There is more than one way to sell your Connecticut house! So many people get wrapped up in the idea of listing, that they don’t explore all of the ways a home can be sold. Many people miss out on saving time and/or money by using the only solution they know how. There are many different ways to sell a house.
In this article, we will break down the pros and cons of each do you can make a smart and well-informed decision about how you wish to sell!
Pros of Direct Sale a House:
A direct sale offers many benefits people will often look over. It can save you a ton of time. Many people who make direct offers are paying in cash, so there is no waiting on the banks to secure the loan. This means you can sell your home in as little as a week! A quick sale will immediately end your financial obligations to the home such as insurance, utilities, and taxes. In addition, if you are not working with an agent, you will be able to save a ton of money on commissions, agent fees, and listing costs. Direct offers often will not require any cleaning, repairs or upgrades to be done to the home. This is also a big money saver in these direct sale situations, unlike a traditional sale through an agent where buyers typically get inspections and then will ask or require you the seller to make repairs and updates to the home. There is also no waiting on countless walk throughs by prospective buyers and no open houses. There’s no need to stage your home and there’s no need to put things away or rearrange furniture etc. Direct sale will let you get a great price for your home, without having to wait. You can start planning your future now because right away you will know how much you are getting for your home and when.
Cons of Direct Sale a House:
The final sale price on a direct sale is often lower than retail.
Pros of Selling Yourself:
You are in control of everything. You will have all the power and be able to decide your best course of action. Once you sell, you won’t have to deal with paying an agent’s high commission.
Cons of Selling Your House By Yourself:
You are in control of everything. You have to do all the work! You are in charge of advertising, dealing with potential buyers and their agents, reviewing contracts, handling negotiations, dealing with title companies, figuring out what your house is actually worth, paying for professional pictures, paying for staging services etc. It can be a huge headache if you aren’t familiar with the process or the paperwork. You may need to seek legal counsel to get questions answered which obviously will be a costly expense. And because it is your house, you might not be all business, and will instead operate with emotion. You cannot become offended by low offers, or overprice the house when you know it isn’t worth what you are asking.
Pros of Working With an Agent:
A good agent will take care of the sale on your behalf. A GREAT agent will go above and beyond, helping you transition into a new home and helping you figure out what to do with your current home, if anything, in an effort to present it as best as possible. An agent should have connections and be able to offer resources to get you settled. Take advantage of the services at their disposals such as photographers and professional stagers. This is why you are paying them such a high commission!
Cons of Working With An Agent:
If you sell with an agent, you will be responsible to pay 100% of the commission owed to them. This is typically about 6% of your final sale price, this means both your agent and the buyer’s agent. In addition, you will be paying about 2% of the final sale price, toward closing costs. You will also have to pay up front to get the house ready for listing. This includes a professional cleaning, making repairs and cleaning done on a constant basis. You still live in your house but in a sense it’s not your house anymore to do as you please as you have to keep it “showing” ready at all times because you never know when a prospective buyer will want to see it. There are also no guarantees on when it will sell. You will not know how much you are getting or when you are closing until the very end! Many mortgage underwriting processes can take quite a long time.
There are many ways to sell your Connecticut house. Before you do anything else, make sure you fully research the options available to you. Don’t settle for one option until you learn what other selling methods will mean for you!