Whether you’ve decided that you’re ready for a change or circumstances may be forcing you into the decision to sell your home, take a moment to familiarize yourself with these 5 ways baby boomers can sell their homes in Detroit.
Hiring a professional real estate agent to assist you in selling your home is one of the ways baby boomers can sell their homes in Detroit. Listing your home on the real estate market with an agent means that you’ll likely need to update the home on the interior and exterior. There will also be showings with both of these methods of selling, so you’ll need to consider living under the pressure of having your home picture perfect at all times. To top off the discomfort that can accompany showings there is no guarantee that your home will actually sell on either market.
For sale by owner (FSBO) is one of the ways baby boomers can sell their homes in Detroit. Due to the time consuming and demanding nature of this undertaking, it is important to understand if this avenue of selling your house is right for you. While the attractiveness of this method of selling is understandable, in that you’ll be keeping the commissions you would’ve paid to an agent. More often than not sellers regret entering this highly complicated transaction, making errors due to inexperience could end up being far more costly than any savings you may realize. You could even wind up in court due to your lack of awareness regarding the local, state and federal laws governing real estate. It is difficult to enter into negotiations for yourself, especially due to your emotional attachment to your property. You’ll need to understand the current market and your competition because setting the right selling price can mean the difference between a quick sale and sit on the market for so long buyers begin to believe there’s an unseen problem with your home.
While many boomers purchased larger luxury homes, these aren’t the homes today’s buyer is seeking. In order to open your property to a broader buying base, seller financing is another way baby boomers can sell their homes in Detroit. Understandably, if you’re under a time crunch, this option may be more appealing despite the risks you’re taking on. For many, becoming a landlord in retirement wasn’t the plan and while not the first choice, may be a viable option. You’ll need to enter this type of arrangement with your eyes wide open. Firstly, you’ll be dealing with buyers who likely weren’t able to secure traditional financing for a mortgage. While buyers are responsible for the property as if it were theirs, it’s highly possible that you could end up holding the property yet again and have to go through the process of finding yet another buyer.
Rent to Own
Another way to open your possibilities is to consider renting the home, with an option to buy after a specified period. While it’s not a guaranteed sale, it is yet another way baby boomers can sell their homes in Detroit. Again, this has its risks as you’ll still be the one responsible for the property.
One of the quickest ways baby boomers can sell their homes in Detroit is through a direct sale, usually, the process is complete within a matter of weeks. Now, whether you list with a real estate agent or sell the home yourself as an FSBO, remember that the costs of advertising and getting your home ready for buyers will fall on you, along with all of the legal risks in the long run. It’s highly likely you’ve been in your home for more than a short term, and you aren’t selling a brand new property. Because you’ll need to have the home appraised and inspected as well, be prepared for unexpected expenses. it’s wise to get an appraisal when you’ve decided to sell your home. You’ll also need to consider the amount of time any project could take, costs for this work, as well as budgeting and carefully scheduling any professionals you’ll need to hire for any necessary repairs. In this way, you will have a more realistic accounting to rely on for the true potential of profit you could realize on your home as well as how long of a time period you’re facing just to be ready to sell. In a nutshell, selling directly eliminates any concerns about affording to sell or the amount of time it will take.