PROS AND CONS TO SELL YOUR HOUSE BY OWNER IN MEMPHIS
Selling your house can be an exciting and intimidating process. It’s exciting because it means you are about to experience new changes. However, it’s intimidating because you now have to actually figure out how to sell your house in Memphis.
If you have done any research on the best way to sell your home, then you are probably finding that ideally selling your home by owner has the largest benefits. This can appear to be true, but we will cover some of the pros and cons that may help you think a little deeper and gain more insight before you embark on this route.
Pros of Selling By Owner
It’s obvious that if you don’t involve a middle man, then you are going to cut out unnecessary costs. If you work with a real estate agent, you will pay around 4-6 percent of the home’s final sale price. Selling your house on your own can save you a large amount of money. This is probably the most popular reason that people try to sell their house on their own.
You make all the decisions
If you are selling your house in Memphis on your own, then you will be able to finalize the selling price, advertise your way, and show the house on your time. You can make all your decisions on how the house should appear and you get the final say on who will purchase the place.
Schedule the showings and open houses on your own time
You can clean and tidy up your house on your own time when you know you have someone coming to tour it. There’s no need to tip-toe all over the place and feel like you’re living in someone else's house for the next few months. You can schedule the showings or open houses on your time.
You can sell your community and neighborhood
You know more than anyone else does about the surrounding neighborhood, schools, and community. This can help you promote your home and hopefully get you a good offer. Having a stranger sell your home for you will take away from this huge selling point. This is a great advantage for you.
Cons of Selling By Owner
Selling a house is a lot of work
If you want to sell your house in Memphis for the highest possible price, then you are going to want to make sure everything is perfect for the potential buyers. That means staging the house alone will not be enough. You are most likely going to have to make repairs and renovations to the house as well. This can be very time consuming and it can cost a lot of money.
Once this is all completed you will have to have the house photographed so that you can list it on the market. Most realtors will do this for you and they will have experience with it, but like everything else, it will come with a cost.
You will get lower offers on the house
You will be cutting out the realtor expenses by selling on your own. However, because you are the one taking offers, buyers will offer you a lot lower for the property than you were hoping for. Most buyers understand that realtors are pretty firm and have experience so it’s much easier to low ball the owner of the house instead. According to Zillow, this is the number one reason why homes for sale by owner do not sell.
Advertising the home
Finding the right sources to list your home is going to be sparse when selling on your own. Everyone is able to list their house online, but the places that you are allowed to list are very limited compared to a realtor’s options.
Is the buyer even qualified?
Realtors will only bring in qualified buyers to look at your house. If you are selling on your own, then there is no way of knowing if the person touring your home is even qualified to buy your home. If they proceed with the buying process and you don’t know that they don’t qualify for your house, it will delay the selling process by another one to two months.
Don’t get too overwhelmed by the pros and cons of selling a house by owner in Memphis. If you are feeling overwhelmed, then maybe this option isn’t right for you. What should you do instead? Look for a cash buyer in Memphis. A cash offer is beneficial if you are in a hurry, or just don’t know if you want to go through the trouble of selling your home on your own.
Here at Memfixerupper, we are cash buyers and we want to buy your house in Memphis! We will buy any house as is. This will allow you to just pack up and leave, there’s no need to make any time consuming and expensive repairs. Give us a call today at 901-437-0154 to learn more!