Selling your own home is nothing new and it has been going on for years. When consumers hear that it is now a seller’s market, they get all excited, think they should save a few bucks, and maybe sell their homes by themselves. It all sounds logical, but I think that before the general public decides to go on this route, they should do some homework first. Let’s face it: your home, the sale of it or the purchase of a new one, is most likely the single biggest transaction most people will ever do and before you take that on yourself, let’s study the facts.
1) Statistics tells us that “For Sale by Owners or FSBOs” are successful at selling about 14% of the time. Of that group, 7% knew whom they were selling their homes to ahead of time (friend, relative, neighbor, etc.) That means that true FSBOs are only successful by about 7% of the time.
2) Seventy-one percent of all real estate litigation is a result of one party not being represented in the transaction. This is the classic FSBO because the buyer has an agent protecting their best interest while the seller does not. In fact FSBOs gets sued more than any other group in real estate.
3) There are not less than 100-150 pages of documents and at least two dozen forms involved in the real estate transaction. The FSBO needs to be intimately familiar with each page. If they are not familiar with each form, I would never recommend signing a legal and binding document.
4) You are not a marketing expert and good marketing can attract a bidding war. A real estate agent at the top of his or her profession will know exactly how to market your home effectively.
5) According to the National Association of Realtors, a real estate professional can get the seller a 10-13% higher price for their home than if the consumer tried to sell it by themselves. Since we only charge 6%, it sounds like the average consumer makes 4-7% more money on their sale of their home if they list it with us.
There are many more reasons why it makes sense to have a professional handle the sale of your home. If you want to find out what they are, feel free to contact me at the information below.
We always want to help and educate consumers on the real estate market. If you would like us to send you a PDF of all of the forms involved in the real estate transaction, email me at firstname.lastname@example.org.
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