

But everything is relative, and if you need to relocate for work right away, for example, or need the proceeds from the sale ASAP, you may be hoping to speed the process along. There are a variety of ways to do just that, including working with one of the many cash-homebuying firms in the area. Here’s what you need to know to sell your house fast in Massachusetts.

How fast can you sell your home in Massachusetts?

The Massachusetts housing market is quite robust. Home prices here are high and getting higher: February Redfin data shows that the state’s median home price was $576,000, a nearly 10 percent jump from February 2023. And homes typically spent a median of 28 days on the market before going to contract — five days less than last year and a much quicker timeline than the national median of 48 days on market.

Your Massachusetts home won’t necessarily sell in this exact amount of time, though. A variety of factors can impact how fast a home sells: The time of year, your home’s size and condition and your exact location in the state all factor into the equation.

Need to move faster?

If you want to sell your home even faster, here are some options to consider that can expedite a sale:

Cash homebuyers: For maximum speed, your best bet is forgoing the traditional listing process and selling directly to a cash homebuying company, whether it’s a nationally known name like We Buy Houses or a smaller, local firm. These operations can often close a sale in just a couple weeks, or sometimes even faster. However, you will likely make less of a profit than you would on the open market.

iBuyers: Online homebuying firms known as iBuyers operate in a similar manner and with similar speed. Opendoor, one of the biggest, buys homes in the Boston area.

Listing as-is: Selling your home in as-is condition makes the process move faster because you don’t waste time on back-and-forth negotiations over repairs — the buyer knows upfront that what they get is what they see.

Flexibility: You can still sell relatively fast by listing your Massachusetts home in the traditional way. Be direct with your real estate agent about your need for speed, so that they can market it accordingly. This may require a bit of flexibility on your part, like being willing to price the home slightly lower to attract buyer attention or offering seller concessions to sweeten the deal. Your agent will know what is likely to work best in your specific market.

Selling your home fast for fair market value

If you want to ensure your home sale brings in the highest price possible, but you’d still like to move relatively fast, work with a local real estate agent. Look for someone who has experience in your specific area — and ideally, in your specific neighborhood — so you’ll have the best possible idea of your home’s market value. And discuss these topics before you list:

How should you price your listing?

Your agent will be instrumental in developing your pricing strategy. While you can take steps on your own to estimate what your house is worth, a pro agent will walk you through detailed local comps to understand what area buyers have recently paid for properties similar to yours.

Is it worth upgrading before you sell?

If you’re thinking about investing in a big renovation project, keep in mind that it could cost a pile of money, which you aren’t likely to fully make back — and take a long time, which you are trying to avoid. Rather than delay your sale with a major undertaking, consider quick and inexpensive upgrades, like a fresh coat of paint or upping your curb appeal.

What should you repair before selling?

As you think about what to repair versus what not to bother with, take a simple approach: Are there any glaring issues that would turn you off as a buyer? Put those at the top of your priority list. They will likely be worth the investment. If you’re anxious about potential problems, you might even want to consider a pre-listing inspection. Essentially, you’ll hire a home inspector to identify any issues, which gives you the option to address them before a potential buyer finds them.

Should you pay to stage your home?

First impressions are crucial in real estate. If you have the interior-designer touch, your home might already look open-house-ready. But if not, or if you’ve already moved out and the place is totally empty, it might be worth hiring professional stagers to help it shine. This can really make a home come to life and impress potential buyers, which in turn can help you sell faster, and maybe even for more money. Ask your agent whether your home could benefit from staging.

What do you need to disclose to the buyer?

Unlike in many states, which require home sellers to fill out lengthy property disclosures, Massachusetts law requires that you share just two pieces of information: whether the home has lead paint in it and whether it uses a septic system. If the buyer asks you a specific question, though, you must be honest. For example, if you know there have been problems with the plumbing in the bathroom and the buyer asks about it, you must tell the truth.

If you live in a property that belongs to a homeowners association, you will also need to hand over documents detailing the association’s financial health and the bylaws that a buyer will need to follow.

Closing day

Once you start preparing for closing, the deal is almost done — but it’s important to understand how much it’ll cost you to get to the finish line. Here are some common closing costs for sellers in Massachusetts:

Realtor commissions: The way real estate commissions work will change in July 2024, thanks to a major lawsuit that was recently settled. Until then, at least, the seller typically pays commission fees for both their own agent and their buyer’s. This expense usually comes to around 5 or 6 percent of the home’s sale price — for a median-priced $576,000 Massachusetts home, 5 percent is $28,800.

