If you are thinking about selling your home, you may be tempted to try selling it on your own. However, while you may save a few thousand dollars if you cut out a real estate broker, you need to know that selling a home can increase your property taxes. There is a lot involved in real estate sales and as such, you should consider the following points before listing your house for sale.
Getting Your Home Noticed
The first thing you will want to consider is how you will market your home and get it noticed. Simply putting a sign in your yard is not enough. On the other hand, real estate brokers have a large network that can reach potential buyers both in your immediate location as well as areas that are far away.
They also know best how to market your home through various outlets such as print advertisements, social media, open houses and real estate publications. They have the knowledge and skills to make your home look appealing by producing such things as feature sheets, color photos and video tours.
Understanding Current Market Values
Secondly, you must ask yourself if you understand the current market values for real estate in your area. The real estate market often fluctuates, and home values can significantly differ from one area to the next. This can be quite confusing, and you may very well end up pricing your home more or less than its current worth.
This could leave you with much less money than you deserve, or it could mean that it could take quite a long time before you get any calls about your house. Real estate agents have instant access to updated market values and can provide you with a selling range that is competitive in your area.
The Complex Legal Issues
Finally, selling real estate involves complicated contracts and closings, which must be handled properly. You will need experts to help you draw up a contract and determine what should be included in it. You will also want to be sure the the contract is legally sound and binding to prevent any future problems.
Unless you are an attorney, this process should never be performed on your own. Professionals know best how to handle contracts and manage sales negotiations and closings. They know what items should be written into the contract as well including closing dates, personal property included in the sale, items excluded and defects in the property at the time of sale.
If you want to sell your home and are thinking about trying to sell it on your own, you will want to think about the various issues described above. Your home is one of your most valuable assets, and if you choose to sell it, you will want to do so properly. While you may be able to save some money by selling your home on your own, a real estate broker knows best how to handle the entire process.
Anastacio Mindiola is an expert on homeownership. He has extensive knowledge of many topics of interest to homeowners, including property assessment and valuation. He works for Republic Property Tax in Houston.