While selling your home by yourself, may seem like a great way to save money on a commision fee, the fact is that most potential FSBO sellers end up regretting the decision. If you’re considering FSBO, or already listed your home that way and things aren’t exactly working out as planned, then keep reading.
While “location, location, location” might be the home buyer’s mantra, as a home seller, that’s one variable you really can’t change. Instead, the key factor to selling your home in a reasonable amount of time is pricing it correctly, which isn’t nearly as easy to do as you might think. Sure, you can go online and see what nearby homes have sold for, but are you really comparing apples to apples here? An experienced Realtor will be able to perform a detailed market analysis which not only takes into account your home’s condition and any improvements you might have made, but can generate an up-to-the-minute temperature reading of just how hot (or not) your local market really is.
In 2018 36% of sellers attempted to sell their own home, but only 11% were successful. Why? 91% of all Realtors make use of social media sites as a marketing tool. Just about everyone browsing their page is interested in buying a home in the local area. What’s more, Realtors are actively engaged in driving traffic to their own websites and they also have the capacity to list homes on the Multiple Listing Service (MLS). In order to list a home on the MLS, an FSBO seller will have to pay an outside agency several hundred dollars, as well as having to cover the cost of the buyer’s agent fee.
In case you’re not already getting the picture, selling a home is pretty hard work! Not only do you have to find and vet potential buyers, but once you’ve found that buyer, then the real headaches begin. Every detail must be attended to in order to make the sale go through…and what’s more, if you neglect something crucial like a mandatory disclosure or inspection report, you may find yourself facing not just the loss of the sale, but also potentially serious legal repercussions. There is some paperwork to go through even if you work with an agent, but that's still a lot easier than doing it yourself.