Title insurance: There is no law or set standard for who covers this cost in Massachusetts, but it’s customary for sellers to pay for title insurance in many states. The cost varies depending on the home.

Transfer taxes: The seller also usually covers the cost of real estate transfer taxes in Massachusetts. The rate depends on several factors but is typically $2.28 for every $500 of value. On a $576,000 sale, that adds up to around $2,626.

Escrow and wire-transfer fees: You may be charged nominal fees to cover the cost of the money being held in escrow and any money that needs to be wired in payment (for example, if you are paying off your mortgage with part of the sale proceeds).

Attorney fees: A lawyer must be present at real estate closings by Massachusetts law. This is often the lawyer representing the buyer’s lender, though — you as the seller are not required to hire your own lawyer. However, it’s smart to do so anyway when dealing with legal contracts and large amounts of money. Attorney fees will vary for each transaction.

Find a real estate agent

Massachusetts real estate can be complex. Selling to a cash homebuyer makes it simple, and fast. But if selling for top dollar is more important to you than sheer speed, working with a knowledgeable local real estate agent is your best path. To find the right agent, interview multiple candidates. Look for an agent who not only has experience, but has a working style that makes you feel comfortable.

FAQs

What’s the fastest way to sell my house in Massachusetts?


The fastest route to a sale is to work with a cash-homebuyer or an iBuyer. These companies can make offers within 24 hours, or sometimes even more immediately, and most can close the entire deal within a couple weeks. Keep in mind, though, that in exchange for this speed, you will likely make less money from the sale.

Can I sell my house without a Realtor in Massachusetts?


Yes you can. Selling your home without a professional agent is called a for sale by owner or FSBO transaction, and while it saves you from having to pay a listing agent’s commission, it is also quite a lot of work. Any tasks that would normally be done by a Realtor, including creating and marketing the listing, coordinating showings and negotiating with buyers, fall on your shoulders as a FSBO seller.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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How To Sell A House By Owner In Colorado | Bankrate

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Key takeaways

You don’t have to work with a real estate agent to sell your house in Colorado. However, doing so can make the process much easier.

If you take the “for sale by owner” route, you won’t pay a listing agent’s commission, but you’re still on the hook for the buyer’s agent’s fee.

Without agent representation, it’s a good idea to hire a real estate attorney to review the contract and other important paperwork.

Realtor fees are one of the biggest expenses homeowners face when selling their home, no matter what state they’re located in. If you’re trying to cut costs, you might have considered not hiring one and instead taking the “for sale by owner” or FSBO path.

There are pros and cons to this method: Owner-sellers are responsible for all the work a listing agent typically handles, which is significant. On the other hand, you’ll have more control over the process and won’t have to pay the commission for that agent. Here’s an overview of how to sell by owner in Colorado, so you can decide if going it alone is right for you.

Selling a house without a Realtor in Colorado

When you sell your house without a real estate agent’s help, you take on all of an agent’s usual duties yourself. This includes everything from creating the listing to preparing the closing paperwork — and everything in-between. Here are some of the main responsibilities you’ll assume with a FSBO sale.

Create your listing

Putting together a listing is one of the first things you’ll need to do to get the word out about your home. This involves writing a compelling description of your property that covers:

Basic information about your house: Its age, lot size, square footage and number of bedrooms and bathrooms are all important to include.

Special features: Got a hot tub for post-skiing soaks, or an impressive mountain view? Be sure to play them up.

Other relevant details: You’ll also want to add information about the neighborhood and local school district. Distance to amenities, shopping or main roads might be important in smaller towns, too. And if your property is part of a homeowners’ association (HOA), go into detail on that, too.

To bring your listing to life, include high-quality photos — taken by a professional, if possible — depicting both the inside and outside of the house. Buyers will see your listing online first, and if they aren’t impressed, they’ll keep on scrolling and never bother to come see it in person, so photos matter more than you might think.

But of course, the most crucial part of your listing is the asking price. How much is your home worth? To determine the answer, you’ll need to research local comps, or how much other, similar homes in your area are selling for.

