Sell My Magnolia DE Home By Myself ?
In today’s Magnolia market, as home prices have been rising and we’ve experienced record-low housing inventory, some homeowners may consider trying to sell their home on their own. This is known in the industry as a For Sale by Owner, FSBO.
There are several reasons why this might not be a good idea for the vast majority of sellers. Here are the top five reasons:
1. Exposure to Prospective Buyers: Recent studies have shown that 95% of buyers search online for a home, in comparison to only 17% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet: Where did buyers find the home they actually purchased?
49% on the internet
31% from a Real Estate Agent
7% from a yard sign
1% from newspapers
The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is absolutely crucial.
3. There Are Too Many People to Negotiate With: Here is a list of some of the people with whom you must be prepared to negotiate if you decide to sell For Sale By Owner:
The buyer who wants the best deal possible, the most house for the least amount of money.
The buyer’s agent who solely represents the best interest of the buyer and will be negotiating on their behalf.
The buyer’s attorney.
The home inspection companies, which work for the buyer and will almost always find some problems with the house.
The appraiser if there is a question of value as it relates to your agreed sale price.
4. FSBOing Has Become More And More Difficult:
The paperwork involved in buying and selling a home has increased dramatically; many industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years. The 8% share represents the lowest recorded figure since the National Association of REALTORS® began collecting data in 1981.
5. You Net More Money When Using an Agent:
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. BUT, the seller and buyer can’t both save the commission.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything, and in some cases may be costing themselves more by not listing with an agent. One of the main reasons for the price difference at the time of sale is:
- Properties listed with a broker that is a member of the local Multiple Listing Service will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And, those MLS properties generally offer compensation to agents who represent buyers, giving them an incentive to show and sell the property, again potentially enlarging the buyer pool.
- If more buyers see a home, the greater the chances are that there could be a bidding war for the property. The study showed that the difference in price between comparable homes of size and location is currently at an average of 6% this year.
Why would you choose to list on your own and manage the entire transaction when you can hire an agent and not have to pay anything more?
Here’s the Bottom Line
Before you decide to take on the challenges of selling your house on your own, let’s sit down so I can explain to you my Win-Win offer. You might be surprised how much more money I can net you than what you can do on your own. But, if you really want to give it a try on your own first, download my FREE Guide. It is chock full of information that will help you. Honest, it’s FREE and you won’t need to enter any information to download it.
If you would like to know your home’s value in today’s market, click here.