If the current excitement in real estate has you considering selling your house and moving, you’re not alone. Right now, homeowners across the nation are tempted to place their property up for sale due to the strong demand among home buyers and increasing opportunities to work remotely.
During a hot market like this, it can be tempting to do a “For Sale By Owner” (often referred to as “FSBO”). But there are several advantages to working with the right real estate agent that can make your sale easier, faster, and more profitable than attempting to do it yourself. Here’s a closer look at why you might want to hire a pro to help you.
What Is It Like to Sell a Home When Inventory Is Low?
Often referred to as a seller’s market, low inventory in real estate simply means there aren’t as many houses available as there are people who want to buy. As a result, if you put your property up for sale right now, it’s likely that you’ll get a lot more people showing up to look at it.
However, prospective buyers don’t always make great offers.
The same issues that happen in a seller’s market can also happen in a buyer’s market—from difficulties getting inspections to deals falling through. These issues can make doing the work yourself complicated and overwhelming.
The Pitfalls of Not Using a Realtor for Your Sale
There’s a good reason that 90% of homeowners turn to a real estate agent to handle their property transactions. Realtors make the process so much easier, smoother, and more profitable for homeowners that it is well worth the investment to work with one.
Consider these unexpected issues that can crop up when you opt for a “For Sale By Owner.”
You Will Likely Still End Up Paying a Commission
This may seem surprising, but FSBO sales still involve a commission—for the buyer’s agent. And while it’s natural to expect the buyer will pay that fee, the contract you sign might state otherwise.
This is something a realtor will catch and negotiate for you, as well as other contract details designed to protect you and your profits.
Pricing Your Property Isn’t Easy to Do on Your Own
Correctly setting your asking price affects everything—from attracting qualified buyers to tour your property to the final price you agree on. Price too low, and you could lose thousands of dollars in profits. Price too high, and your home could remain unsold for a long time.
Real estate agents know what’s happening in your neighborhood and can evaluate how your home compares to others like it, as well as what buyers are expecting. As a result, your realtor can help you set an asking price that earns you top bids.
Doing It Yourself Can Often Reduce Your Profits
According to a 2019 National Association of REALTORS study, home sellers who do a FSBO end up earning significantly less than those who use a realtor. This is due to a number of factors that DIY-ers don’t know how to negotiate to their advantage.
When you work with a real estate agent, you get the benefit of their expertise, which significantly improves your odds of getting the best price. This makes any commissions well worth the investment.
The Process Can Get Complicated and Time-Consuming
Home sales can involve lots of back and forth that steal your time. There are many details that go into completing a property transaction, and it can be challenging to make sure they all get addressed properly. Many homeowners get worn down by trying to do it all, especially in the midst of their job, family, and other daily concerns.
Real estate agents are experienced in successfully handling the whole process, including listing, showings, contract negotiations, and completing paperwork. And they can quickly respond to communications from the buyer throughout the day—acting fast on your behalf.
Is It Ever Worth Selling Your Home Yourself?
As you can see, the complex aspects of handling real estate may not be worth doing it yourself. Still, if you’re considering a “For Sale By Owner” approach, a couple of elements will make the process most likely to succeed.
You Know the Buyer Personally—and Trust Them
If you’re selling to someone you know well and have good reasons to collaborate with—such as a close family member—then you might not need the help of a real estate agent in negotiating a fair contract.
You’re Experienced Making Real Estate Transactions
If you’re a real estate agent yourself or have worked in a related field that has given you great expertise in negotiating real estate contracts, it might be worth considering a DIY sale.
Obviously, most homeowners simply don’t have these advantages—which is why so many choose to work with a knowledgeable REALTOR instead of a FSBO.
Sell Your Home with the Help of Our Pro Team
Collaborating with an experienced REALTOR can make all the difference when it comes to selling your home for a top price and in a timely fashion. Our McGraw team knows how to get you great results as we negotiate your sale or purchase. We work closely with you every step of the way to meet your needs, while also freeing your time so you can concentrate on what matters most to you.
We’re here anytime you need us, and we’ll make selling your home swift and simple. Check out the McGraw REALTORS in your area to get started.