In a seller’s market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager. As a result, some sellers think selling their house will be a breeze. Let’s unpack why that may actually cost you more in the long run.
According to the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as a FSBO did so to avoid paying a commission or fee. In reality, even in a sellers’ market, selling on your own likely means you’ll net a lower profit than when you sell with the help of an agent.
Why? As explained by NAR, “FSBOs typically sell for less than the selling price of other homes. FSBO homes sold at a median of $217,900 in 2020. Agent-assisted homes sold for a median of $295,000.”
That’s a lot of money to risk losing when you FSBO – far more than what you’d save on commission or other fees. Despite the advantages sellers have in today’s market, it’s still crucial to have the support of an expert to guide you through the process. Real estate professionals are trained negotiators with a ton of housing market insights that average homeowners may never have.
An agent’s expertise can alleviate much of the stress of selling your house and help you close the best possible deal when you do. For example, I can recommend simple, budget conscious projects that can translate into real dollars when it comes negotiation time. Also, I will take care of all property disclosures and corresponding documentation to avoid future liability.
Bottom Line
If you’re ready to sell your house this year and you’re considering doing so on your own, be sure to think through that decision carefully. Odds are you stand to gain the most by working with a knowledgeable and experienced real estate agent. Contact me to learn more about how I can help you, especially in today’s market.
