For homeowners that are selling their home for the first time, the expenses of selling that home will often raise eyebrows. Many people do not realize that selling a home can be quite expensive, not to mention a bit of a hassle. When the outlook of the economy does not seem as sunny, people look for ways to downsize or reduce their monthly expenses. As the year 2020 comes to a close with many jobs lost and the economy remains on the balance, many homeowners are looking to sell to move to a new place in search of work or remove the headache of a mortgage they can’t quite afford any more.
Depending on the market, the seller will often have to pay closing costs or at least cover a good chunk of those closing costs. This is why homeowners that are looking to sell are focused on one thing: cutting costs. For many, looking for ways to save money and even expedite the process is an important part. There are many reasons why people are looking to sell their home quickly—whether it is a necessary move for work, financial troubles, or other circumstances. Whatever the reason, there is great interest in selling fast and avoiding getting caught in the long selling process. So we thought we’d look at some ways you might consider to save some money on selling your home.
Reduce Realtor Commissions and Fees
Realtor commissions are typically 6% of the selling price. It doesn’t seem like much, but take a moment to do the math and the amount might surprise you. If you haven’t owned your home for a few years, this might mean that you actually take a loss on the home. Let’s take an average home in El Paso at about $150,000. When using the traditional method and using a realtor, that means you are losing $9,000 on that sale.
Now, if you have not had enough time to build equity and pay off into the home, the chances that you are losing money are pretty high. So how do you get around these commissions? Well, you don’t really. If you are using the traditional method of selling your home, you likely need a realtor and that will cost. It is possible, however, to shop around and find a realtor that is willing to do it for a flat fee. Because of today’s competitive market, this might be a possibility. Also, some realtor companies might offer a 4% commission, so it is possible to shop around.
Skip Repairs and Reparations
It is possible to sell your house as-is. What that means is, you are looking to sell the home without making major repairs on it. It might be that your home is simply outdated, maybe it’s an older home with older features and appliances or there has been some damage done to the house. Upgrades to older homes take time and money to complete, so it will mean you will have to reduce the selling price or wait sometime before repairs can be completed. Selling the house as is also means you are likely to deal with investors that want to buy the property and are not willing to make any good offers.
Cut the Closing Costs
Other costs arise when selling a home through realtors. Closing costs can cause a big dent in your pocket. Some additional costs that come when transferring a home include:
- Title policy and insurance
- Attorney fees
- Property and transfer taxes
- HOA fees
- Escrow costs
- Brokerage fees
These are all expenses that will eat away at your possible profits. At the same time, typical closing costs won’t happen until the buyer has had time to inspect the house, and maybe they will like to order an inspection on it. All of this can extend the process to 30 days or more.
Selling With a Cash Buyer and Avoiding the Hassle
What we do here at El Paso Cash Home Buyers is just that: help the homeowner reduce costs and eliminate the headache and back and forth involved in a traditional sale. The process with us is easy:
- Call us up
- We view the house
- We make an offer
- You decide
There is no obligation in taking an offer or calling us. Our underwriting team here will work out a fair price based on market conditions, similar properties, and the specific condition of the home. This way, the repairs, and renovations are not necessary. You don’t have to worry about curb appeal or cleaning up the yard or fixing that leaky toilet. We take care of that.
If you are looking to sell your home in El Paso. Call El Paso Cash Home Buyers today and learn more about what we can do for you.
Has your home been on the market longer than six months? If it has, there are reasons behind it and some of them are no fault of your own. Selling a home in the El Paso market is tricky. While our beloved city is certainly expanding (Forbes once named it one of the fastest-growing cities since the 2008 recession), the real estate market in the Sun City can be a hit or miss.