There are many reasons why it pays to avoid MLS when selling your house in Nashville. Find out if you should list or sell directly in our latest post!
Selling Your House in Nashville
When selling your house in Nashville, you have many choices. For some owners, a traditional property listing will work. However, for others, the process is expensive and cumbersome. It’s important to take an honest look at your property as well as what is going on in your local real estate market. For many local homeowners, avoiding MLS can really pay off! (MLS – Multiple Listing Service, a proprietary website for real estate agents to post their listings.) Below are just a few of the reasons why you may be better off working with a direct buyer!
Listing your house on the MLS in Nashville can cost you a fortune. When you add up all of the costs, you may find that it doesn’t make sense to list your house with a Nashville real estate agent. Here are just a few of the costs you’ll face when selling your house in Nashville in the traditional way:
- Repairs – When selling your house in Nashville, you’ll likely be faced with repair costs both before and after the inspection process. Let’s hope the home inspection does not reveal you have radon gas, a colorless, odorless, invisible gas emitted from the ground and can cause cancer over time. In the Nashville area, it is reported 1 in 6 houses have high levels of radon gas. This can be a deal-breaker for some, and the owners are forced to spend $1,500 to $3,000 for a remediation machine. If you choose to repair your property, make sure the returns make the repair costs worth it!
- Cleaning – Whether you clean the house or hire a professional, getting it ready for the market will take time and money. Many people will have the carpets cleaned, and the outside power-washed in addition to the standard cleaning that must be done. Decluttering is also a must. Send those unneeded items to storage, donation, or the trash.
- Staging – Staging the home for impact does provide for faster sales and a better price. But staging can be expensive, $2,000 to $3,000. Hiring a stager as a consultant might be a better option but their fees will be several hundred dollars.
- Advertising – In some cases, home sellers will need to pay for the marketing of their property when working with a Nashville real estate agent. Photography, staging, premium listings and marketing materials can all add up quickly.
- Holding – Do you know what it is costing you to own your home? Many people are surprised to see the totals when looking at how much they are spending on the house each month. A mortgage, utility costs, maintenance, repairs, taxes, insurance, and everything else an owner has to pay for can really put a dent in any potential profits you hope to see from the home.
- Time – Selling your house in Nashville on the open market with a real estate agent is going to take some time. The real estate market is slowing and home sales are taking 30 to 90 days to sell now. Can you wait that long?
- Commissions – When working with a real estate agent in Nashville, you can expect to spend 5% to 7% with about 6% as the average of your final sale price in agent commissions. While this is worth it for some properties, for many others saving this money is the better option.
- Closing Costs – As a seller, you can expect to pay 1-3% in closing costs for the sale of your Nashville property. Other closing costs could include the buyer demanding you the seller pay their closing costs of 1.5% to 2% of the purchase price, or $4,000 to $8,000 or more.
On the other hand, with a direct sale to Southern Homes Investments, you’ll be able to sell your house fast, without any of the typical costs or fees. You won’t have to pay commissions, closing costs, or make repairs. You’ll be able to end your holding costs in a matter of days!
With a direct and straightforward offer from Southern Homes Investments, you’ll be able to know exactly what to expect and when we can close. You won’t have to worry about the back and forth, having to make repairs, or offer any sort of credit in order to get someone to buy. In many situations, a potential buyer will want to negotiate the sale price after the inspection and appraisal have been completed. Often the deal falls apart because of the inspection, appraisal, the loan can’t be approved, or the buyer just gets cold feet. You’ll be able to avoid this with a direct sale.
Keep Strangers Out
When your house is listed on the MLS, people are going to want to come and see it. We have worked with a number of home sellers who had tried to list their homes in Nashville without any luck. One thing most sellers didn’t like about the process, was the fact that they had to let strangers walk through their homes on a continual basis. They had to keep their properties clean and be ready to leave the house at any given moment if someone wanted to come and see it. This can be a huge burden, especially if you have a large family and you cannot keep it clean.
Sell Fast to a Direct Buyer
Selling a house fast in Nashville can make a huge difference in your overall profits. Your costs to hold on to the home will add up much quicker than you may think. Before you list your house, be sure to factor in what it is costing you to own. Everything from the monthly utilities, mortgage payments, HOA fees, and routine maintenance costs will all add up. Plus, there are inevitably repairs and other things that come up that aren’t always considered. Add these costs to a mortgage, (if you have one,) and you could be looking at thousands of dollars per month. Now if your property sits on the market for a long time, you can see how these numbers will really jump over time.
Selling Your House in Nashville Using Zillow and OpenDoor
Zillow and OpenDoor are both new to the buying and selling of houses. Zillow does not actually buy the house but rather assigns it to corporate and hedge fund buyers they have lined up. Opendoor does buy the property and then resells it for a profit. Speaking of profits, both Zillow and Opendoor work with discounted fair market values for houses. The additional profits come from profits made on repairs (yes, Opendoor makes 10% profit on repairs) plus their service fees which range from 8% to 10%. At closing, many buyers are shocked at just how little money they got for their homes. With Southern Homes Investments, what we offer you and you accept is the amount you will receive at closing! We will even give you time to think it over after you have agreed to sell to us.
Avoiding the MLS in Nashville can be beneficial for many reasons. Get in touch with our team at Southern Homes Investments to find out if a direct sale of your Nashville house is right for you!
Selling your house in Nashville can be fast and easy! Find out more by getting in touch with us today! (615) 235-0612
Disclaimer: David Wright is a licensed real estate agent in Tennessee and this article is not a solicitation to list your house.