Are you thinking of selling your home For Sale By Owner (FSBO)? Before you do, consider 5 myths people say when selling without a REALTOR.
Myth #1: I can save money if I sell my own home.
Fact: Most people who try to sell as FSBO make less money compared to the current market.
FSBO’S think they will avoid paying a commission fee and closing costs, putting more money in their pocket. Consider this; even if you try to sell on your own, the buyer will most likely be working with a REALTOR. If they want to make an offer you will still be asked to pay a commission for the buyer’s REALTOR or risk losing a potential buyer. Don’t forget, even if you sell your own home there are still fees that all sellers are responsible for like title work, transfer fees, recording fees, attorney fees, inspections, etc.
In addition, your time is valuable! Think of how much time you will be spending setting up showings (at all hours of the day/night), trying to track people down for feedback, trying to advertise, creating & printing professional marketing materials and the list goes on… Especially if you work another job, do you have the time it will take to try to sell without a REALTOR?
Myth #2: I can price and sell my home for more money.
Fact: The success of selling your home depends on pricing it right the first time.
Pricing your home too high or too low can result in a stale listing (longer days on the market) or price slashing. Your local real estate professional has extensive knowledge of the current market and will do a comparative market analysis on your home to help determine the best price to list your home.
According to the National Association of REALTORS (NAR), in 2015, REALTOR listed homes sold on average for $249,000, where FSBO homes sold on average for $210,000. That is $39,000 more when listing with a REALTOR. Who’s making you money now? REALTOR’s help you get the most for your home.
Myth #3: I can market my home the same as a REALTOR.
Fact: 92% of buyers are searching online and a REALTOR’s strong online presence will get you more exposure than just trying to sell on your own.
There is more to selling a home than just putting a sign in your yard, posting it online and waiting for an offer. REALTOR’s are professionals and know how to market your home. Once your home is listed, they can assist with staging suggestions and often professional pictures will be taken. The professional pictures and details of your home will be uploaded into the MLS database. The MLS is the main database for home searches used by a buyer’s REALTOR and is also linked to many other home search sites to maximize your home’s online presence. You won’t get the same exposure anywhere else!
Myth #4: I can sell my home better than anyone.
Fact: A REALTOR can take an objective look at your home and tell you how to stage your home so it makes a great first impression for buyers.
Let’s be honest, selling a home is emotional. The memories and hard work put into making it your home can sometimes get in the way of marketing and selling your home. A REALTOR knows what buyers are looking for in a home. They can walk through your home and help you highlight the home’s best features so it shows well for buyers.
Myth #5: Anyone can negotiate and execute a sale.
Fact: The most difficult part about selling your home is negotiating and handling the paperwork.
You are selling your home and the offer comes in much lower that you expected. Your first reaction might be to get upset and take offense. In reality, a buyer would not make an offer if they didn’t like your home. Your REALTOR can work with you to respectfully and effectively negotiate an offer that is acceptable to you.
Our West Michigan Regional Purchase Agreement is 6 pages long. REALTOR’s are familiar with the purchase agreement and understand all the legal verbiage. They can walk you through the process easily so you can understand it. Your REALTOR will also assist you in the timeline with lenders, inspections, appraisals, etc. to successfully execute the sale of your home.
A hot seller’s market doesn’t mean the importance of an experienced REALTOR should be overlooked. In 2015, only 5% of FSBO homes actually sold, according to NAR. REALTOR’s know the market, how to handle the legal paperwork, where to price your home and most importantly sell your home at the best possible price.
Contact your local real estate professional, Michelle Gaudreau, at 616-450-0131 today! I look forward to working with you and providing you with superior service you can trust!
Happy Spring!
