After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.
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In an effort to save some money, you may have done some research and decided to list your home for sale without using a real estate agent. It's a reasonably sensible idea, since you know your neighborhood and more about your home than any real estate agent could possibly know. After all, professional real estate agents charge a commission on the sale, money that you would rather be in your pocket. Before you take a step that you could end regretting, read on to find out the four reasons not to list your home for sale by owner.
1. It's a digital media world.
The old-fashioned methods of announcing your home for sale that involved pinning fliers to a local bulletin board or placing a sign in your front yard aren't effective in this age of internet-driven advertising. Many home buyers now use the web to peruse the listings. Take a look at some real estate websites and you'll see exceptional search functionality, complete descriptions and professionally done phonographs of homes for sale. It's very difficult to compete with the ease and visual satisfaction of a well-done website listing.
2. It's not as cost effective as you may believe.
You know your real estate agent gets paid by the commission on a home sale, but you may not realize that a professional real estate agent is able to utilize their experience and sales ability to sell your home for more than you could by yourself. A home sold by an agent nets an average sales price of $249,000, compared to the $210,000 average price for a home sold by an owner. Additionally, there is a perception and expectation by buyers that a for-sale-by-owner property should be a better bargain and therefore less expensive since there is no real estate commission involved.
3. Home selling can be complicated.
Real estate agents earn their commission in one way by dealing with the multiple issues and parties that arise so you don't have to, such as:
Home inspectors
Buyers
Buyer's agents
Home appraisers
4. More burdensome paperwork
The lending crisis and the resulting rule changes have added to the already hefty amount of paperwork involved in real estate transactions. As a for-sale-by-owner, you can expect to deal with permits, titles, loan documents, warranties, contracts, surveys, disclosures and more. Failure to assemble a complete and accurate package at closing time could be disastrous.
The desire to save money is understandable, but having a professional real estate agent to assist you with your sale could lead to a higher home price and less headaches for you.
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