The 7 Cheapest Ways To Sell Your Home in 2024
When you think about selling your home, you might picture the hefty profit you’ll get out of the deal. However, you might not be factoring one potential downside into that figure: the cost of selling a home.
Research suggests that the average homeowner will pay between 10-15% of their home’s sale price to sell the property! Hurdles like the agent’s commission, closing costs, staging, and repairs can add up fast.
Faced with these bills, you may be asking yourself, “What is the cheapest way to sell a house?”
The answer can vary, but there are plenty of budget-friendly options for making the sale. Our expert team at Zero Fee Listed has put together a list of strategies and approaches to help sellers minimize costs while achieving a successful sale. Let’s take a look at your best options:
1. For Sale by Owner (FSBO)
When you choose to make a FSBO sale, you’re putting a property up for sale without going through a real estate agent. This means you won’t have to pay an agent’s commission, which can range between 5-6% of the home’s sale price. On a $250,000 home, that could mean shelling out $15,000 for an agent’s help!
To save that cash with a FSBO listing, you’ll have to put in a lot of extra work. You’ll be responsible for listing, pricing, marketing, staging, showing, and negotiating the final price of your home, all without expert guidance. As you might expect, this means a lot of research, though many of the tips we’ll discuss below can help you navigate this process on a budget.
2. Online Real Estate Platforms
Modern online tools make it easier than ever to sell your house cheaply.
Though many home sellers still use marketplace websites like Craigslist and Facebook Marketplace, dedicated real estate listing platforms allow you to list your property for a low fee. Most also help you manage your showings and offers.
Big names in the online listing industry include sites like Zillow, Houzeo, and FSBO.com.
In addition to offering tools to help manage your home sale, these real estate platforms are beneficial for one key reason: they get your listing in front of more eyes.
3. Flat-Fee MLS Services
The Multiple Listing Service (MLS) is a database that real estate brokers use to see one another’s homes. The traditional way to get your home listed on the MLS is through your real estate agent, who will have access to this database.
If you’re going the FSBO route, you can still get your home in this database with a flat-fee MLS listing. These services are the least expensive way to sell a home, as you trade a costly agent’s commission for a much smaller fee, often $100-400.
Keep in mind that you will still have to pay the commission fee to the buyer’s agent. This will cost you around 2-3% of the home’s sale price, which is still far less than the cost of working with an agent of your own as well.
4. iBuyers and Cash Home Buyers
If you want to avoid the traditional home sale process without putting significant time into the property, iBuyers and cash home buyers are good options.
An iBuyer, or an instant buyer, is an online home-buying company that streamlines the sale transaction. To sell, you’ll visit the iBuyer’s site, enter your address, and fill in a few details about your home. The iBuyer will research the details and make you a quick offer, often within 24 hours.
Cash home buyers work in a similar way, and you might see the term used interchangeably with iBuyer online. Cash buyers work fast as well, but they operate on a local level and specialize in hard-to-sell homes. Their goal is often to repair and flip these homes for a profit.
Choosing an iBuyer or a cash home buyer is often the cheapest way to sell your house. These options negate the need for commissions, listing, marketing, repairs, and much more. You may not earn the high price tag you could get with a traditional home sale, but the savings may be worth it.
5. Low-Budget Home Improvements
Putting money into certain low-budget home improvements can often help you save money in the end. Minor repairs and cosmetic fixes are your best bet for a high ROI.
Painting, for example, is an inexpensive but effective tactic for a quick facelift. Repaint or touch up faded walls, outdated color choices, and worn siding on the front of your home.
Landscaping is another low-budget improvement with a high impact. A little trimming and pruning in the front and back yard can boost your curb appeal.
Replacing your entry door is a simple change, but it makes a huge difference. As one of the first things buyers see, the right front door makes an impression. Experts estimate that you could get back almost 70% of the cost in added value.
If you’re handy around the house, tackle minor repairs yourself to improve your home’s value. Fix leaking plumbing, re-caulk old windows, patch holes, and clean out your gutters.
If you have enough in your budget for a renovation, a minor bathroom or kitchen remodel will net you the highest ROI. Even replacing dated wall coverings, getting new shower doors, or refinishing old cabinets can transform these spaces.
6. Market on a Budget
Without a realtor’s help to get more eyes on your home, you’ll have to be creative to market on a budget. There are plenty of ways to get the word out about your home, but here are a few worth considering:
- Buy a “For Sale By Owner” yard sign
- Create and leave out flyers with the details of your home
- Post about your home on social media
- Create a video home tour to share on social media
- Pay for an online ad campaign
- Set up an open house
- Ask a local influencer to promote your property
- Create a free landing page dedicated to the property
The only thing you may not want to skip is the professional photographer. Photos help sell a house, and you’ll be spreading these photos around online to catch buyers’ eyes. If you don’t have the skills to take high-quality photos of your home, leave it to an expert.
