The cheapest way to sell a house or property in Utah may take some creativity, but today we’ll discuss 4 possibilities; one of which you might not be too familiar with. If you’re considering selling your house then you’re probably interested in saving as much money as possible during the whole process. But what is the cheapest way to sell a house or property in Utah? The answer may surprise you!
Working with a Realtor
Working with a realtor is unfortunately the most expensive option for selling your house. You might decide that it’s worth it to pay the realtor fees in exchange for their services, but if you need to save as much money as possible while selling your home then this isn’t the choice for you.
What could end up being the most expensive part of selling your house is the real estate agent’s commission. In most cases this fee will be anywhere from 5 to 6 percent of the total selling price, so an average Utah home of $300,000 could cost at least $15,000. Ouch. The good news is that the commission fee is usually split between the seller’s agent and the buyer’s agent.
Working with an agent can lead to other costs depending on your realtor. A realtor might encourage costs such as staging your home or professional photography, extra expenses that almost always guarantee a higher selling price but also a hefty fee to be paid before closing.
If you do decide to work with a realtor you can save money by looking for a flat-fee agent. These types of agents will sell your home for a flat fee which is generally less than the industry average.
Consider what repairs and renovations your home might need. An expensive need for a new roof or updated carpet could set you back thousands of dollars before you even put your house on the market. If you have experience then you can save money by doing the work on your home yourself, but don’t try a DIY if you’ve never done it before–shoddy work can hurt your selling price even more than leaving the work undone.
Can you afford realtors fees and the cost of preparing your home to sell? These are factors to consider when looking for the cheapest way to sell your house.
A Flat-Fee MLS Listing
There are companies that offer to list your home on the MLS, the database used by real estate professionals to find and list properties for their clients, for a flat fee. This can end up being one of the cheapest ways to sell a home because the rates for a flat listing are not too high (we’re talking hundred+ dollars compared to thousand+). One thing to be aware of is that these type of listings require you to offer commission in the MLS to buyers’ agents, so if your home sells to a represented buyer you could owe the buyer fee of up to 3% of your sale price in commission.
Whenever you work with a third party site make sure to do your due diligence and vet the company before handing over your money just as you would when choosing a realtor to work with.
For Sale By Owner
By far what could be one of the cheapest ways to sell your home is to go the For Sale By Owner route, also called FSBO. You’ll find websites geared specifically for the FSBO audience that will charge very little or no fee at all to list your property on their site. You can list your home on Utah sites like KSL.com and Craigslist and even Facebook Marketplace. Purchase a For Sale sign and put it in your front yard and starting sharing the info online for friends and family to spread the word!
If you’re going to go this route make sure you don’t cut too many corners, such as posting pictures of your home if you have zero photography skills. You still want to get what you can out of your home and if you are doing a for sale by owner then you are the one responsible for showings, paperwork and making your house look good to potential home buyers.
Keep in mind that you may get less exposure and offers by going the For Sale By Owner route. Agents use the MLS on behalf of their customers to search for potential properties and your home won’t be listed there, catching the eye of every buyer working with an agent. Determine if you’re willing to put in the time and leg work to sell your home FSBO in order to sell your home without spending a lot of money.
No Matter which of these three options you choose, there is a chance that you’ll end up paying closing costs. Generally the buyer pays closing costs, so plan to work that into the contract to help save yourself some money. If you get stuck paying closing costs then that’s another 2-4% of the sale price that goes to title policy and insurance, property taxes and escrow costs to name a few.
Selling to a House Buying Company
The cheapest — by far — way of selling your home is work with a cash buyer, a house buying company like Gary Buys Houses. Cash buyers will give you a quick cash offer on your home and can close in as little as 5 days. No fees, closing costs, repairs and renovations, fancy photos and staging, listing fees or time spent showing your home, negotiating and working out the details on your own! Gary has been investing in Utah properties for more than a decade and has happy customers and trusted reviews that can show you just how easy it is to work with a cash buyer to sell your home cheaply and quickly. Contact Gary to get a fast cash quote today!