Confidence Results in Extra Cash for Homeowner
When Jeff LoParo decided to downsize to a smaller house, he was confident that he was in a great position to make a few extra bucks from the sale of his home.
“I had all the right ingredients — great house, great pool, great schools — that people look for when they buy,” LoParo says. “I knew I was in good shape.”
Having used real estate agents in the past, LoParo was ready to go that route again until he realized the potential upside in selling the home on his own.
“I realized I had a strong house here,” LoParo says. “I figured I’d like to make a little more money on the deal, so I decided to sell it myself.”
So the 57-year-old advertising and marketing specialist decided he would maximize his profit from the sale of his home and sell it without the assistance of a real estate agent.
LoParo’s confidence in his home was almost immediately rewarded. Less than 24 hours after listing his five-bedroom, four-bathroom house in Frisco, Texas, LoParo had a buyer and commitment. He sold it for $370,000, the exact amount of his original asking price.
“The house went up on a Friday and hit the MLS service by 5 p.m. By 7:30 that evening, I had seven showings scheduled for Saturday morning, both individuals and agents,” LoParo says.
LoParo advises others who are selling their homes on their own to make sure their house is listed on the local MLS. “If you’re interested in selling it quickly, you want to put it in front of as many people as you can,” he says. “The MLS is going to give you the most traction.”
His second piece of advice for prospective sellers? “Sellers have to face reality. If you want your home to sell, you need to price it right,” he says. “You have to be realistic with the market and with yourself. I didn’t want the back-and-forth haggling. I wanted to sell it fast, so I priced it with that in mind, and we found a buyer almost immediately.”
LoParo, who purchased a new home in Dallas, estimates he saved approximately $11,000 on the sale by avoiding paying the standard 6 percent commission to a real estate agent. “My wife and I are considering several things to do with that money,” he laughs. “I’m sure we’ll figure something out.”
When it comes time to move in the future, LoParo says he’ll sell his home on his own again. “Absolutely. If it was another house that was in a less desirable area and didn’t have the right attractions, I’d still try it, at least for a period of time,” he says.