In today's market, with homes selling quickly and prices rising, some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.

Here are the top five of those reasons:

 

1. There Are Too Many People to Negotiate With

Here is a partial list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always, find some problems with the house
  • The appraiser if the appraisal  comes in low and should be challenged. (TIP--You don't have to settle for the appraised price.) 

2. Exposure to Prospective Purchasers

10 Years ago only about 70% of buyers began their search for a home for sale in Greenwood on the internet. Recent studies have shown that number has grown to 89% of buyers search online for a home. Not to mention the many different avenues of online places to shop. That is in comparison to only 20% looking at print newspaper ads. Is your home able to be seen in the RIGHT locations? Your Greenwood real estate agent should have a proven internet strategy to promote the sale of your home. Do you?

3. Results Come from the Internet

Where do buyers find the home they actually purchased?

  • 44% on the internet
  • 33% from a Real Estate Agent
  • 9% from a yard sign
  • 1% from newspaper

The days of selling your house by just putting up a sign and putting it in the paper are long gone even though that's about what some agents still do. Having a strong internet strategy is critical. We are all creatures of habit. What does that mean? The sign in your yard will be seen by the same people on a consistent basis but few new people. Your perfect buyer could be 5 miles away and never know your house is for sale.  After awhile it's no longer noticed and the people who do see it wonder "why hasn't it sold? It must have problems." It quickly becomes passed by.

4. FSBOing has Become More and More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.People are figuring out we are called real estate professionals for a reason. Most DO add value and and create better outcomes than thought.

 

5. You Net More Money when Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Keep in mind the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission too. The seller and buyer can’t both save the same money.

Studies have shown that the typical house sold by the homeowner sells for $210,000 while the typical house sold by an agent sells for $249,000. This doesn’t mean that an agent can get $39,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense. By allowing us to provide the necessary exposure for your home it can increase the overall sales price and decrease alot of stress throughout the transaction.

 

Bottom Line

Before you decide to take on the challenges of selling your home in Stoney Point or any other neighborhood and find yourself bogged down in the middle of a southbound transaction, give us a call The Bradshaw Group today and see what we have to offer. You will be pleasantly surprised and glad you did.  341-7774.