The housing market in Rochester is booming right now. Many homes are being purchased as soon as they are listed. If you are considering selling your home, you might be tempted to sell it yourself rather than using a real estate professional. But have you looked at what it means to list your house For Sale By Owner (FSBO)? We have pulled together a basic pros and cons list for listing your home FSBO. By no means is this an exhaustive list, but it should help you as you begin making a decision about how to sell your home.
Save the commission. Costs associated with using a real estate professional to sell your home average 6%. One of the main reasons people want to sell their home on their own is to save this fee. Financial Web, a financial website, says, “you need to determine if having someone else handle the process of selling the house is really worth 6 percent of the value of your house. If you do not think it is, selling your house on your own is the way to go.”
Time management. If you sell your own home, you can dictate when you have open houses or when you are willing to show the home. This is a convenience that may or may not weigh heavily in your decision, depending on the flexibility of your schedule.
Face to face contact. Talking with potential buyers can be a huge bonus for selling your own home. You can highlight your favorite features of the house and answer any questions from experience.
Lack of experience. If you forego using a real estate professional, you lose out on the years of experience they have in the industry. Not only do they have knowledge on fairly pricing your home, they have marketing expertise, business connections and knowhow that only comes from working in the industry. Besides, selling your home comes with “a huge amount of hassle and additional responsibilities you can’t put a price tag on,” says Megan Kunstamn, executive coordinator and marketing manager for the Robinson team at Keller Williams.
Sell time. Forbes has data showing that it often takes longer for FBSO properties to sell than ones sold by a real estate professional. Not only that, but the homes often average a price less than comparable homes sold by a professional.
Exposure. You can put a “for sale” sign in your yard, but don’t expect potential buyers to be driving by on a regular basis. Real estate professionals know how to best market your property to get the most number of eyes on your listing, bringing in even more potential buyers.
-Responsibility. Most people live full and busy lives, and taking the time to sell their home isn’t in the cards. “Selling a home on your own is stressful,” says Kuntsman. Trying to balance your daily life while selling your home can be too much. “A Realtor takes on that responsibility for you so you can go on living life as you normally would with the assurance your home will be taken care of.”