Best Way to Sell Your Home in Wichita

You Have Options on Selling Your Home in Wichita, KS

There are different ways to sell a house, and everyone’s situation is different. The best way to sell your home in Wichita, KS is different for each individual/family. We are going to cover the four mainstream ways to sell your house: sell with a real estate agent, sell it yourself (For Sale by Owner know as FSBO), sell it at auction, or sell to an investor.  There are pros and cons with each of those three choices. Many people fearing that their house won’t sell with an agent end up losing homes to foreclosure (i.e. bank or tax sale) or lose a considerable amount of money because they were not aware of their options. The most common way that people think of when selling a house is through a real estate agent. But you have options. There is no best way for everyone. Below are pros and cons of each choice for you to consider when it comes to finding the best way to sell a house in Wichita, or any other town.

Sell Your Home With a Real Estate Agent

Pros

  • Access to the Multiple Listing System (known as MLS).
  • Can sell your house at the going market price.
  • A good agent will walk you through and support you at each stage of the sales process.
  • An expert agent will negotiate strongly to get you the best price.
Real Estate Agent Wichita KS

Cons

  • You have to pay the agent a commission, which is deducted from your profit. Commissions for the transaction typical total 6%.
  • Your buyer will likely request financial concessions from you (like closing cost help) or make requests for repairs prior to purchase.
  • Depending on your market, it can take as many as 6 months (or more) to get an offer. Once you receive and accept an offer, it’s typically another 45 days to closing. During this time, you will need to continue paying for the upkeep of the property including mortgage (if applicable), taxes, maintenance costs, and utilities.
  • Your house will generally need to be in very good condition to garner the maximum price or close to it. This means that it should be up-to-date with very few flaws that need fixing. Today’s buyers generally want a home that does not require any work to be done. In their eyes, the home is new to them. Therefore, it should be in “like-new” condition.
  • This one’s a catch-22: If you’re lucky, you’ll have lots of people coming in-and-out of your house for showings. The downside: you’ll have tons of people walking in-and-out of your house at all hours, which can get really old really fast.
  • You can expect to have approximately 11% of your profits deducted at closing due to the above. For example, if you are selling a house for $100,000 and owe $25,000 on the mortgage, the commision and other costs will average $11,000. That leaves you with $64,000.

Selling with a real estate agent is a good option if you can wait a few months, want to sell for full market price, and your home is in very good condition. If your home needs work, and/or you need to sell quickly, this probably isn’t the best option for you. Additionally, this may get you the highest selling price; but the cost of selling is also the highest.

Sell Your Home Yourself (FSBO)

Pros

  • You can take a hands-on role and negotiate on your own behalf.
  • You will avoid real estate agent commissions.
  • If you’re detail-oriented enough and have the time to handle the intricacies of real estate, you will save thousands of dollars.
  • There are websites where you can post your property for maximum exposure such as Zillow, Craigslist, and hundreds of others.
For Sale By Owner Wichita KS

Cons

  • Statistically, for-sale-by-owner homes sell for less than those sold with the help of an agent. But you do keep more of the proceeds.
  • You must be detail-oriented to handle the intricacies of real estate transactions.
  • You have all the responsibility throughout the entire process.
  • You will need to come up with an accurate price that would be attractive to buyers. Zillow is known to be highly inaccurate in many areas.
  • You’ll need to spend money to make repairs or stage the house to give it the best chance at receiving an offer.
  • Buyers are not so easy do deal with. Especially if you have an emotional attachment to the property. They will point out every little thing that is wrong attempting to get the best price.
  • Again, if you’re lucky, you’ll have lots of people coming in-and-out of your house for showings. The downside: you’ll have tons of people walking in-and-out of your house at all hours, which can get really old really fast.
  • Your buyer will likely request financial concessions from you (like closing cost help) or make requests for repairs prior to purchase.
  • Depending on your market, it can take as many as 6 months (or more) to get an offer. Once you receive and accept an offer, it’s typically another 45 days to closing.

As you can see, the pros and cons of FSBO are very similar to selling with an agent. The few differences to point out are the financial aspects, no commision, less visibility as it will not be on the MLS, and the emotions of dealing directly with the buyer(s). This may be a good option for you if the home is in very good condition, and you have the skills to deal with buyers directly.

Selling Your Home Through an Auction

Pros

  • The process is simple, much like selling your home to an investor.
  • If you do not have a reserve (minimum price), you are guaranteed your home will sell.
  • The home is sold “as-is”. The buyer cannot make you do repairs.  It is not contingent upon anything.
Selling a Home at Auction

Cons

  • You can only guess what price you will get for your property. You may get lucky, and you may not.
  • The buyer pool is smaller. Bidders must meet strict standards to participate.
  • If you set a reserve price, the home may not sell.
  • Auctioneers generally charge a buyer’s premium often higher than the commission of a real estate agent.

Selling a home at auction is risky. It depends on how many interested bidders show up. If you set a reserve price, the home may not even sell. You generally have the opportunity to negotiate with the highest bidder if the reserve is not met. Home rarely sell at full retail value at auction. Additionally, the auctioneer will normally charge you some type of fee for advertising your home. Then they charge a buyer’s premium (in Wichita, this premium is usually 10%). This means bidders will not bid as high because they know they have to pay it. The winning bidder of a home at $50,000 has to pay $55,000.

Sell Your Home to an Investor (We Buy Houses)

In full disclosure, Home Sales Wichita is an investment company that buys houses. We want you to know that our goal is to help you first. Sometimes that means we recommend one of the above solutions, because we feel that is what is best for you and your situation. But when that isn’t the case, we are here to help you. We are unique in the way we do business because we strive to build strong relationships with our clients and deliver solutions to solve problems. We do not make one-size-fits all “lowball” offers. Our goal is to create a win-win solution for everyone involved. For us, it isn’t about the house, it’s about you.

Pros

  • Home Sales Wichita buys houses as-is in any condition.
  • You will receive an offer quickly.
  • We will take the time to understand your specific problem and come up with the best solution to resolve that problem. Sometimes we may be able to help you stay in your home if that is what you want.
  • We can complete the entire transaction from offer to closing in 30 days or less.
  • You will not pay any real estate agent commissions.
  • You will not pay any closing costs.
  • We will not ask you to spend any money on making repairs or even cleaning out the house.
  • We will pay delinquent balances on mortgages, property taxes, or other liens as part of the purchase.
  • We can also take over loan payments on a property if you are struggling with an unmanageable mortgage or are underwater.
  • We will guide through the entire process and make it as easy and hassle-free as possible.
  • You won’t have to worry about tons of people walking in-and-out of your house, multiple times, at all hours of the day. We’ll do a brief visit to assess the property at the beginning and maybe one more trip out before we get to closing.
  • You will not get an offer from someone who cannot get financed.
The Best Way to Sell a Home in Wichita Ks

Cons

  • Unfortunately, there are a lot of scammers in the marketplace who misrepresent themselves and what they’re able to do.
  • Some “We Buy Houses” companies will offer you one price, then “renegotiate” just before closing.
  • Other more legitimate companies, called iBuyers, charge large fees. This way, they can say their offers and purchase prices are much more than other investors. They do not consider their “fees” to be deducted from the purchase price.

Selling a house to an investor is best way for someone to sell their house in Wichita KS who needs to sell a house fast with little hassle and stress. It is a great option if you don’t want to, or cannot pay for repairs, cleaning, and upkeep of a property. This is also a great option if you need to sell in days or weeks vs. months.

Before you sign a contract or hire a realtor, simply fill out the form on our home page to find out what we can do for you.

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