If you found our site, you're probably looking to sell your
home in the Washington, DC metro area. We're
glad you found us! In this article we
hope to provide some high-level information about how to sell your home in the
Washington DC area and help you evaluate some different options on how to sell
your home.
SELLING YOUR HOME IN WASHINGTON, DC - THE WHY?
Before you think about how to sell your home and what
process to use, first figure out what's the main driving factor as to why you
are selling your home. With many people
it's an easy and apparent decision, but knowing what your priorities are when
you are selling your home can truly help you evaluate what is important and
what to focus on when choosing your home selling method.
Many people actually decide to sell their home because of a
outside factor – meaning something is influencing them to sell and drives many
of the decisions and goals related to selling their home in Washington DC. For example, a job relocation, a divorce, an
inherited home, major repairs, and a host of other factors are some reasons why
people choose to sell their home. Understanding
why you need to - or want to - sell your home is an important consideration that
will influence what is the best avenue for selling your home.
SELLING YOUR HOME IN WASHINGTON, DC - YOUR GOALS
Similar to why someone is selling their home, many don't
focus on determining what is most important to them when they're selling their home. The easy answer for most people is maximizing
their return on investment – also known as selling for the highest price
possible. That should be on everybody's
radar screen but there are other important goals and considerations to take
into account when you're selling your home in Washington, DC.
Things that can be very important to home sellers that are often
overlooked until it's too late are factors such as: time (both how long it takes to sell as
well as time required on your part to sell your home), effort (how much of your
effort will be required to sell your home), risk (the ability to sell your
house as is or minimize potential issues with buyers), and many other factors
that may influence individual decisions to sell.
HOW TO SELL YOUR HOME IN WASHINGTON, DC - YOUR OPTIONS
When you're looking to sell your home in Washington, DC
there are three main options to get your property sold.
1. Selling Your Home in Washington, DC with an Agent
Far and away the most frequent way that people sell their homes
is through a real estate agent or realtor. Agent
and realtor sales make up over 80% of the real estate market in the metro
Washington DC area. Agents can help you
through the entire sales process and offer the most comprehensive way to have
your home seen by potential buyers.
However it comes with a cost as you pay hefty commissions, fees and
closing costs and you must be significantly involved in the process – spending
lots of time with your agent and getting your home ready to sell.
Selling with an agent also takes a significant amount of
time with the average length taking well over three months from start to
finish. Even in a hot sellers market
like we are currently in, it is not unheard of for it to take much longer. Most people don't consider that during this
time they are having to pay mortgage, utilities, taxes, insurance and other
carrying costs associated with owning a home.
These amounts should be taken a consideration when listing with an
agent.
Pros: Market
Penetration, Visibility to Sellers, Process Driven, Market Prices
Cons: Cost
(commissions and fees), Time to Sell (can take 3 months+ to sell), Repairing +
Staging House Critical to Value, Effort (seller required to be involved at
all steps)
Many people are interested in selling their home for sale by owner. The main draw for a FSBO sale in the Washington, DC area is the ability to save tens of thousands of dollars on commissions, fees and closing costs. Since the median sales price of homes in the greater Metro DC area is quite high – saving 6 to 10% of a sales price by avoiding realtor commissions and closing costs is a very appealing consideration.
2. Selling Your Home For Sale By Owner in Washington, DC
Many people are interested in selling their home for sale by owner. The main draw for a FSBO sale in the Washington, DC area is the ability to save tens of thousands of dollars on commissions, fees and closing costs. Since the median sales price of homes in the greater Metro DC area is quite high – saving 6 to 10% of a sales price by avoiding realtor commissions and closing costs is a very appealing consideration.
A for sale by owner listing however requires significant
time and effort on behalf of the seller.
Additionally, most sellers do not drive enough traffic and thus listing
times for for sale by owner properties are significantly longer than market
listed properties. Also, sales prices
tend to be lower than a market listing and thus the true ability to save money
on a for sale by owner home sale depends on how much lower you sell your home
for versus what you would've gotten from a market listing.
The time and effort to sell a home for sale by owner can be
significant – especially if you're not familiar with the process or are
hesitant to take a entrepreneurial and proactive approach to selling your home.
Pros: Save Money on
Commissions, Total Control
Cons: Significant
Effort, Usually Long Sales Cycle, Usually Lower Sale Prices
3. Selling Your Home to a Private Home Buyer in Washington, DC
A third option that many people don't consider as much as they
should is selling to a private home buyer.
We are not talking about the folks that put a sign at an intersection or
on a street post or the "we buy ugly houses" types. Most of them have poor reputations and are
looking to exploit people and make low ball offers. However, each metro area – including
Washington, DC – usually has a few large and well respected private home buyers
who are not just reputable but also offer a compelling way to sell your home.
Private home buyers can buy your home very quickly - often in
a week or two. While some do provide
offers that are lower than what one might list a property for, some actually
offer sales prices that are competitive to an all-in price after you take into
consideration commissions, closing costs, caring costs and other fees
associated with selling your home through an agent. In fact, some home buyers can actually put more money into your pocket then a traditional real estate sale can.
Similar to a for sale by owner listing, there are no fees,
commissions or other costs associated with selling to a private home
buyer. Additionally most home buyers
will buy your property as is – meaning you have to do absolutely nothing to
your home before you sell it – not even take out furniture or junk that you don't
want.
A solid private home buyer in Washington, DC can be a strong potential way to
sell your home. Just find the right one
(like us in Washington, DC ;-)
Pros: Fast Sales (1-2
weeks usually), As-Is Sales (don't do anything), No Commissions or Fees,
Potential For More Money In Your Pocket (all in sales).
Cons: Finding a
Reputable Home Buyer, Below Market Offers (depending on buyer)
CONCLUSION
So when you're looking to sell your home in Washington, DC
remember to evaluate why you are selling and what your goals are. Then strongly consider all three options when
looking to make the most of your home selling process.
