Thinking of selling your home on your own in order to save a few bucks? Unless you are a licensed real estate agent, you may want to think again.
I recently came across an article by real estate blogger, Keeping Current Matters, in which they listed their top five reasons to not FSBO – For Sale By Owner.
KCM‘s top five reasons for not selling a home without the aid of a licensed professional agent are:
1. Online Strategy for Prospective Purchasers
2. Results Come from the Internet
3. There Are Too Many People to Negotiate With
4. FSBOing Has Become Increasingly Difficult
5. You Net More Money When Using an Agent
Recent studies by NAR – National Association of REALTORS – reveal that 95% of home buyers search for a home online. Gone are the days of people picking up a newspaper to look for a place to live.
Unless you know the person who is going to buy your house or they happen to drive past your home with a sign in the yard, they are more than likely going to find your house online – either through MLS if they are working with a buyer’s agent or on an IDX syndicated website.
In fact, half of all home buyers reported they found their home online. Only 28% said their realtor found the home for them, 7% found the home by seeing the sign, and 1% found the home they purchased in a newspaper.
Speaking of people to negotiate with, here are just a few:
The buyer who is trying to get the best deal they can.
The buyer’s real estate agent who is representing the buyer – not you!
The real estate attorney.
The inspector’s findings – and believe me, they will find things that are not perfect with your house.
The appraiser if there are problems with the value of your home.
Then there’s knowing the proper legal documents to use. Charlotte area realtors use either NCAR or SCAR approved legal documents, depending on the state in which the sale takes place.
Do you know and understand what these documents say? Do you know which disclosure forms to fill out?
Finally, the sole reason most people attempt to sell a house on their own is to save money. However, a study by Collateral Analytics revealed that people actually leave a significant amount of money on the table when they try to sell on their own, even after factoring a listing agent’s commission into the mix.
The bottom line is that unless you know what you are doing and have the resources, time, and expertise to market, negotiate, re-negotiate, and successfully navigate a real estate transaction in the state where you live, you are better off enlisting the services of a real estate professional to sell your home.
If you are thinking about putting your home on the market and are seeking professional guidance, contact me at Jimmy@CostelloREI.com and (980) 298-9385. I am a licensed real estate agent in North and South Carolina and I specialize in the Tri-W News readership area.
