The process of selling your house is probably a thing you’ll only have to do just a few times throughout your life. And unless you know a local Detroit real estate agent who will help you sell your house for free or even one that will give you a hugely discounted commission… it can be a real bothersome process and an drain on the pocketbook for you as well.
***Check out the video below to see your options of how to sell your house by yourself in Detroit MI***
So… you landed on this page about “How to sell your house by yourself in Detroit MI” because of a few reasons I’m guessing…
- You may have no or very little equity in your house so you aren’t afford to pay a real estate agent their commission
- You in fact may have equity but want to try to save money through the process of selling the house yourself prior to resorting to hiring an agent
- You are in foreclosure (or maybe nearing it) and just are in need of selling fast without incurring thousands in agent commissions
- You aren’t able to wait the months and months it sometimes takes to sell a house in the Detroit area in this market so you want to try to sell the house quicker
Which ever box you land in… there are still ways you can sell your house yourself here in the local Detroit real estate market.
Since 2013, the housing sector has been experiencing a recovery so if you try to sell your house now you can definitely be profitable if you do it right. However, with the recent set-back in the market no one really knows where it’s headed. But hopefully not too much will change in the near future and it will still be about using smart marketing strategies and being realistic about your expectations on what you want to achieve with this sale.
Hopefully you’ll find that the article will provide some tips to help you sell your Detroit area house yourself.
As an example we recently spoke to a couple in Metro Detroit Michigan, and they wanted to sell their Warren MI house fast. However they have a mortgage on the property that is approximately equal to the current value in its current condition, otherwise known as having no equity. We gave the homeowners some options which is one of the benefits of using a company like Amaze Properties, LLC – we can give you options and not just offer you a cookie cutter offer like other cash home buyers out there.
How To Sell Your House By Yourself In Detroit MI – Let’s Dive In
Here are 5 tips that will help you sell your house by yourself:
1. Know The Detroit Real Estate Market Well
The number one and most important step is performing market research on the neighborhood your looking to sell your house in the Detroit MI area. This step involves visiting various home marketing sites (Zillow, Eppraisal the Chase home value estimator, etc), calling a real estate agent or two to see what your home is worth, or you can even read yourself about the various market pricing techniques to learn how to perform them. By doing the homework on these issues, you will be able to come up with a right price for your house and help you to avoid making some specific selling mistakes.
If you don’t want to hassle with trying to come up with a home value yourself… give us a call at (586) 991-3363 and we’ll give you an honest fair valuation of what your house is worth on the retail market (if you’re going to wait the 3-6+ months to find the perfect retail buyer). And if you want to… we’ll make you a fair all-cash offer on your house to give you that option of selling quickly (we can close in as little as 7 days if you want to).
2. Assess the market
This step is near to conducting the market research like the previous step, only now you are bound to your neighborhood and similar houses. How many houses are for sale in your neighborhood here in Detroit? If there are enough, what is the average price that they are being listed for? How many foreclosures in your neighborhood? If there are a good number, this may drag your house price down.
3. Assess the house
As a house seller, your property should be in top condition or shape to be able to sell at a high price. Identify certain unique characteristics about it and emphasize them during the marketing. For instance, in Detroit, if the house has a driveway parking, it may be more attractive to buyers versus one with garage parking.
Also, does your house require repairs? Does it need to be repainted throughout the interior or exterior? What is the condition of the roof? Is the landscaping beautiful? Is the house outdated at all? (you know, those popcorn ceilings ;-). All of these items can make the house more attractive or less attractive depending on the buyer… which can easily modify the price these buyers are willing to pay.
After all of this… you’ll have to come up with an asking price for your Detroit home that is fair… which can mean that it is not too high that it will take you 12 months to sell the house… but also is low enough to get a plethora of buyers who are ready to buy it fast.
4. Use Photos or Videos
Detroit buyers are obsessed with media. Taking video walk-through’s of the property and using the videos to market it will enable you to reach a wider market. As a matter of fact, these videos are considered more transparent than taking photos. Don’t think that this should stop you from using the photo option since it is more affordable compared to the video.
So take some great pictures. Take a the pictures of each room in the house that will show it off. Take a picture of the house from the outside in a few different angles… people want to see the house before they ever show up to see it. So if you have great pictures of your house online, that could be the difference between getting the right buyer quickly… and waiting months and months to sell.
5. Get Your House “Listed” On The Local Detroit MLS And Market It
There’s ways to with technology to find no or low fee real estate brokers these days who will charge you only a few hundred bucks to put your house on the local Detroit MLS. This will place your house in front of all of the real estate agents quickly (so you’ll still have to be prepared to pay those “buyers” agents a 2-3% buyers broker fee if you plan to have their support in helping you find a buyer.)
Place an ad in the local newspaper, signs on the roads, and hold an open house.
All Of This Sound Like A Lot Of Work To Sell Your Detroit House Fast Yourself?
Yes, it definitely can be.
And in the end, many Detroit house sellers believe they would save money and time by marketing the house and trying to sell it themselves… but when it comes down to closing, it ends up costing them more money to go that route and even more time.
When you try to sell your own house here are some things you probably should consider…
- If you’re not a good marketer or are not ready to spend a bunch of time learning how to market and then start marketing your house right… selling it yourself may not be your best option
- If you don’t do a good job preparing the house and the marketing materials… and trying to work with buyers in a way that will increase the value of your house in their mind… it’s very possible that you could actually sell the house for 3-8% less than you may get versus if an experienced person marketed the same house for you
- Too many sellers never think about holding costs or opportunity costs… each and every month that your house does not sell and just sits on the market means another mortgage payment, tax payment, insurance, utilities, etc. If your mortgage payment is $1,500/mo… and $1,300 of that is interest… if it takes you 7 months to sell your house… that equals a cost to you of an extra $9,100 (not to mention taxes and insurance you paid during that time). However, if you were able to sell that house more quickly… doesn’t it make sense for you to provide a buyer a discounted price today so you can close quickly and move on? Just another option to think about.
If you would prefer not put up with the hassle of trying to sell your Detroit house yourself… and would rather just sell it quickly for a fair price without paying any commissions or fees…
… here at Amaze Properties LLC we actually buy local Detroit MI houses.
We would love to make you a fair, NO OBLIGATION and NO HASSLE cash offer on your house.
We can close quickly (in as little as 7 days if you wanted to close that quick)… which would save you thousands of dollars when compared to trying to sell the house yourself and waiting for months.
Also, when we buy local Detroit houses we do all repairs that are needed (we pay for it ourselves) so you don’t have to worry about performing those repairs.
If you want to see what we can offer on your house, give us a call today at (586) 991-3363 or just fill out the quick simple form through the link below.