Top 5 Reason You Should Not For Sale By Owner
In today’s market, when homes are selling quickly and prices are rising, some homeowners consider trying to sell their home on their own. In the real estate industry, this is knows as a For Sale By Owner (FSBO). There are several reasons this might not be a good idea for the majority of sellers. Here are five of the top reasons:
THERE ARE TOO MANY PEOPLE TO NEGOTIATE WITH
Here is a list of some of the people to be prepared to negotiate with 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
- The home inspection companies, which work for the buyer and will almost always find issues of concern and repair items for the house
- The appraiser if there is a question of value or the appraisal not able to be waved
EXPOSURE TO PROSPECTIVE BUYERS
Recent studies have shown that 94% of buyers start their search online for a home. Most real estate agents have an internet marketing strategy to promote the sale of your home. Do you?
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 putting up a sign and pitting in the paper are long gone. Having a strong internet marketing strategy is crucial.
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 selling their home as a FSBO has decreased from 19% to 8% over the last 20+ years. The 8% represents the lowest recorded figure since NAR began collecting data in 1981.
YOU should NET MORE MONEY When USING AN AGENT
Many homeowners believe they will save money by not selling on their own and not paying a real estate commission. It is important to realize the main reason buyers look at FSBOs is they are also looking to save the real estate agent’s commission. The truth is, the seller and buyer can’t both save the commission.
Studies have shown the typical house sold by the homeowner sells for about 16% less than the same house sold by a real estate agent. By paying a real estate agent’s commission, the seller can usually net more money in the purchase price of their home by casting the net out to more buyers and buyer’s agents.
Before you decide to take on the challenges of selling you house on your own, sit with a real estate professional to see what they have to offer. Remember, if they do not sell the home for the amount you are willing to sell for the property up front, you do not pay any commissions.
Team Anderson Realty is located at 209 Alford Street, Holly Springs, NC 27540. If you are thinking of selling your home in the North Carolina real estate market, give Erica Anderson a call at 919-610-5126 to discuss our unique marketing strategy that will get your home sold in today’s real estate market!