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Selling a home takes a lot of work, and to save money, some homeowners do it themselves. There are pros and cons to selling a home without a professional real estate agent, and ultimately only you can weigh these options and decide which is best for you and your home. Landmark has created a comprehensive list of both sides to help you decide.
Selling Your Own Home As A Realtor
When you hear arguments about why it’s better to sell a home FSBO (often called fizz-bo in the real estate industry), they usually talk about gross income. “Selling your home yourself will save you money because you don’t have to pay a Realtor,” FSBO advocates will say. A small study completed by Northwestern University found that for every home sold in Madison, Wisconsin between 1998 and 2004, FSBO sales made the same amount of money as homes sold by at least one Realtor.
How To Pick The Best Listing Agent To Sell Your Home
It is true that real estate agents make a percentage of the sale price of the home (typically 6% for Buyer’s and Seller’s Agents), but these fees include a lot of time and money spent on selling the home. In fact, a study completed by the National Association of Realtors found that the median price of homes sold by an agent in 2008 was $211,000, compared to $153,000 for FSBOs.
If you choose to sell your home without a Realtor, you will need to pay to stage and list the home (which can run into the hundreds or even thousands of dollars), and hold open houses for potential buyers. A realtor will help you prepare your home for potential buyers, take photos, and list the home on the real estate agents-only Multi-Listing Service, where thousands of people will see the home. If you work with a Realtor, you won’t have to pay the big fee that comes with this listing. Sellers will also schedule open houses and property viewings on their own time so you don’t have to take time out of work or life to show your property to potential buyers.
Not only that, but a FSBO seller cannot avoid all seller fees. A buyer’s agent will likely charge a 3% commission on the sale of the home for the services they provide to the buyer.
What is the key ingredient you need for a successful home sale? Outside the home, you need professional guides! According to another study by the National Association of Realtors, in 2012, 90% of home buyers searched for their new home online. FSBO sellers can buy ads in magazines or newspapers or try online listings, but real estate agents have many ways to get a home noticed, such as a multiple listing service.
What To Do If Your Realtor Wants To Buy Your Home
How much is your home on the market for? The longer a home is on the market, the slower it will sell. The National Association of Realtors found that homes sold through the Multi-Listing Service sell an average of 20 days faster, and that 20% of FSBO listings had to update their MLS listings because they didn’t sell.
There’s a reason a real estate agent is a full-time job. It takes time to get to the location, schedule property viewings, and get home offers. Agents work long hours and on weekends and holidays to make sure the home sells for the right price in the shortest amount of time. Many FSBO sellers have to reduce their hours so they can show their homes during business hours, and take payment. Some FSBO sellers keep their homes on the market for a long time because they can’t just drop everything and run when a potential buyer wants to look at a home. They don’t have enough time to market their home, so it stays on the market for a long time, which is a red flag to potential buyers, whether it’s a good deal or not.
Buying and selling a home is a legal process. So the seller and the buyer must negotiate. The real estate agent will handle all negotiations, but the FSBO buyer will have to do the negotiations themselves. A real estate agent or FSBO buyer will need to negotiate with the buyer, the buyer’s agent, the buyer’s attorney, the real estate appraiser, the accountant, and the bank. The FSBO will have to develop its own strategy and rely on its own experience. Real estate agent and financial expert Dave Ramsey said that even with 30 years of experience as a real estate agent, if he had to sell his home. , he was going to hire a real estate agent. Realtors sell homes and know the market in your area – they are experts when it comes to selling homes. If you have sold all your houses in your life, you can sell three to four houses in your life, and a real estate agent sells three to four houses a week.
Also, selling a home is a legal process. Remember that if you choose to sell your home yourself. Some states may not allow you to go through a foreclosure without a real estate attorney. Not only that, but if you are not familiar with legal documents, you may overlook a required form or disclosure and end up in court after closing. A real estate agent knows the legal issues involved in selling a home and can help you make sure you don’t end up with a liability on your hands.
Should You Buy Land And Build Your Own House?
Whether you decide to sell your home yourself or sell your home through a real estate agent, protect your systems and appliances with a home warranty. A home warranty is similar to home repair insurance or an appliance warranty—it covers appliances for failed systems and minor service calls. For more information on home warranty coverage, home warranty pricing, or where to find the best home warranty companies, go here.
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Can A Real Estate Agent Buy Their Own Listing? (answered)
Edited by Michele Petry Michele Petry Senior Editor, Mortgage Expert • Real Estate • Real Estate Market Michele Petry is the lead editor for real estate content. More LinkedIn email Michele Petry
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How To Sell Your House With A Realtor [9 Key Steps]
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