Selling a home myself? Good idea, what to look out for? Advice?

[ID Bronco]

I am in a position where I need to sell my home. I have been in sales for 20+ years so part of me thinks I can do it as well as anyone (I realize I don't have the same skills in this area of course)

We need to save all we can for the next purchase so it seems to make sense to me. What should I look out for? Have any of you done it, and if so how was it?

I'm pretty set on it, but happy to hear suggestions. It's kind of time sensitive, since winter is nearly upon us. Not sure how that will play out.

Thanks in advance.

 

[gatchmo5710]

20 years of sales in real estate? Or just sales? Your price as compared to similar specs determines the sale. Not you blowing unicorn farts up their butt. If you don't understand the paperwork/titlework etc get a realtor. It doesn't take much to really screw the purchase agreement and end up loosing a lot of money. If you "need" to sell your home, then you probably cant afford the risk. It all depends on your specific situation.

 

[DAA]

My former (and best ever) next door neighbor sold his house himself, on KSL of all places. Said it was easy-easy. He found a generic sales contract online and used that, then as UT410 just mentioned, the title company took it from there.

Only thing I would be concerned about, and it's obvious, is just making sure you get as much as you can for it. A percentage commissioned agent is motivated that way. But no reason at all you can't get the best price yourself. Especially with your sales experience. If you can find someone to pull comps from the MLS for you that would be helpful.

Pretty easy to find a listing agent for 1%, but then you will likely end up having to pay another 3% on the other end. 4% is a lot. Last home I sold, I used a 1% guy, who fortunately enough found the buyer, and he did their end for a flat $1K from me. Worked out well. But involved some luck that the listing agent got the buyer - I don't know how often it works out that way - especially with a 1% listing (the guy I used put in as much effort as a full price 3% agent would have, with all the signs and showings and everything). Ever since my neighbor sold his own, I've thought I'd probably at least try that route first, if/when I sell again. It worked out great for him.

Interested to see how it goes for you!

- DAA

 

[mbryson]

We have sold and bought with and without a realtor. The home we are in now REQUIRED a realtor as the seller was "interesting" (as was my buyer). We did have a great and profitable experience selling and buying without a realtor. As mentioned, get with your title company and they'll basically walk you through the process. The trick and the challenge is finding a buyer. The house has to sell itself more than anything. It's either what you want or it's not.

 

[ID Bronco]

Thanks for all the replies! I have sales experience in other industries and own a business, so I feel fairly confident.

I have a family member that was able to pull some comps and I feel pretty solid on the value end of things. There are some great ideas here and I appreciate the positive comments. I'll hit up the title company and see where I go from there.

Thanks!

 

[Homefryy]

Thanks for all the replies! I have sales experience in other industries and own a business, so I feel fairly confident.

I have a family member that was able to pull some comps and I feel pretty solid on the value end of things. There are some great ideas here and I appreciate the positive comments. I'll hit up the title company and see where I go from there.

Thanks!

Thanks for all the replies! I have sales experience in other industries and own a business, so I feel fairly confident.

I have a family member that was able to pull some comps and I feel pretty solid on the value end of things. There are some great ideas here and I appreciate the positive comments. I'll hit up the title company and see where I go from there.

Thanks!

It was in Salt Lake where the market is hot but my brother sold his house almost completely on his own. He paid a realtor a nominal fee of something like $500 and that basically just got it listed on the MLS real estate system with some pictures and the realtor did nothing else and charged nothing else.

The real estate agent couldn't even get pictures on MLS properly so he gave my brother his login info so my brother could put the pictures up. Its been 3 years and he still has the login info so he can see all the insider info that only real estate agents are supposed to see.

 

[Kiel]

After the nightmare of dealing with ignorant people trying to buy our house, I`m glad we used an agent. The homie houses in our new neighborhood just sit. We looked at 2 and the home owners were jokes

 

[Mouse]

We sold a house on our own once - worked very well. My advice is centered on two things: 1. Do your homework for comps, be realistic and pick the "right" selling price, not what you want, rather what the house is worth in the current market. 2. Advertise - agents really only have the MLS as their advantage. Getting an MLS listing can be very difficult, so find ways to get the home visibility to potential buyers - this includes considering offering a commission to a buyer's agent.

