In today’s market, with homes selling quickly and prices rising, some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.
Here are five of those reasons:
1. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
- The buyer who wants the best deal possible
- The buyer’s agent who solely represents the best interest of the buyer
- The buyer’s attorney (in some parts of the country)
- The home inspection companies, which work for the buyer and will almost always, find some problems with the house
- The appraiser if there is a question of value
2. Exposure to Prospective Purchasers
Recent studies have shown that 89% of buyers search online for a home. That is in comparison to only 20% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Our firm actually exposes your home to over
3. Results Come from the Internet
Where do buyers find the home they actually purchased?
- 44% on the internet
- 33% from a Real Estate Agent
- 9% from a yard sign
- 1% from newspaper
The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.
4. FSBOing has Become More and More Difficult
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.
5. You Net More Money when Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $210,000 while the typical house sold by an agent sells for $249,000. This doesn’t mean that an agent can get $39,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense – you will put $24,000 (after you pay commission) and typically sell your home in fewer days because of massive exposure. In Broward County a home that is priced correctly is selling in 21 days.
Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.
It is the perfect time to learn more how a Real Estate Professional can assist you in meeting your goals.
Grab my complimentary eBook – ‘8 Insider Secrets to Sell Your Home for Top Dollar in 30 Days or Less.’ This book does share how a Real Estate Professional can benefit when you are thinking to ‘go it alone.
If your goal is to Sell quickly for the highest possible price, a professional can assist you in avoiding the pitfalls and positioning your home in the best light – plus putting your home out on 1000s of websites – immediately.
The Fed has been keeping interest rates artificially low (even with the small interest rate hike), homebuyers are able to qualify easily – let’s help them find your home!
Here is where you can get my FREE book: www.DebbieWysocki.com and If you don’t have a Realtor, I would be happy to connect you with a Realtor in your area to assist you. I am in Ft. Lauderdale, FL — and look forward to serving you. Connect with me at Debbie@DebbieWysocki.com www.ISellBeachHouses.com