In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). Let’s talk about 6 reasons why shouldn’t sell FSBO.
1. Exposure to Prospective Buyers: As your real estate agent I have an internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet:
Where did buyers find the home they actually purchased?
49% on the internet
31% from a Real Estate Agent
7% from a yard sign
1% from newspapers
The days of selling your house by just putting up a sign and putting it in the paper are long gone.
3. There’s a lot of People to Negotiate With:
-The buyer who wants the best deal possible
-The buyer’s agent who solely represents the best interest of the buyer
-The buyer’s buyer in case there are challenges with the house your buyer is selling
-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
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 7% over the last 20+ years.
5. You Net More Money When Using an Agent. According to NAR’s 2018 Profile of Home Buyers and Sellers, FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $200,000 last year (up from $190,000 the year prior), and significantly lower than the median of agent-assisted homes at $264,900.
6. 90% of sellers listed their home on the Multiple Listings Service (MLS). You can list your home on the MLS via a flat fee service with some companies but guess what, you deal with the buyers, buyer’s agent, negotiation of the contract, home inspectors, appraisers, termite inspectors, showings etc….
Before you decide to take on the challenges of selling your house on your own, let’s get together to discuss your needs.