 

[benjy]

Does anyone not being represented search the MLS anymore? Seems to me the only reason a private seller would want to be listed on the MLS would be if they wanted to pay a buyer's agent.

I have heard that for sale by owner houses are endlessly harassed by agents wanting to represent them.

Regarding the REPC being a difficult form... Having sold one house on my own I will say the REPC is super easy.

I think it's an antiquated industry that is due for some major changes.

All of that said if I was selling right now I'd probably just use a 1% listing agent.

 

[jeeper]

The market (at least here is Salt Lake) has made a major change in the last months or so. Homes are no longer getting multiple offers, and are staying available for up to a month, even when priced appropriately. This has a lot of people freaking out.. but I don't think it's an issue.. but you may need to bring a little patience with you.

 

[cajack]

So are you leaving Idaho Falls?

 

[ID Bronco]

So are you leaving Idaho Falls?

No, just switching areas, I need to be further out for my own sanity and others safety. Nice to hear from you Jack.

 

[cajack]

Take care, Good luck

 

[Kevin B.]

The market (at least here is Salt Lake) has made a major change in the last months or so. Homes are no longer getting multiple offers, and are staying available for up to a month, even when priced appropriately. This has a lot of people freaking out.. but I don't think it's an issue.. but you may need to bring a little patience with you.

Is this bringing prices down at all? Do you think they finally started building enough to meet demand, or did buyers just start looking farther out?

 

[smartass_kid]

Is this bringing prices down at all? Do you think they finally started building enough to meet demand, or did buyers just start looking farther out?

i think home pricing is leveling out where it should be, NOT where people want it to be. too many people have been jumping on the home selling bandwagon because the market was rising. Just because someone next door sold their house for 285k doesn't mean you should list for 300k. it might be a problem for some people who recently did work and need to recoup what they invested but that is the way it works.
The rising interest rate is what is holding people off but soon the 5-6 % rate will feel typical and people will be smarter about buying.
people have been looking farther out but the desired areas will still be in hot demand and someone will eventually pick up something that has sat for a bit. there is also a lot of newer "high density" housing that is allowing people who want to live in the city to do so without getting into a pissing match with other buyers

 

[comingdown]

i think home pricing is leveling out where it should be, NOT where people want it to be. too many people have been jumping on the home selling bandwagon because the market was rising. Just because someone next door sold their house for 285k doesn't mean you should list for 300k. it might be a problem for some people who recently did work and need to recoup what they invested but that is the way it works.
The rising interest rate is what is holding people off but soon the 5-6 % rate will feel typical and people will be smarter about buying.
people have been looking farther out but the desired areas will still be in hot demand and someone will eventually pick up something that has sat for a bit. there is also a lot of newer "high density" housing that is allowing people who want to live in the city to do so without getting into a pissing match with other buyers

This is correct. The unfortunate byproduct of a good economy is higher interest rates. I think this is gonna cause the market to slow down and level off temporarily but I don't foresee any major decreases coming.

But as per the original post, having witnessed homie by buying a house listed through homie and my wife dealing with them, just list it yourself or do a 1%. They have no urgency and can't seem to force themselves to care, and the owner ends up doing all the work anyway.

 

[nnnnnate]

I think the market slowing has to be based on price. My in-laws listed their house on halloween and got 11 offers from Friday to Monday. They showed it like 20+ times. They listed for 240 and were kind of thinking that it might need to drop but the offer they took was for 243. This is in T-Ville between bangerter and 4000 west and 5700 south.

With interest rates shooting up I was very anxious to get a rate locked in for our new construction. We finally locked at 4.875% but a week or two earlier I think we could have gotten 4.75% but whatever. Its not as good as the 3.5% we sold at but not as bad as the 6.01% we started our first house with.