In a DIY world, for some, it can be tempting to sell your home on your own (taking the For Sale By Owner or FSBO route). In fact, in a market where home prices are rising and inventory remains low, the idea of selling your home on your own can be quite enticing. However, the truth is, when it comes to selling your home, not using a Realtor has been proven to be quite the bad idea.
Specifically, studies have shown that although some home owners choose to sell their home on their own due to the false impression that they will save money, the data shows otherwise. The data reveals that the cost of selling a home as a for sale by owner actually ends up costing more than taking the Realtor route. Why is this?
One main reason is that when you sell your home on your own, you simply do not receive the exposure you would get as if you sold your home with a Realtor. An experienced local Realtor not only has access to online channels to showcase your home through, but he or she has a pool of qualified home buyers ready, willing, and motivated to purchase a home like yours in your neighborhood. Additionally, he or she has a network of other Realtors with similar buyers also looking to purchase a home like yours in your neighborhood.
Accordingly, with such access and opportunities for exposure, selling your home with a Realtor allows for more buyers to view your listing, which in turn increases the likelihood of creating a bidding war on your property, which then increases your chances of selling your home for more and in less time.
Furthermore, let’s look at the figures.
95% of home buyers search for properties online, whereas only 13% search print newspaper ads. Then, in respect to the homes actually purchased, 50% of the homes were found from the Internet and 28% were found from a Real Estate Agent. Only 7% were discovered from a home for sale sign in the yard and 1% were found in the newspaper.
For sale by owners are limited to placing a sign in their yard, maybe an ad in the newspaper, and listing their home on a limited number of online channels which they generally have to pay for. A Realtor as myself, not only has access to these channels, but I / we have access to our search engine optimized websites, social media channels with an established following of homebuyers, and an email database filled with the very buyers a for sale by owner is trying to reach. Giving up these channels for the false impression of saving money is simply a poor and expensive decision.
Additionally, let us not forget to mention the level of negotiating skills necessary to sell a home. When you’re selling a home, you have to deal with buyers looking for the best deal, buyer’s agents hungry to find the best deal for their buyers, home inspectors generally working for the buyers, and an appraiser determining the value of your home.
As Realtors, we have the training and experience to negotiate the best deals for our clients. I personally am a certified luxury marketing specialist and have earned Realtor.com’s Online Marketing Award of Excellence. In short, I’m confident to say that a Realtor as myself holds a level of negotiating and marketing skills necessary to sell a home that a for sale by owner does not.
Furthermore, the amount of paperwork required to sell a home not only has significantly increased over recent years due to the rise of necessary disclosures, but their complexity has increased as well. The risk of making a mistake on one of these documents can be a legal disaster that’s not worth it.
I can’t make you sell your home with a Realtor, but I do strongly suggest sitting down with a Realtor as myself and discussing your needs first.
As always, if you need any help listing or buying a home, please don’t hesitate to reach out.
Want to view available listings?SEARCH THE FULL MLS HERE.