Lots of things work great when done yourself. From DIY painting to DIY landscaping, there are lots of great instances to do things yourself. When it comes to real estate, that can-do attitude could cost you a good bit of money.
Selling your home For Sale By Owner (FSBO) appeals to many sellers who worry that real estate agent fees will cost them too much of their profits. The truth is, things just aren’t as cut-and-dry. There are some other costs that you may not consider when selling yourself.
A study by Collateral Analytics has disproven the perceived savings of For Sale By Owner homes. It has proven that, in some cases, selling without the help of an agent actually costs homeowners more by the end of the sale.
Here are some of the most common costs associated with selling your home yourself.
- Missing an Agent’s Eye- Staging and preparation go a long way when selling your home. An experienced agent possesses a fresh set of eyes and can see things that might be off-putting to potential buyers. It’s nearly impossible to do this yourself, and it could cost you a sale and the ability to get top dollar.
- Bargain Hunters- Buyers who want to find a bargain traditionally gravitate toward FSBO homes. Without the competitive edge of an agent on their side, many sellers price too low or accept an unwisely low offer.
- Invisibility- Real estate agents use the MLS (multiple listing services) to share homes with other agents. FSBO homes are not traditionally included and are practically invisible to those who might be interested. This invisibility in today’s competitive market can cost sellers tremendously.
- Speed- Homes listed on the MLS are traditionally much more visible. As a result, many more viable buyers will see your listing and your home will likely sell much faster. Holding on to a home that needs to be sold can cost extra maintenance, monthly mortgage fees, and additional living expenses.
- Bidding Wars- Higher visibility means more potential offers. If a bidding war is started over your home, it’s possible that you stand to make much more money. If your home is listed FSBO, you sacrifice much more than you could potentially gain.
Even in highly competitive markets where homes are selling quickly, it’s probable that your FSBO home will still not net the same price as it could if listed by a professional. You could save commission, but end up losing out on much more.
The benefits of working with an experienced agent are far greater than anything outlined here. Give us a call today! We’d love to talk with you about your home and tell you what we could do to sell it quickly and for a great price.
For more info on properties available near you, text “ShoreHouse” to 59559″
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