Did you know that selling your house can be costly? Expect to pay roughly 6% or more when you sell your house! That can be thousands of dollars in commissions, repairs, holding costs and fees! There are many ways to reduce those costs when you need to sell your house in New Jersey. In our latest post, we explore how you can cut costs on the sale of your home or investment property.
Selling a home in New Jersey can be expensive. While some properties perform very well on the MLS, others require much more work. Below are some great ways you can save money when selling your NJ property.
Work With A Direct Buyer
Working with a direct buyer will help you avoid all costs you would typically encounter when selling your house with a realtor. By avoiding the “traditional” listing on the MLS, Zillow and Trulia, you will be able to save a lot on the selling costs. And we’re not just talking about the realtor commission (usually 6% or higher), but also the cost to keep the property until it sells (it could take several months for someone to buy your house), cost of fixing and cleaning the house up and the most important, the cost of YOUR TIME. If you choose to work with a buyer such as Orange Sun Investments, we won’t ask you to clean up or show the house. There are no marketing costs to factor in or other selling expenses to worry about. Plus, by selling quickly, you will no longer have to pay ownership and maintenance costs such as the monthly utilities, property taxes or homeowners insurance.
Sell Your House On Your Own
That is known as FSBO – For Sale By Owner – Selling the house on your own can help you avoid the realtor commission costs, but to sell your house on your own requires at least a little bit of real estate knowledge, as some of the terminologies and procedures could get complicated for someone without the proper experience. Also you should know the market conditions, if it’s a buyer’s or seller’s market, days on inventory, average and median asking price, and be able to professionally show the house to prospective buyers. That can require many hours of work, and typically FSBO’s take longer to sell than working with an agent or selling via a direct sale to a professional buyer.
If you decide to sell the house on your own (FSBO), the house should be thoroughly cleaned. You will want to go beyond just a standard cleaning, taking it to the next level cleaning things such as the ceiling fans, the tops of cabinets, inside the appliances and stains from the carpets. Many people choose to hire a team of professionals for a true deep cleaning of the home. It’s also important to maintain the house clean during the whole listing period, as you never know when someone will show up to see your house!
Choose The Right Repairs And Upgrades
When making repairs and upgrades to a house you wish to sell, it is important to choose the right ones. Doing big renovations and repairs are usually not recommended since it will be costly and take a long time to be concluded. Instead, focus on small projects that will have a greater impact on prospective buyers, like changing lamps and making the house lighter, paint some walls, clean up the front yard and entryway. Try to make a good first impression!
Sell Your House In “As-Is” Condition
When you choose to sell your house in “as-is” condition, you will avoid any repair costs that come up when selling the house. Orange Sun Investments will buy your house as-is, or you could choose to advertise it in a listing as such. The thing of listing the house “as-is” is that you’ll probably keep away the vast majority of the buyers that are looking to purchase a house that they can move-in as soon as possible, without having to handle renovations.
Know Your Buyers And Market Accordingly
When you know who is buying in the area, it makes it easier to market to them. Families are looking for different things than college students are. Empty nesters might be wanting something slightly different than young, singles. Take a look at the demographics of buyers and renters in the area and market your New Jersey house accordingly. By attracting the right people to your house, you will have a much easier time selling it.
Utilize Free And Low-Cost Marketing
While many listing sites charge an arm and a leg, you can use social media sites to advertise your property for free or for a very small charge. Know how to leverage your contacts and friends on Facebook, Instagram, Twitter and Linkedin. Post the house to local groups on Facebook, and also use Facebook Market and Craigslist to advertise your house. Those are all free options that could have a good return. People are visiting these sites anyway, so right away you are getting the house in front of many people without even trying. Or you could use great photography, advertising the property on Instagram with the proper hashtags. Some people will create videos to share on youtube or other social sites.