Want to save a few bucks and sell your NJ home without a realtor? This article will go into detail about how to do it. I hope it clarifies some things for you and if you need my help selling your home contact me below.
Why Sell Your NJ Home Without a Realtor
The main reason is to save you money. Let’s face it, selling a house can get very expensive. This biggest part of the price is paying for real estate agent commissions. Commissions are always negotiable in New Jersey but it seems the average commission rate is 6% so if you sell your house for $300,000 you will be paying $18,000. This is usually divided between the listing agent and the agent who brings a buyer (buyer’s agent). On top of that you have closing costs, repair requests from the buyer, along with much more. Check out this link to find out the costs to sell a home in New Jersey.
Put Together your Team
Even if you bypass the real estate agents you will need to have some professionals in your back pocket. Here are a few you should look into.
- Attorney – An attorney will assist you in navigating your way through the pile of paperwork involved in selling a house. When working through the escrow period you never know what could come up. You’ll want to have all of your bases covered to make sure everything is legal and agreeable to you and the buyer.
- Title or Escrow Company – These will be the folks who will make sure the title to the home is transferred free and clear. They act as a third party between the buyer and seller. Think of them as a mediator.
- Appraiser – You may want to have your house appraised so that you have an accurate value to use as a guideline when listing. The listing price is up to you as the seller but having an appraisal performed will give you a great idea of what the house will sell for. If you list your home too high you may get no interest. If it’s too low you may get low ball offers come in that will be cheating yourself out of profit.
- Mortgage Lender – Having a mortgage lender’s number in your phone can come in handy. Let’s say you find a buyer who doesn’t really know how to purchase a house. They will most likely need to finance it and a mortgage lender can help them with that aspect.
Price your Home Just Right
If you do not want to spend money on an appraisal you can come up with a rough estimate of your home value yourself. Take a look at recently sold homes in your area from the past 6 months. Compare your house to these and pick a few that are similar in style, number of bedrooms, number of bathrooms, and square footage. Average them all together then multiply by your square footage and you will have your estimated home market value. Take in consideration condition and any upgrades.
Prepare Your Home to Sell as a FSBO
As soon as you have decided to sell you should begin preparations. Look at your house from a buyers standpoint. Give it a good cleaning inside and out. Throw out what you don’t need so you can declutter. Put in a little work on your landscaping. Make a few repairs if needed. However, I do not suggest putting too much money into it.
List and Market Your Home for Sale by Owner
Now it is time to get the word out on the street that your house is up for sale. You can list it on sites like forsalebyowner.com. Don’t limit yourself though. Since you won’t be on the multiple listing service (MLS) which blasts out to all the real estate agents you will want to advertise. Word of mouth works great so tell your neighbors. Post your listing on craigslist, local papers, Facebook… anything you can think of. Put a sign on the front yard. Hold a few open houses. You can really sell your NJ home without a realtor.
Should you Sell your NJ Home by Owner?
If you think it may be too much of a hassle to put all this work into selling your house, I’d love to help you out. I am a real estate agent in South Jersey (mostly Burlington and Camden counties) so if you’d like me to walk you through the process I’d be more than happy to. Let’s start with that free home valuation by filling out the form below.