In today's market, with homes selling quickly and prices rising some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.
Here are five reasons:
1. There Are Too Many People to Negotiate With. Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
3. Results Come from the Internet. Where do buyers find the home they actually purchased?
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 9% over the last 20+ years.
5. You Net More Money when Using an Agent. Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $208,000 while the typical house sold by an agent sells for $235,000. This doesn’t mean that an agent can get $27,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
Bottom Line: Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.
If you are considering buying or selling a home in Herndon or other Northern Virginia neighborhood, please contact me to discuss. I can be reached at 202-409-7513 or LAnies@homedcmetro.com.
Article from Keeping Current Matters. www.KeepingCurrentMatters.com
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