The Top Reasons to Reconsider Selling Your Home on Your Own is important with the prices of homes rising, many homeowners are exploring the option of selling their home themselves. A For Sale by Owner transaction is commonly referred to as a FSBO. There are plenty of reasons to explore this option, mainly saving the money the sellers pay in real estate commissions. As with all things, there is the flip side to it, and several reasons why this may not be a good idea for a lot of homeowners.
Top Reasons to Reconsider Selling Your Home on Your Own
You make more money selling with a Realtor!
So as a home seller you feel as though you will save a lot of money by not utilizing an industry professional, fair enough. However, the buyers that are looking at FSBO’s also feel the exact same way. They feel they will save a ton of money because they know you are not paying the real estate commissions and expect that price to roll over. Studies show that FSBO’s close and sell at 13% less than homes sold by a Realtor. Typically the total commission is 6%, so there is a lot of money being left on the table according to the national average by selling the home on your own.
Having the contractual knowledge.
This is one of the big problems. People feel like they will find a buyer and just write up a contract they found on Google. This could potentially be a big mistake in that there are a lot of addendums and disclosures that must be declared and if you miss one you could be held liable.
Everyone you must negotiate with.
If you’re selling the home on your own then you must be a savvy negotiator as there will be plenty of parties to your transaction that you will need to work with.
The buyers who are looking for a screaming deal on your FSBO
The buyers Realtor who is going to drive you crazy if your not prepared
The inspector of the home who is going to find a ton of discrepancies even if its in great shape
The buyer’s lender if your home does not appraise and you have to provide all the sales data in the area
The escrow officer who is going to be asking you where all of your addenda and disclosures are
How you’re going to reach potential buyers
Pretty much anywhere you look for statistics, they all point in the neighborhood of 90 percent of homebuyers start their home search online. So what would be your comprehensive marketing plan?
This will be the most challenging by far because most home sellers do not have a real estate website, a real estate YouTube channel, a real estate Facebook business page, a real estate Google plus account etc. So you would be competing with these to try and get any exposure online.
So now that you’ve read the Top Reasons to Reconsider Selling Your Home on Your Own, I highly recommend anyone thinking about selling their home consult with a professional. You can have a free consultation so it would not hurt for you to see the numbers in black and white before you make a decision. You may be presently surprised to find that you can sell your home for what you want and get the net profit you want without having to do all the work.
Ewen Real Estate always offers a free consultation if your thinking about selling your home. So why not get all the information you need to make this decision? Give us a call today (623) 824-6274.