Where Do I Even Begin?
You want to sell your Arkansas house but you don’t know how. Furthermore, you want to sell it as fast as you can while still getting a profit. What is the best option? How fast do you need to sell? Which route gives you the most profit? How do you navigate the housing market in Arkansas? Here are 3 different ways to sell your Arkansas house.
These questions are likely running through your mind if you want to sell. Thankfully, the good news is you are not alone. While the process can be stressful–but it doesn’t have to be!
There can be many different reasons to sell a house. Perhaps you need more space–or less space! On a related note, maybe you are going through a divorce or had a recent death in the family. Consequentially, finances could be tight and you are facing possible foreclosure. Regardless, the fact is no matter what your circumstances are it can seem overwhelming. Understandably, there is enough to be dealing in life without having to worry about your home too.
Doing What is Best For YOU
So where are you at? Maybe the decision to sell your house was a slow, thought-out process. Perhaps life circumstances require you to sell as soon as possible. Possibly, you need to sell your house as-is. Whatever the reason, there are options. Living in the golden age of the internet, you can consider these decisions in the comfort of your own home. Thankfully, you no longer have to leave these decisions to someone who has another motive. Instead, you can carefully weigh the options and decide which route is the best for you to sell your house in Arkansas.
The good news: there are different ways you can sell your Arkansas house.
How Fast Do I Want to Sell?
While your ultimate question is surrounding ways to sell your Arkansas house, there are other considerations that must be made.
First, ask yourself: what is your timeline? Do you want to wait out the Arkansas market and try to get the best offer? Or, do you want to sell and sell fast? These questions are vital to taking the first steps in the selling process. For example, waiting may allow you to find the right buyer. However, this may take some time, so you want to weigh the cost and benefit of waiting.
Another issue to consider is the money you spend during the wait time. For instance, how much is going into marketing your house? What price will you accept? Moreover, is this price hard and fast, or are you flexible? If you want to sell fast, you may get less money but fast results. Thus, as a first step, decide what your ideal timeline is for selling your house. Then, determine how flexible you can be with that timeline.
How Much Do I Want to Sell For?
The next thing to consider in selling your Arkansas house is your asking price. This component can play a vital part in deciding between the ways to sell your Arkansas house. Naturally, a lower price means a faster buy. Additionally, a lower price also means more will probably be willing to buy as-is. Furthermore, are you willing to bargain your asking price? If you sell at a higher price, it may take longer but maybe worth it. Another important question is how much is your house worth? Is your asking price suitable to your house?
Can you sell it as-is or does it need work to make it worth your price? These questions may seem obvious but sometimes these are where sellers get stuck. Too often, people get so stuck on a price they hold out indefinitely. However, this is not to say you shouldn’t try. You need to do what best suits your needs. First, though, you must consider what those needs are.
Consider your long-term goals
Remember, your selling price must be balanced with how much you can spend. For example, let’s say you put your house on the market. Your asking price is $175,000. Initially, you get potential buyers and hold open houses. Even better, you have a lot of foot traffic. Overall, things seem to be going well. Now, fast forward two years from now. You’ve spent the money on marketing and updating. Although you’ve had bites, no one has followed through. In fact, you’re taking all the steps, but the house is just not selling in Arkansas. Is it just not a good time to sell? Could it be the price? If you were to lower your price, just a little, would it make a difference?
Digging even deeper, did you choose the right way to sell your Arkansas house?
According to Arkansas real estate statistics, the median selling price for houses is currently $174,900. Furthermore, there are currently about 9,727 houses for sale. Essentially, you want to know the market. Thus, look not only for what houses are selling but what houses are not selling. Related to the question of price is the condition and quality of what you are selling. Does the price make sense?
Do I Want to Sell As Is?
Do you want to sell your house for more than its current worth? If the answer is yes, then it’s time to consider what changes will be the most profitable. According to Business Insider, there are a number of steps you can take to increase the value of your home.
- Replace/update kitchen cabinets, counters, and appliances.
- Update light fixtures.
- Freshen up the paint.
- Replace door hinges.
- Get new toilet seats.
- Touch up grout.
Fortunately, these kinds of updates, repairs, and touch-ups may be relatively easy to complete on your own. Furthermore, they may not be overly expensive. These simple changes may improve your house’s appeal. Sometimes, however, houses need a lot more work before they can sell for the desired price. For example, areas of consideration may include your roof, plumbing, electrical, and overall structural integrity.
Understandably, this is where some house owners may get intimidated. This is one of the reasons there are different ways to sell your Arkansas house. In reality, many simply do not have the funds to make these kinds of repairs on their own. For some, the best way forward may be to sell as is. Meanwhile, others may be in the fortunate position that their asking price is perfect for their house’s condition.
