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Real Estate Information |
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Selling a House is Easy
The thought of selling a house strikes fear into most people. The contracts, the legalese, the exorbitant costs - they all conspire to make the experience unpleasant at best, and a nightmare at worst. It doesn't have to be that way, though. Let's take a look at three different scenarios for selling the same house. We'll assume an average house in an average town in America, whose market value has been established at $150,000. Scenario 1: A Traditional Home Sell If the value of the home is $150,000, a realtor will often suggest a list price of $149,900 - and rightfully so. Although you lose $100 before the house ever goes on the market, studies show that buyers actually see a difference in the two prices much greater than $100, so the ultimate benefit outweighs the initial loss. Statistics show that the average home sells for 90 to 95% of the asking price, so let's suppose you accept an offer of 93% - or $139,400. That's not bad, but it's not what you actually walk away from closing with. There are several other costs that figure in. The realtor, on average, will take a 6% commission. That reduces your price by $8,360 to $131,040. The average seller contribution to the buyer's closing costs is 3%, so your final amount is reduced by another $4,182 to $126,858. Add in $1,000 or so in realtor-recommended upgrades to make the house show better, and your ultimate take is down to $125,858. The other factor is how long it takes to sell the home. After finding and interviewing realtors, going through the listing appointment and getting the home into the Multiple Listing Service (MLS), your first offer usually will not come in until more than 30 days from the point at which you decided to sell. And from the point that the offer is accepted, it then often takes 60 days or more for the sale to close. So an average home in an average American town will take more than 90 days to sell, and the homeowner will walk away from closing with just 84% of the home's actual value. Scenario 2: Using a Discount Realtor A home selling method increasing in prominence across the U.S. over the past few years has been the use of a discount realtor. These services take a much smaller commission, allowing you to pocket anywhere from 2 to 5% more of your initial asking price - as much as $7,500 for the average house in our example. The downside of discount realtors is that they often provide services much more limited than a full-service realtor, and while your home does get listed in the MLS, it's frequently not shown by other realtors specifically because it was listed through a discount realtor. In fact, the Wall Street Journal reported in May 2005, that U.S. antitrust regulators are preparing to file suit against the National Association of Realtors for practices they believe are intended to stifle Internet-based rivals and discounters. So until those practices cease, selling a house through a discount realtor, while cost-effective, may lead to a time-to-sell much longer than the 90 days under a traditional realtor - still a good route if you don't need to sell right away. Scenario 3: Selling to a Professional Home Buyer Another home selling method that is growing in popularity is selling the home to a professional home buyer or real estate investor. These individuals will buy a home for 80 to 90% of its market value and can usually close in 10 days or less. It's free to get an offer from a home buyer, and there's no obligation. Under this scenario, you could easily walk away from closing with more than you would under a traditional scenario and do it in less than two weeks. Additionally, you set the timetable for closing. If you need to sell the house in two months instead of two weeks, the home buyer works on your schedule, instead of the other way around. The downside of going through a home buyer is the risk of working with someone unscrupulous who doesn't mind taking advantage of you. There are any number of ways to get ripped off and be left with no home and no cash - or, worse yet, no home, no cash, and a mountain of debt. To prevent that, be sure to read "We Buy Houses" Scams - How to Spot Them and How to Avoid Them. So going through a home buyer, the average home in our example could sell for just as much as through traditional methods, but sell in just 10 days instead of 90 days or more. Conclusion These scenarios all assume an average house in an average American town, so your actual experience could vary significantly. Homeowners in red-hot real estate markets like areas of California and Florida, for example, frequently receive offers matching, or even exceeding, their asking price. So it's imperative to review all your options before you sell. Non-traditional methods are gaining in prominence because they're a very viable, and often better, alternative to going through a traditional realtor. They deserve a good look the next time you decide to sell a house. Duane LeGate is president of House Buyer Network, one of America's largest networks of home buyers. Since 2002, they have helped more than 45,000 families and individuals who needed to sell a property fast-processing more than $7.5 billion in property during that time.