Try to set aside your feelings as the owner and be as objective as you can when setting your price. The median sale price of a single-family home in Colorado was $548,950 as of January 2023, according to the Colorado Association of Realtors (CAR). However, prices vary widely across the state, so prices in your area may be lower or higher.

Market your property

When your listing is ready, your next task is to get it seen by prospective buyers. Start by putting it on your local multiple listing service (MLS), a database of for-sale properties in your area. Usually, only real estate professionals can access the MLS, but there are local and national services that will list it on your behalf, usually for a flat fee. In Colorado, these companies include Home Savings Realty, Flat Fee Group and Houzeo. Some firms have multiple packages to choose from, which might include yard signs, photos and more.

On top of that, you can promote your property in local community groups, on websites like Craigslist and on social media. Be mindful about how much personal information you share online, though — you don’t want to attract scammers or compromise your safety.

Next up: Scheduling open houses or private viewings to get home shoppers onto your property. Ask interested buyers to include their mortgage preapproval letter with their offer so you can confirm that they have the financial means to back it up.

Close your deal

Ideally, you’ll bring in a few offers so you can compare them and pick the best one. This part of the process often involves negotiating pricing, contingencies and seller concessions, so be prepared for some back and forth with the buyer’s agent.

Once you’ve agreed on a price and other details, you’ll draft a purchase and sale agreement. It’s a good idea to have a real estate attorney review this legal document — or even better, draw it up. An attorney can also look over other important paperwork to make sure your interests are protected.

Required disclosures for Colorado home sellers

As a home seller in Colorado, you must complete the state’s seller’s property disclosure form. In it, you’ll describe any previous or current problems with the house, including the building itself or its appliances and major systems (such as electrical and water). If the property is part of an HOA, you’ll also need to disclose that, and provide the buyer with information about its rules, bylaws and finances. Other required forms may include a green disclosure, which details your property’s energy-efficiency features, and a lead-based paint disclosure.

Do I need a lawyer to sell my house in Colorado?

No, you don’t need a lawyer to sell a house in Colorado. But hiring one anyway is a smart idea for all sellers, especially those who are going it alone. Navigating a real estate transaction can be tricky, with a lot of paperwork and complex contract language, and any misstep can have serious implications. A local real estate attorney will know your area’s laws, look after your interests and ensure the deal is completed correctly.

Pros and cons of selling a house by owner in Colorado

If you’re on the fence about selling without an agent, consider the benefits and drawbacks as they apply to your situation:

Pros

You’ll pay less in commission: Without an agent representing you, there’s no need to pay their commission. Agents typically receive between 2 and 3 percent of a home’s sale price, so based on the median price in Colorado, you’d save between $10,979 and $16,468. You’ll still have to pay the same amount to the buyer’s agent, though.

You call the shots: With a FSBO listing, you’re free to do things however you’d like. From pricing to marketing to negotiating, it’s all up to you.

There’s less back-and-forth: Real estate agents usually have multiple clients at the same time, so there might be delays in scheduling and communication. You don’t have to worry about this if you sell independently.

Cons

It’s hard work: As licensed professionals, agents know the ins and outs of the Colorado housing market and have extensive experience with creating listings, attracting buyers and managing the closing process. Without this knowledge, selling a home can be challenging.

You might earn less money: There’s a lot of money at play in a real estate transaction, and a negotiation misstep or mistake in your paperwork can be costly. In addition, according to NAR data, you might not earn as much on your home sale: In 2023, they say, FSBO homes sold for a median of $310,000, while agent-assisted properties had a median sale price of $405,000.

It can be harder to find buyers: Agents work hard to promote your property, and they often tap into their network of fellow agents to do so. Without these connections, you might struggle to attract buyers. In fact, NAR data shows that 57 percent of FSBO sellers sold to someone they already knew.

FAQs

Can you sell a house in Colorado without a Realtor?


Yes, you’re free to sell a home without hiring a Realtor in Colorado. But a FSBO sale require a lot of work, including creating and promoting your listing, showing your home to buyers and negotiating a deal, so make sure you’re ready for the time commitment.

Do I need a lawyer to sell my house in Colorado?


No, Colorado does not legally require you to hire an attorney to sell your house. However, it’s advisable to do so anyway to protect your interests in such a big financial transaction — especially if you don’t have an agent guiding you through the process.



This article was originally published by a www.bankrate.com . Read the Original article here. .

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