How Involved Do I Want to Be?
Perhaps you’ve read through all of this information. Firstly, you know approximately how much you want to sell your house for. Furthermore, you know how soon you want or need to sell. You may know if you should sell as is or if more work is needed. Now is perhaps one of the most important questions yet. How involved do you want to be? For example, some may prefer to be closely involved in the process. Consequentially, they want to know the details and, more importantly, they want to be in charge of those details. Others may want some involvement but need assistance. Lastly, some may just want someone else to take it out of their hands.
All of these options can work. Thus, what it really comes down to here is you and your house. Decide what feels best for you. What is manageable for you? How can you feel most confident about the process? Most importantly, which of the ways to sell your Arkansas house is going to meet your needs?
What Now? How to Determine the Best Way to Sell My Arkansas House
Hopefully, by now you have some ideas forming for what you want your house-selling experience to be. Now that you’ve gathered your information about your house you can compare the options based on that information. Here are three ways to sell your Arkansas House:
1. For Sale by Owner (FSBO)
This will likely be your best bet in the following scenarios.
- The cost of realtor is too expensive.
- You do not need to sell your house immediately.
- A great deal of work needs to be done on your house.
- You are capable of doing the work that your house does need.
If each of these applies to you, then this might be the way to go! Fortunately, the accessibility of the internet can make it much easier for house-owners to put their houses up for sale. According to real estate statistics from 2019, 52% of buyers found their home on the internet. Albeit, this is probably not surprising given the popularity of sites like Zillow. Therefore, FSBO may save you the most money in the process.
However, selling your house by yourself can present you with some difficulties. First of all, your ability to market your house. For example, when you sell on your own you can post on the internet but you have a restricted market. This is because houses may often be found online but are still through realtors.
2019 statistics estimated that 11% of homes sold were directly by the owner. The ways these individuals marketed their homes varied. A majority (36%) actually did not actively market their home. Meanwhile, others used online platforms, signs in their yards, open houses, and connections through families and friends. Thus, selling your house on your own may take some creativity. In order to address the restricted market, some have created websites specific to FSBO, such as FSBO Home listings. Although sites like this may be helpful but may not come up as high in the online results when people search for homes.
The National Association of Realtors also recorded the most challenging aspects of selling reported by individuals using the FSBO route. Notably, these included fixing and getting the home ready, selling for the desired price, and selling within the desired time-frame. While these are probably not a surprise but are important to consider.
2. Using a Realtor
Understandably, using a realtor is the most common route taken, accounting for 89% of sellers. Thus, it is likely this is an option you were already considering. There are many pros to using a realtor. First of all, they can guide you through the entire process. Moreover, they can inform you of the process and keep you involved. Also, realtors generally earn their commission from the final price of your house. The good news is this means they are highly motivated to sell your home. Basically, if your house does not sell, then it means no paycheck. Thus, not only do they want to sell but they want to sell fast.
The downside is a realtor’s commission tends to be around 5-6% of the final selling price. Thus, you want to consider how much you want to sell for and how much will go to your realtor. Let’s say you want to sell your house for $230,000. Meanwhile, your realtor gets 5%, so $11,500. This now leaves the amount you get at $218,500. Granted, your house may have sold faster and the process may have been less stressful. Once again, the ultimate decision is based on your needs.
These are some factors that may make the realtor route the right way to go.
- Your house is in great condition so you can get the price you want as is.
- The realtor’s commission is affordable for you.
- You are unsure how to navigate the housing market on your own.
- It is important that your house sells fast.
There is a reason why such a high percentage choose the realtor route, often you get fast results. However, if you don’t feel like the realtor route is right for your needs there is another option.
3. Sell to an investor
Many are familiar with the first two options. Specifically, you can sell your house by yourself or use a realtor. The option that many don’t consider is selling to an investor. Fortunately, An investor can give you some of the benefits of both of the above options. More specifically, an investor can use their resources to do the work that you may be unable to do. Furthermore, it can open up the window for either selling or renting. Additionally, an investor like Paranova Property Buyers, located in Little Rock, Arkansas, can come in and buy your house as-is. This means you can sell your house fast, with ease, and without paying anyone a commission. Moreover, investors like Paranova Property Buyers can give you a cash offer in as little as 24 hours.
Here are factors that may make this the best route for you.
- Your house needs a lot of work.
- The work is expensive and/or difficult to complete.
- You need to sell fast.
- A cash offer is best.
- You cannot afford a realtor.
If you have more questions about the investor route here is a list of frequently asked questions.
Now you know that you have some options. Although selling your house in Arkansas may seem daunting, it doesn’t have to be. Remember, whatever route you decide to take, it can be successful. Again, it’s just about what is right for you.