This is especially true in an age where social media shares can give your marketing a powerful boost. The right photos, videos, stories, or gifs can see exponential shares. This kind of word-of-mouth marketing can be hard to predict or control, but it’s still worth a shot, as it’s hard to beat the huge reach.
7. Negotiating Commissions
In some situations, you may want to partner with a real estate agent. These experts take a lot off your plate, and while they won’t save you money, they can save valuable time and effort.
If you choose an agent, consider negotiating their commission up front. Ask what services their commission covers to get a sense of the value they’re bringing to the table.
If you’re willing and able to take on part of the work, such as marketing the property, you may be able to negotiate a lower fee.
You may also be able to get a lower commission rate if your home has enough sought-after features. This is common if the property sits in a desirable neighborhood, has had recent upgrades, or is move-in ready. If you already have one or more interested buyers, your agent may lower their fee because they won’t have to do as much work.
Another option is to partner with a discount real estate broker. These companies and agents may charge as little as half of what a traditional real estate agent would charge. The trade-off is that they’ll often cut services like home staging and may work with more clients at once, meaning they’ll have less time to give you their attention.
8. Legal and Disclosure Requirements
Navigating a home sale without a real estate agent or expert can be tricky. In addition to the finer points of negotiation, you’ll also have to research the legal obligations that go hand in hand with listing a home.
By law, sellers have to disclose anything that might have a negative impact on their home’s value. These defects vary from state to state, but here are some of the most common:
- Structural damage
- Weather damage
- Plumbing issues
- Water damage
- Roof issues
- Electrical problems
- Homeowners’ Association requirements
- Death in the home
You must send these and other property disclosures to the buyer before the closing. Failing to do this can land you in legal hot water. Not only can a buyer back out of the deal, but they may also be able to sue you for not disclosing certain defects.
9. Home Staging and Presentation
Research suggests that good staging can help you boost your home’s value and even encourage a faster sale. Buyers have an easier time picturing themselves in a well-staged home. There’s no need to shell out for professional staging, either: DIY efforts work as well.
Even if you do nothing else, start with two free tactics: deep-cleaning and depersonalizing. Clean your home from top to bottom, and clear away as much clutter as possible, especially across flat surfaces. Take down photos, awards, collections, and any other personal items to help buyers picture themselves living in your property.
Next, work with what you already have. Let in the natural light and rearrange furniture to create a layout that flows. Use your existing home goods and decor as props or accessorize with inexpensive finds.
10. Handling Buyer Offers
Once a buyer bites, you’ll need to be careful about negotiating. Go in with realistic expectations and prepare yourself for a lot of back-and-forth discussions!
Before you dive in, know your home’s worth in the current market. If you’ve priced your home well, you or your real estate agent should have already analyzed comparable homes.
As you work with the buyer, try to get a sense of how many things on their checklist your home checks off. If your home fits the bill in many ways, you stand a better chance of getting what you want by digging in your heels.
Always present a counteroffer. Don’t walk away if a buyer throws out a lowball deal; sometimes, they may trying to see what you’ll let them get away with. Don’t hesitate to sweeten the deal with concessions if it seems reasonable.
11. Pros and Cons of Selling for Cheap
All of the tactics above are great options for selling on a budget, but you may have noticed that selling a home for cheap has its advantages and drawbacks.
The biggest benefit of a cheap sale is, of course, the money. With the strategies above, you can save hundreds or thousands up front.
You’ll also have total control over every aspect of the sale, from the asking price to the negotiations. If you’re an avid planner who knows how you want to list, stage, and market the property, DIY options give you complete freedom.
On the other hand, some sellers find this complete control stressful. You’ll have to do your own showings, marketing, negotiations, and more, often without experience or expert guidance. If you don’t want to put significant time and work into the property, selling for cheap may not be for you.
In addition, an inexperienced seller won’t always make as much on a sale as they could with an agent. This is especially true of options like cash buyers and iBuyers.
There’s no right or wrong way to sell, but it’s crucial to consider your needs and situation before you decide.
Find the Cheapest Way to Sell a House
The traditional home sale process can be expensive, but your home sale doesn’t have to be. Whether you try the FSBO process or go with an iBuyer, there are plenty of alternatives to help you save money on your home. With the right affordable tactics, you could sell for a good price while lowering your expenses!
As you consider your preferences and budget, make sure to factor Zero Fee Listed into your plans, since you won’t have to pay a dime for our services. We help homeowners save thousands of dollars by eliminating the listing commission. Enter your street address today.
