Buying a home is a big financial commitment. Before making the leap, consider your long-term and short-term goals.

You can save money on commission fees if you sell your house without a realtor. But it’s not easy. Some challenges include setting the right price and understanding real estate paperwork.

1. List it on the MLS

The MLS is the most comprehensive real estate database, where real estate professionals and home buyers can find properties listed for sale. Listing your property on the MLS is essential for getting maximum exposure.

But what if you wanted to sell your home without paying a real estate agent’s 3% commission? You can do so by selling your property FSBO.

You’ll need to do a lot of work, from taking listing photos to writing a real estate description and negotiating with buyers. However, you can save money by using a flat-fee MLS service like Houzeo. They’ll charge you a flat fee to list your home on the MLS and will also provide expert guidance through the entire process. For example, they’ll help you determine the best listing price for your property and negotiate with buyers.

2. Set your price

One of the most important things a homeowner needs to do when selling their house is to set the right price. This can be a balancing act because homeowners often want to push for the highest amount possible, but overpricing will turn off buyers.

Having a clear understanding of your home’s value will help you determine the right price to list it for. Many real estate agents will prepare a comparative market analysis (CMA) for free, but you can also do this on your own.

It’s a good idea to make one large pricing adjustment and avoid making little tweaks over time, as this can detract from your home’s appeal. If you do need to lower your listing price, plan on doing this on a regular schedule in advance.

3. Market it

In a typical real estate transaction, 6% of the sale price goes to commissions (half to the buyer's agent and half to the seller's agent). By selling your home yourself, you'll save on these fees.

Market your house in creative ways. Traditional methods like putting a For Sale sign in your yard won't work in NYC, but there are plenty of other ways to reach potential buyers.

For instance, send an email blast to your community and ask if anyone wants to know more about the property. Then, invite them over for an open house! And don't forget to take good-quality photos of your home. They'll make a big difference in the number of interested parties. Also, consider making small upgrades that will appeal to buyers.

4. Negotiate

Negotiating a price for your house is a critical aspect of the home buying process. It's important to have a plan and understand the process before entering into negotiations.

During the negotiation process, sellers typically request that buyers submit their highest and best offer. This is a way to encourage competition and receive multiple offers on the property.

If you're selling your home without a realtor, it's important to understand the cost of commission. On average, real estate agents charge 5-6% of the sale price in commission fees. This can add up to a lot of money, so be sure to factor this into your budget. Additionally, you'll need to pay for home inspections, repairs and other closing costs. Be prepared to negotiate these expenses with the seller to come to a reasonable agreement.

5. Close

Once you've found a buyer and settled on a price, it's time to close the deal. This process typically involves going to a closing attorney, title company or lender to sign all the necessary paperwork.

Homeowners who sell FSBO can avoid paying real estate agent commissions. But it's important to understand the risks involved in selling FSBO. You'll need to know how to price your home correctly, market it on social media and real estate websites, and negotiate with potential buyers.

It's also important to know what to expect during the closing process. For example, some buyers will include contingencies in their offer that may make the sale more complicated or risky. You'll need to carefully evaluate each offer on its merits and choose the best one for your situation.