The real estate market in Lincoln, Nebraska saw a 4.4% increase in 2021 – and an 8.9% increase in November alone. Needless to say, if you want to sell your Lincoln home, there is no better time than the present.
Selling a home is challenging these days, though. The saturated market makes finding the cheapest way to sell your house seemingly impossible. The good news? There are tons of ways to sell your home affordably and quickly!
Below are tips, tricks, and methods for selling your Lincoln, Nebraska home – along with renovation costs, budgeting, and how to leave the sale with as much cash as possible in your pocket.
Research the Lincoln Real Estate Market
Research is crucial during the house-selling process. Performing thorough research not only helps you find your new home but also assists with figuring out the most affordable ways to sell your current one.
The first step is to look into the current Lincoln real estate market. Throughout your research, there are several essential aspects to keep in mind, such as:
- Statistics on supply and demand
- The median length of time homes are for sale
- Nearby schools, universities, and attractions
Homes close to schools almost always sell more successfully than those distant from schools – same for homes near attractions or desired areas. The best neighborhoods in Lincoln are University Place, Near South, and the Country Club areas.
If, by chance, you live in one of these neighborhoods, congrats! Finding the least expensive way to sell your home will not be as much of a challenge.
Do not fret if you live in another area, though. You can still sell your home quickly and without spending a ton.
As of December 2021, the median price for homes in Nebraska is $245K. Compare your current home to the most recent sales in the local market – from there, creating a budget for selling your home is a breeze.
Know Your House Selling Fees in Lincoln, Nebraska
After you research the market and decide to go through with the sale, it is time to figure the cost to sell your home in Nebraska.
The selling cost varies depending on the size and value of your home. For example, a home valued at $100,000 will cost under $20,000 to sell. Homes valued at or above $500,000 will cost $60,000 or more.
Several factors contribute to how much homes cost to sell. The most common are closing costs, renovations, repairs, and relocation costs. Most realtors suggest preparing to spend 9-10% of your home value on selling expenses.
How Much Will Repairs Cost?
Repairs make a substantial impact on whether your home sells quickly or remains on the market indefinitely. Potential buyers do not want to purchase a home that needs extensive repairs.
If you know you need expensive repairs on your home, you may want to set aside additional money for a maintenance man. Everything from leaky pipes to foundation cracks impacts the sale price of your home.
Even though it may be tempting, you should not attempt to fix any significant issues yourself. Limited problems, like tightening up door hinges or adjusting faucets, are okay to do yourself.
The average rate for a handyman in Lincoln is $61. Prices vary depending on what you need fixing. A few examples of pricier services are:
- Tasks that require a license (Plumbing or electrical)
- Need for rental equipment
- Expensive supplies
- Multi-day tasks
- Dump fee – disposal of hazardous materials
Multi-day tasks cost up to $608 per day. One-day labor could range from $45-$608.
How Much Will Renovations Cost?
Similar to repairs, renovation prices vary depending on the services rendered. Other factors that affect cost are the age of the home, home size, and the rooms renovated.
Experts say that the average renovation cost of a 1,000 square foot home is $19,000. If you have a large home or an old home, the average price climbs to $87,500.
Ensuring your home is up to code is vital for selling your home at the cheapest cost. Any rooms or parts of your home that are not up to code will result in higher expenses down the road. After you finish the upgrades, get a home inspection ASAP.
Cheapest Ways to Sell a House in Lincoln
The expenses above may seem intimidating, but rest assured you can sell your Lincoln home at a reasonable price. If cost is a serious concern, you may want to hire a buyer’s agent.
There are several cheap ways to sell your home. One method is selling a house by yourself. If you choose to sell your home without a real estate agent, though, be aware that it is strenuous. Going the FSBO (for sale by owner) route is possible but takes some work.
Not only are you responsible for inspections and general home-selling duties, but you also need to advertise your home (including Zillow), fill out extensive paperwork, and schedule open house showings – on top of renovation and repair costs.
However, if your home is relatively new and in excellent condition, selling your home yourself is the most practical (and cheap!) option.
The other cheap route for selling your house is to contract cash home buyers in Lincoln. A home purchasing company is especially beneficial if you want cash for your home or do not want to deal with a listing service.
Companies that purchase homes work closely with sellers and buyers to create a fair price.
Tips for Lowering Costs When Selling a House
Need more advice on how to lower selling costs? Below are the top tips to maximize savings on your FSBO home sale.
Cutting Down Non-Essential Costs
Getting rid of extraneous costs is trickier than it sounds. When you want a fast sale, you want to do as much as possible to ensure your home is desirable – but there is such a thing as doing too much.
To save money, cutting out non-essential costs is one of the first measures to take. These may include:
- Needless upgrades
- Buying excessive furniture for staging
- Fixing driveway/walkway cracks
- Purchasing new appliances
Instead, concentrate on little things like curb appeal and decluttering. First impressions are everything regarding for sale by owner homes. Slight fixes make a huge difference in increasing market value!
Do You Need a Realtor?
Legally, real estate agents are not necessary. No laws state that homeowners need a realtor to sell their homes.
If you have minimal repairs, your home is relatively new, and you have an eye for marketing, you most likely do not need a real estate agent. Eliminating the agent from the selling process may save you upwards of $20,000.
That said, realtors save sellers a good bit of stress throughout the process. They help with photos, staging, and advertising – crucial aspects of increasing your asking price.
Could You Sell to a Cash Home Buyer?
Plenty of sellers work with cash home buying companies to avoid the stress of selling their homes themselves.
You don’t have to look far to find a cash home buyer because we buy houses in Nebraska. We handle everything after you sell them your house, and you do not have to worry about agent fees, commission fees, or advertising. Win-win!
You can also choose your closing date – no more waiting on potential buyers.
Selling your home can be a stressful process, regardless of which method you choose. The cheapest way to sell your home is to work with companies that buy houses in Omaha or other Nebraska areas. You will pay way fewer fees, have faster processing, and diminish extraneous costs of repairs and renovations.
If you choose to sell your own home without a real estate agent, expect some degree of difficulty – but many home sellers find the process much more rewarding than the traditional route.