We recognize that it is a crazy market right now! Home prices are on the rise and there is an obvious lack of inventory. Because of this, some homeowners are considering selling their homes themselves, known as a For Sale By Owner (FSBO). We have a few reasons why we don’t think this is in any seller’s best interest.
Exposure – Getting Your Home in Front of Buyers
The National Association of Realtors stated at the end of last year that the percentage of buyers who use the internet for their home search has increased to 94%. 51% of buyers found the home they actually purchased online. With a Buckley Jolley Realtor, you will have a dedicated internet marketing strategy working for you, posting to nearly 100 different websites.
FSBOing has Become Increasingly More Challenging
The paperwork involved in buying and selling a home has continued to increase over the past 20+ years as regulations and disclosures in the industry increase. We currently have the lowest percentage of FSBOs, at 8% of home sales, since NAR began collecting data in 1981. With a Realtor, they will be familiar with all regulations, disclosures and paperwork that you will face during the buying and selling processes.
Negotiating, and a lot of it
There is a long list of people who must be negotiated with during the sale of a home.
The buyer and their agent, and possibly the buyer’s attorney, who will be negotiating every detail of the sale with mainly their own interests in mind. This includes when to close, how much money they should pay for the home and for each step through the entire sale process, what the expectations are before the closing, and the list goes on. With a Realtor, you have someone on your side fighting for your best interests!
The home inspection company, hired by the buyer with the sole purpose of identifying even small problems with the house. With a Realtor, you have someone familiar with the process who is able to dedicate their time to sorting through long inspection reports and working out what will be best for you and your sale.
The appraiser, while they are commissioned by the lending institution of the buyer, they will be questioning the value of your home. Often appraisers rely on market professionals to provide comparable home values and professional opinions on home values. There is a big benefit here to work with a Realtor who knows your area and can fight to prove the value of your home.
You net more money when you use a Real Estate Agent. While the main reason to FSBO may be saving the real estate commission, studies have shown that the typical house sold FSBO sells for $185,000, while average houses sold by Real Estate Agents is around $245,000. While there are many factors that influence these numbers, the main point is that selling your own home may not make sense.