There are many reasons why it pays to avoid the MLSLI when selling your house in Long Island. Find out if you should list or sell directly in our latest post!
When it comes down to it, sellers now have choices when selling their houses in Long Island. For some owners, a traditional property listing will work. However, for others, the process may be too expensive and difficult. It’s important to take an honest look at your property as well as what is going on in the local Long Island real estate market. For many Long Island homeowners, avoiding the Multiple Listing Service (MLSLI) can really pay off! Below are just a few of the reasons why you may be better off working with a direct cash buyer!
Listing your house on the Multiple Listing Service (MLSLI) in Long Island can cost you a significant amount of money. When you add up the cost in time, aggravation and money, you may find that it doesn’t make sense to list your house with a Long Island real estate agent. Here are just a few of the costs you’ll face when selling your house in Long Island in the traditional way:
- Repairs – When selling your house in Long Island, you’ll likely be faced with repair costs both before and after the home inspection process. If you choose to repair your property, make sure the returns make the repair costs worth it! In almost every case, it does not pay for a homeowner to fix up a house to make more money in Long Island. Sellers should only focus on health and safety issues that might scare potential buyers away and easier low cost cosmetic upgrades like painting.
- 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. If you decide to pay someone to clean the house, it can get expensive. At the very least, the house should be cleaned of all clutter and unwanted “stuff”.
- Advertising – In some cases, home sellers will need to pay for the marketing of their property when working with a Long Island real estate agent. Photography, staging, premium listings, and marketing materials can all add up quickly. As the market has cooled recently in Long Island, you may need to go the extra mile to get your home sold. Advertising is one of those extras that can help, at a cost.
- Holding Costs – 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. Your mortgage, utility costs, maintenance, landscapers, repairs, Long Island property 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. Take the time to add everything up for the year and determine your yearly costs. Divide it by 12 months and you get your monthly cost. From there you can get a feel for what is will cost you to hold your property for the 6-8 months that it generally takes to re-sell a home in Long Island.
- Commissions – When working with a real estate agent in Long Island, you can expect to spend about 5% of your final sale price in agent commissions. While this is worth it for some properties in excellent condition in great Long Island school districts, for many others saving this money may be the better option.
- Closing Costs – As a seller, you can expect to pay another 1% in closing costs for the sale of your Long Island property, when not selling to a direct cash buyer.
With a direct sale to CoMax Properties, 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 weeks!
With a direct and straightforward guaranteed CASH offer from CoMax Properties, you’ll be able to know exactly what to expect and when you 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 home inspection and appraisal have been completed. You’ll be able to avoid all this nonsense with a direct sale to a cash home buyer, like CoMax Properties.
Keep Strangers Out
When your house is listed on the Multiple Listing Service in Long Island, people are obviously going to want to come and see it. Realtors will need to hold an open house so people can walk through every part of your home.We have worked with a number of home sellers who had tried to list their homes in Long Island 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 fairly 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. Unfortunately this is how the process works with a traditional sale with a realtor. Buyers need to “kick the tires” and take a walk around the house before making an offer on your home.
Selling a house fast in Long Island 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 to the property taxes to the 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.
Avoiding the MLSLI in Long Island can be beneficial for many reasons. Get in touch with our team to find out if a direct cash sale of your Long Island house is right for you!