In an attempt to forego paying an agent’s commission, a Seller may try to sell their home by themselves i.e., FSBO, or “for sale by owner”. Unless you have extensive experience with the home selling process, it is unwise to go the FSBO route, as you would be putting yourself at risk both financially and legally. A FSBO seller risks adding costs to both list and market their home, the expertise an agent provides in the form of market valuations, strategy, negotiations, legal processes and any appraisal or inspection discrepancies that may arise.
Most sellers have an emotional attachment to their home and as such are unable to set an objective list price. In most FSBO situations, the owner tends to overprice the home. The first 7-10 days on the market are critical. If a home is over-priced, the seller could miss some of their target buyers or turn-off buyers completely. In fact, most homes sell for 3 to 9.5% more when sold through a Realtor®*.
Today, 90% of Buyers have agent representation so when a seller chooses FSBO they are only saving half of the commission. More concisely, the seller is actually paying the Buyer’s agent to work against him or her! Don’t focus on that small savings or your loss will far outweigh your gain.
A Realtor® is immersed in the market daily and brings an objective perspective accounting for the current trends, price fluctuations and list price to sale price ratios in your area. They have access to a large network of contacts not available to the average consumer. They will price the property correctly and fairly, giving you a true idea of your equity position and home value, in order to obtain the highest price possible in the shortest amount of time.
In today’s fast-paced market, working with a professional, knowledgeable Realtor® has never been more critical. Don’t leave money on the table. Engage the services of a trusted expert to advocate on your behalf and to protect your financial interests
*Study conducted by Nat’l. Assoc. of Realtors (NAR), 2016