Can you save money by selling a house on craigslist? If you sell a house yourself, you can avoid paying commission, which is roughly 6% of the price of the house.
6% of the price of a house is a lot of money. What is the catch? What are the advantages and disadvantages of selling a house on craigslist?
The disadvantage of selling a house yourself on craigslist is that you are responsible for a lot of work you would not have to do otherwise. If you sell a house yourself, you are responsible for house showings, communicating with potential buyers, taking photographs, filling out paperwork, and more.
Sometimes, doing all of this extra work is worth it – you can save a lot of money, after all. It depends on how much time you have and whether you would find selling a house yourself difficult. If you manage to sell your house yourself, you may be proud of it and glad you saved so much money.
How much money can you save selling a house on Craigslist?
You can easily save tens of thousands of dollars. On a million-dollar house, you could save $60,000. Even if the house is only worth $250,000, you could still save about $15,000.
A lot of the time, 3% is a more realistic figure than 6% [https://listwithclever.com/real-estate-blog/how-to-sell-a-house-on-craigslist/] . If you sell the house yourself, you won’t have to worry about paying a seller’s agent. However, you may still have to pay a buyer’s agent, so there will still be a 3% commission on your sale.
Even if you are only saving 3% of the house price, you could save $3000 on a million-dollar house. This might be worth the time investment.
Another advantage is that you can easily change your mind if you sell your house on craigslist. If you decide you don’t want to sell it at all, just delete the AD.
It may take longer to sell a house on craigslist
When you sell a house, you are competing with other sellers in that area. They are selling their houses through professional real estate sites, not public sites like Craigslist.
Craigslist won’t draw as much attention, so you will get fewer responses. Hopefully, you will still find buyers, but potential buyers will see other people’s houses first.
Making a house available on Craigslist is easy
All you have to do is sign up for a craigslist account and make a post with a few pictures and a bit of information. Listing a house for sale is easy and does not require any technical knowledge.
Make your Craigslist ad as good as possible
If your Craigslist ad doesn’t look good, people won’t call you, and you won’t be able to sell your house. A house with a good ad will get many times more responses than a house with a lousy ad.
Give people information they would likely want to know right from the start. Let them know if there is a yard, how much parking space there is, and so on. If your ad doesn’t give them basic information, they won’t call you and ask for more.
Make sure your photos look reasonably good. Compare your photos to those of houses other people are listing on Craigslist and make them look at least as good. Don’t take photos in dim light, and let people see more than one or two photos.
Frequently refresh your ad so that it goes back to the top of the real estate listings. This is one of the most important things to do if you want a craigslist ad to work.
Make sure you come off as trustworthy when you sell on Craigslist. Since there are more than a few dishonest people on Craigslist, potential buyers will be extra careful not to get scammed. Potential buyers will run away from you if you don’t come off as trustworthy.
Write compelling ad text and sell for a fair price
You also need to sell your house for a fair price. Pricing is your responsibility if you are selling your house alone. Do some research and figure out what a realistic price is.
Name a price – don’t sell it for the best offer. If you offer the house to the “best offer,” you may get a very poor deal. Craigslist attracts people looking to pay as little as possible.
Your ad needs to be well written. Include numbers – someone looking for a house might look through several ads and scan rather than read them.
People scan or skim what they read online. Numbers/data get the reader’s attention and make them read more and call you. Include information about the house’s location – the zip code plus what your house is near in your city.
Not every day is as good as any other day. You will get the most responses on Sundays and Mondays [https://www.homelight.com/blog/selling-a-house-on-craigslist/] , so post/repost your ad on those days.
The time of the day also matters. On weekdays, post at 10 AM, 12 PM, or 5 PM.
People are on break at work at 10 or 12, and a lot of them look at Craigslist during that time. People also check Craigslist immediately after work. Make sure your ad is at the top when a lot of people are looking.
Craigslist is better for lower-end house sales
If your house is in excellent condition, you might want to sell it in a typical way and not sell it yourself on Craigslist. You might not find the right buyers otherwise.
However, if you are selling a house with problems, Craigslist can be a good idea. You might find people looking for a house they can fix up [https://www.homelight.com/blog/selling-a-house-on-craigslist/] on Craigslist.
You might also find buyers that believe they can re-sell your house for more money. You are less likely to find people looking for excellent houses they can live in for decades.
Very many people visit Craigslist
While the website is seen as somewhat shady and untrustworthy, hundreds of millions of people still use the site each month. Craigslist gets a few times more monthly traffic [https://www.homelight.com/blog/selling-a-house-on-craigslist/] than Zillow, which is another site where people sell houses themselves.
Selling a house on Craigslist is realistic – people use the site to sell cars and houses, not merely laptops and fridges. If you can pull off selling a house yourself, you can save a small fortune on commission.