Do you have a Long Island property you want to sell? If so, you will likely want to save money wherever you can! In our latest post, we will help you learn how to save money when selling your home in Long Island!
Selling a Long Island house the typical way can get expensive! Before you know it, you will have a stack of bills before the property is even listed. Make sure you consider all selling method before signing a listing agreement with a local Long Island real estate agent. In some cases, it may not be the best decision from a financial standpoint. Consider all of the costs of a Long Island listing before signing any agreements. Make sure yo are making the smartest decision for your Long Island house!
Save Your Money
Skip The Agent
An agents commission can be upwards of 6% of the final sale price. If your house sells for $500,000 at 6%, your agent will be entitled to $30,000. That is a huge chunk of cash if you are looking for ways to sell your house that don’t cost an arm and a leg. In addition, some agents will have other costs they tack on such as marketing, photography, administrative and printing costs. If you do hire an agent, make sure you know what is included in their service and what you will be paying extra for.
Also, make sure that the commission rate is clearly listed on the contract before you sign. Commission rates are always negotiable and in Long Island rates are typically in the 4% to 5% range. The length of the contract is also something that is negotiable. Many agents will tell you a standard listing is 6 months. That does not mean that toy can’t list it for 2, 3 or even 4 months. If you don’t like the job an agent is doing your will be stuck with them longer than you might want to be. Contracts can always be renewed after the initial term. I like three month terms to keep an agent on their toes!
By selling your house as-is to a local investor, you will save not only on commissions but on repair costs too. Not all property buyers are the same. Make sure you are working with a reputable company such as Comax Properties to ensure a quick and easy transaction. When you work with us, there are no repairs, cleaning, staging, or storage costs. Plus, by selling as-is, you won’t have to worry about negotiations after the home inspection process or mortgages that fall through!
Sell Now Instead Of Later
Ask any investor, and they will tell you that the longer you own a house, the more it will cost you. Every day you are listed as the owner, you are paying utilities, Long Island property taxes, insurance and maintenance costs. By selling your house quickly to a local investor, you will be able to immediately start saving by eliminating these costs now instead of 6 -8 months down the road.
If You Decide To List…
When you think of all the costs involved in listing your Long Island house, you will want to make sure that the money you are spending, will provide the biggest bang for your buck.
A great listing requires great photos. This will likely mean that you hire a professional to take photos and possibly someone else to stage the property beforehand. The easiest way to have your house overlooked, is to have sloppy, amateur photos of your house. People will see this, and keep on scrolling. Take the time to stage and craft professional photos of your house to get the most interest and the fastest sale. Dark photos are the worst. Please clean up any obvious clutter before the pics and pleasssssse close that toilet seat in the bathroom!
Price It Right
Many houses sit on MLSLI because they aren’t priced correctly. Don’t let an agent coerce you into listing at a higher price in hopes of snaring a gullible buyer. Instead, look at what other houses are selling for and price it accordingly. If you find yourself having to repeatedly lower the price, potential buyers will take notice of this as it is public information. You can give the vibe that there is something wrong with the house or that you desperate to sell. For the most successful listing, price the house correctly from the get-go. Be wary of the RE Agent that says they can get you a much higher number than other agents are saying!