Enter A Formula In To Display The Owners Draw Percentage What If You Can’t Find a Buyer When Selling a House By Owner?

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What If You Can’t Find a Buyer When Selling a House By Owner?

One of the problems you may face when selling your home without an agent is not being able to find a buyer. This can cause all kinds of problems like making your payments on the house…which is even worse if the house is vacant. Another problem is if the house isn’t selling you won’t be able to move into the house you want until the current house sells.

Of all the reasons why a home may not sell on its own, there are 2 that make up most of the problems preventing you from finding a buyer.

1. Price

If you price your home too high in relation to market ranges, you will find yourself with a limited supply of buyers paying above market rate. This is even more important in regular to sluggish markets. Sometimes in really hot, bubble markets, it is possible to get high prices from a “buying frenzy” but usually those periods are few and far between. Most of the time you will be in a normal to slow market where you need to be competitive to attract buyers in that economy.

Now if you don’t know how to price your property to sell quickly, here’s an easy way to find out. Go to online real estate sites like Realtor.com or Zillow.com and find 3 to 5 homes in your neighborhood that have sold in the last 6 months. For each sale, take the sale price (not the listing price) and divide by the square footage to get the price per square foot. Take the 3 to 5 prices per square foot number and add them together, then divide them by the number of properties used to get the average price per square foot. Then take this average number and multiply it by your square footage to get the round value. Take this price and multiply it by 0.98 and that should give you a pretty accurate price of what your home will sell for. Now if you have some major upgrades or additions, or if your home doesn’t match the homes in your neighborhood, you’ll have to adjust for it. Otherwise, this simple formula will get you close to the price you need for a quick sale.

2. Marketing

The second most important aspect of selling your home by owner is aggressive marketing. Now if you listed with an agent, and they were at the top of their game, you don’t have to worry about that. However, if you’re handling the sale yourself, you need to get your property information out there…and in a compelling way. This means, you need to focus on the benefits of why buyers should buy your home over all the other properties on the market. Most people put an ad in their local paper’s classifieds (which doesn’t get the attention they used to) or just put some pictures and details on Craigslist and hope their phone gets off the hook. However, the reality is very different.

Of all the ways you can market your home, including listing it online on various housing sites, nothing stands out. Pound-for-pound, signs will get you the greatest exposure to qualified buyers. The key is to get them right. That means hand-drawn, unsightly signs placed at busy intersections using the right words that prompt shoppers to pick up the phone and call you. Also, a handwritten sign, preferably in bright colors, on your front lawn will get you a good amount of interest from eager buyers.

There is one more factor, although not well known, that can sell your home faster than full market value. And that’s selling with a lease option (also known as rent-to-own). It is only giving a qualified tenant/buyer 12 to 24 months to qualify for a mortgage. As you know, mortgage standards have become extremely strict these days. And many good people, who have income and are eligible, just got approved. You offer them a lease term to get their financing so they can close you for cash as they go through the loan. Selling on lease is also better this way as you get the net full market value, as you pay no commission or fees when they cash you out.

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