Believe it or not, a lot of people need to sell their house fast in Indianapolis. If this is you, then it’s important that you understand all of your options because there are several ways to sell your Indianapolis home. In this post, we’ll dive into two of the most popular ways, so you can decide which selling option will be right for you.
Option #1: Hire A Indianapolis Real Estate Broker
The Money
Real Estate Agents or Brokers don’t work for free (nobody does), so you probably already know you will have to pay your agent a commission of about 5-7% if they are able to successfully sell your house in Indianapolis. What most people lose sight of though, is all the other costs that they experience when they sell their home through an agent.
- Marketing – Many home sellers want or need to utilize marketing that goes beyond the scope of their agent or that their agent simply won’t or doesn’t pay for. This can be professional photography, virtual tours, or premium listings.
- Repairs – Even if your house is in great shape, there will likely be something that will need fixing. Whether it is a new coat of paint, replacing a leaky faucet, or patching a hole in the wall, these repairs will add up fast. Even if you try to be proactive and hire a home inspector to come inspect your house before you list it, that’s no guarantee that your Buyer’s Home Inspector won’t find more or different discrepancies. You also have no idea how the Buyer will react to different issues that an inspector finds, so that can add an element of suspense to the entire selling process too.
- Staging – When you list your home you’ll want it to look its very best. This means you’ll be best served to take down all of your family photos, other decorations and heirlooms and put them in storage until the house sells. You’ll also need to empty out your closets and de-clutter the best you can (maybe you need a bigger storage unit than you thought!), and then redecorate with warm and inviting decor that really helps the Buyers see themselves in your house as if it was already theirs. Whether or not you hire a professional stager in Indianapolis, making the house pretty can cost a pretty penny.
- Holding Costs – The holding costs for a house include things like your mortgage payment, property taxes, homeowners insurance, utility bills, and maintenance. These costs don’t stop when you list your house. In fact, getting and keeping your house in its best condition can actually drive your holding costs up!
- Closing Costs – As a home seller, you will usually pay somewhere around 3-4% of the final sale price toward your closing costs and tax prorations. That includes what you’ll be asked to pay for your Buyers closing costs and the likelihood that they’ll ask you to pay for a Home Warranty as well.
- Cleaning – Before you list and while the house is on the market, it will need to be kept clean. Many people opt to have their house cleaned professionally before and during the listing period. You should also consider professional carpet cleaning, power washing, and yard clean-up and hauling expenses. Although the COVID-19 pandemic seems to have slowed, it would be wise to also keep plenty of sanitizing products handy so you can clean in between showings to keep your other potential Buyers safe as well as to protect your family’s safety.
That said, working with an agent definitely has the potential to net you the highest price possible. Just be sure you have deducted all of the costs mentioned above to ensure listing with an agent in Indianapolis makes sense for you.
The Time
When you hire an agent to help you sell your house in Indianapolis, they will shoulder a good portion of the effort that goes into selling. Still, the process will require some of your time and effort as well. For example, you will likely have to spend time…
- Keeping the property clean and ready for those last-minute showings
- Making repairs and upgrades to the property before it hits the market
- Marketing the property on sites other than the BLC (Indy’s version of the MLS)
- Vacating the property when someone requests to come see it
- Waiting for an offer, hoping you will get your asking price
- Reviewing offers from potential buyers
- Negotiating with potential buyers
- Waiting for the escrow process to be completed
- Dealing with inspectors and appraisers
The worst part is that you could go through all of the above, only to have the sale fall through at the last minute. If you’ve spent any time shopping for homes in the past, you’ll often see properties go pending, only to be re-listed when the funding falls through, inspection/appraisal issues can’t be resolved, or any number of other potential issues.
The Unknown
One of the most difficult parts of selling your house with an agent in Indianapolis is the unknown. You won’t know if or when you will get an offer, how close the potential offer might be to your asking price, if your improvements will provide returns, and honestly you won’t even know for sure that the sale won’t completely fall apart until everyone is sitting at the closing table and has signed all the documents (ask us how we know). Not only is this stressful, but it also makes it difficult for you to plan ahead.
Option #2: Selling To An Investor
The Money
Let’s just go ahead and address the elephant in the room. It’s no secret that when you sell your house to an investor in Indianapolis, the sale price will not be as high as retail. That said, the amount you can save by not having any of the costs (or the headaches) that we discussed above will definitely make up a significant amount of that monetary difference. 317 Home Buyers buys houses as-is, which means we aren’t asking you to fix, clean or even remove anything when we buy the house. Also, unlike selling with an agent or to some other house buyers in Indianapolis you won’t have to pay commissions, closing costs, or any tax pro-rations.
The Time
In most cases, we are able to close in just a few days, potentially saving you a small fortune in holding costs. You won’t have to do a thing other than pack up the items you wish to keep. We’ll handle everything else, including any items you want to leave behind. Working with 317 Home Buyers will help you sell your house in less time, offering you convenience and a fair price.
When you consider the time and the money involved with working with a real estate agent in Indianapolis vs. selling to a local investor, your idea of how best to sell your house may change.