10 Secret Tips for Selling Your Wilmington, NC Home Yourself

Keys to Success

From the moment the “For Sale by Owner” sign goes up in the yard be prepared for the phone to start ringing. Unfortunately, many of those calls will not be from prospective qualified buyers, but rather from Wilmington real estate agents looking to obtain your listing. I know what motivates people to sale their own home, eliminate commissions and fees. Obviously, the idea of not having to pay a commission to a Wilmington area real estate agent is attractive to any home seller. But because of all the issues involved in the process, selling your property on one’s own can be challenging, as many home sellers will attest.

The key is good preparation. If you are not prepared, your Wilmington area could remain on the market longer than you expect because you are not attracting and getting offers from qualified buyers. Frustration will typically set in at this point and homesellers will consider giving up on their dream of selling their home themselves. However, there are sellers who accomplish selling their own homes. It is possible you could be one of them.

This industry insiders guide has been especially prepared to assist homesellers, such as yourself, to understand the process so you, on your own, sell your home quickly and for the most amount of profit. Before you take the ultimate leap of faith and sale your home yourself, you should review these tips listed below before you make this critical decision. If you are already having any doubts about selling your home yourself, contact me now!

1. Price it Right-It’s Critical
Correctly setting your asking price is critical. Setting your asking price too high can be as costly as setting it too low. Ultimately, local Wilmington market conditions will have an impact on the sales price of your home. Don’t allow your emotions or feelings to influence the price of your property. Objectively compare the price, features and condition of all similar recently sold homes in your neighborhood, which have sold in recent months. If you are not sure of the fair market value of your home, why not request your free Cape Fear Coast House-Values AnalysisTM.

2. Preparing Your Wilmington Home for the Market
First impressions are crucial. Now would be a great time to read my article “Creating Curb Appeal”. Be sure your home makes a positive statement by carefully inspecting all details and viewing it through the objective eyes of a buyer. Don’t overlook needed repairs and fix-ups, as your prospective buyers won’t. Competition is stiff and your job is to ensure your home stands out favorably from all the other homes on the market.

3. Legal Documents
Hang on it may start to get real complicated. There are many important legal contracts and documents you must assemble, complete and understand. A partial checklist of forms that you will require for prospective buyers and for legal documentation is as follows:

Seller Disclosure
Offer to Purchase and Contract
Mortgage Payoff
Loan Application
Deposit Receipt
Property Profile Fact Sheet
Buyer’s Cost Sheet
Closing & Settlement
Personal Property
Exclusion List
Property Survey / Plot Plan
Sellers Statement of Representation

4. The Marketing Plan
Unfortunately, it’s going to take more than placing a “For Sale” sign in your yard. You should find effective ways to spread the word about your property. Most sellers think the next step is to place an ad in the local paper. A few local buyers can be reached through the newspaper. This strategy is typically “hit and Miss”. The vast pool of qualified buyers can be found with a Realtor. You will want to target as many top agents as possible in your market and see if the search criteria of their buyers match that of your home. Because most out-of-town buyers search homes via the Internet, you will need to develop a website. Be prepared to spend several hundred dollars to several thousand dollars to “build” a site to highlight your home. By the way, always ensure someone is available to answer your phone, pick up messages promptly, and be prepared to give qualified prospects a tour of your home. Impromptu home visitors are common.

5. The Open House & Showing Your Wilmington Home
Try to keep your emotions out of the sale of your home. The best way to do this during an open house or showing is to remain physically out of the way. If a prospective buyer says something negative about your home, it is better to point out positive features to counter-balance this point of view. Don’t become defensive. Use common sense when hosting an open house or showing your home. Always be safe! A Realtor partner will act to insure your property is secure during an open house or showing.

6. Pre-Qualify your prospects
Don’t waste your time entertaining buyers who could never afford your Wilmington area home. Research their financial stability and creditworthiness. Research their job security, salary, debts, liabilities, and credit standing. Be aware this task could be time consuming.

7. Negotiate Effectively & Knowledgeably
There will be many details you will be responsible for before a sale can be considered ready for closing: price, terms, inspections, possession date, buyer concerns and objections. Make sure you fully understand the Offer to Purchase & Contract the buyer has drawn up so you can understand the details and ramifications to you and the buyer. Once you have an offer, you should have the document thoroughly examined by your real estate attorney. Let me know if I can offer my assistance in this area. While in the negotiation stage, manage the buyer’s interest in your home so that it doesn’t wane during negotiations.

8. Know Your Buyer
The primary objective during the negotiations is to control the pace and set the duration. If possible, try to determine what motivates the buyer (needs more space for an addition to the family). Does he or she need to move quickly? Do they have enough money to pay your asking price? If you know this information you will have an advantage in the negotiation because you will know up font, what you will need to do in order to get what you want.

9. Vacant Homes are Difficult to Sale
Studies indicate that it is far more difficult to sell a home that is vacant. It’s challenge for a buyer to visualize their belongings in a vacant home. The home looks forlorn and forgotten. It will also send negative signals to the buyer if the home is vacant as you will be telling buyers that you have a new home and you are motivated to sell fast. This could give a buyer an advantage in the negotiations.

10. Know why you’re selling and keep it to yourself
Your motivation will help you determine your priorities: The money you walk away with, the length of time your property is on the market, or both are important factors to consider. Your stated goals will dictate different strategies. Because you have chosen to sell your home yourself, a motivating factor is obviously saving money and not necessarily saving time. Whatever your reasons, it is very important to keep yourself from being taken advantage of at the negotiation table. When asked why you are selling your home, simply say your housing needs have changed.

As you can see, selling your own home is a complicated task. Historical data indicates a large majority of homesellers place their listings in the hands of a skilled real estate professional. As your Wilmington real estate professional, contact me if you need any assistance selling your home.