MORE RESOURCES: Residential real estate developers cut jobs as downturn deepens The Globe and Mail Russian Demand for U.S. Real Estate Surges 78.5% The Moscow Times Nantucket’s Workers Are Living on the Margins The New York Times What renters really want | Real Estate Newsletter Inquirer.com NYC Real-Estate Execs Throw Money Behind Adams to Counter Rise of Mamdani The Wall Street Journal WA real estate firm fired woman for reporting harassment, lawsuit says The Seattle Times Commercial real estate update: As big box brands buckle, the three A's can save the day Tallahassee Democrat Compass to share exclusives — if brokers, MLSs play by 2 rules Real Estate News by RealEstateNews.com How downtown Natick MA has become a focal point for redevelopment MetroWest Daily News Real Estate Transactions sungazette.com A Look At Plymouth Co Real Estate Numbers WATD 95.9 FM Real estate inquiries by wealthy New Yorkers into Florida properties jump 50% after Mamdani primary win Fox Business Dawson County weekly real estate transactions, July 11 Central Nebraska Today Homes for Sale in Manhattan and Brooklyn The New York Times Florida real estate: See the most expensive home sales across the Treasure Coast in June Treasure Coast News Real estate news: 18-unit apartment complex in Surf City fetches $7.4 million Orange County Register Fond du Lac County property sold for $700K in real estate transfers for June 30-July 3 fdlreporter.com Jackson State To Offer Real Estate Course Radio NWTN Business Spotlight: Trujillo Commercial Real Estate Group The Paso Robles Press The Seyon Group Acquires Industrial Portfolio in North Andover for $12.5 Million Boston Real Estate Times Queens real estate trends: What buyers are looking for, according to Compass agent Thomas Caramanno Queens Post How a legal battle of real estate titans affects home buyers Straight Arrow News Agent-built AI chatbot serves up real advice with a sense of humor Real Estate News by RealEstateNews.com Michael Guthrie discusses real estate uncertainty amid Charlottesville zoning freeze Cville Right Now TRS Texas commits $675m to real estate Private Equity Real Estate | PERE Navigating Trump's Tax Megabill: Winners and Strategies in Real Estate, Manufacturing, and Energy AInvest RLTY: Reasonable Real Estate Income For Now (NYSE:RLTY) Seeking Alpha Real estate feels weird right now — but not broken Rome Sentinel Why mid-sized real estate is finally going solar pv magazine USA Local casino architect lists home in The Ridges Las Vegas Review-Journal NEO's industrial real estate market loosens slightly but remains tight Crain's Cleveland Business Hawaii residential real estate experts on negotiating and marketing homes in 2025 The Business Journals WINA Real Estate Analyst Michael Guthrie Cville Right Now Top Manitowoc real estate sale was $2.2 million for week of June 30-July 2 Herald Times Reporter Real Estate Marketplace Pacaso Remains Focused On Global Expansion With New Listings Crowdfund Insider Mortgage Rates Today – July 11, 2025: 30-Year FRM Spikes After a Period of Stability Norada Real Estate Investments SDCERS to lift infrastructure allocation as it trims real estate IPE Real Assets Could tariffs dampen Las Vegas’ burgeoning luxury real estate market? Las Vegas Review-Journal The real estate vision of Little Man Ice Cream's Paul Tamburello The Business Journals Mortgage Rates Rise Back This Week After a Series of Positive Drops - Norada Real Estate Investments Mortgage Rates Rise Back This Week After a Series of Positive Drops Norada Real Estate Investments A tale of two Floridas: Real estate industry torn over DeSantis' push to eliminate property taxes Fox Business Interest Rates Predictions for the Next 2 Years by Goldman Sachs Norada Real Estate Investments News of public record: Coshocton County real estate transfers Coshocton Tribune The FARE Act Doomsaying Hasn't Come to Pass—But NYC Real Estate Brokers Are Still Playing Games Hell Gate ‘Ongoing stagnation’: Real estate fundraising stays muted in H1 Private Equity Real Estate | PERE What properties sold in Chatham, Bryan and Effingham counties this week? Search our list Savannah Morning News Luxury Real Estate Company Unveils ‘Flathead Lake Club’ Proposal in Lakeside at First Public Hearing Flathead Beacon Lancaster County hits new real estate record LancasterOnline Real estate investors are purchasing more U.S. homes as high prices lock out would-be buyers CBS News Tampa real estate investment firm under investigation for potential deceptive practices Florida Politics Solano Real Estate Transactions: July 11, 2025 Daily Republic Digital Business Cards for Real Estate Agents: Stand Out in a Competitive Market Charleston Gazette-Mail Staten Island real estate 2025: Housing inventory plummets as prices climb, report says - SILive.com Commercial real estate leaders join UofL's new Real Estate Center board to shape future talent The Business Journals Banner Real Estate Group breaks ground on The Faywell multifamily community in downtown Wheaton Chicago Agent Magazine Berkshire region real estate sales – July 11, 2025 The Berkshire Edge Department of Taxation and Finance dos.ny.gov Two distressed Loop landmarks hit the market with an eye toward apartments Crain's Chicago Business Q1 Earnings Roundup: Apollo Commercial Real Estate Finance (NYSE:ARI) And The Rest Of The Thrifts & Mortgage Finance Segment Yahoo Finance Real Estate Transfers Rocky Mount Telegram Providence Hill Real Estate owners buy office building near Tuckahoe HQ Richmond BizSense 2025-2030 Five-Year Housing Market Predictions U.S. News Real Estate |
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