Reasons Not to Sell Your Own House
Selling your home is a major decision with lots to consider. You must think about location and real estate market trends. You also must consider if you want to sell your home in person or online, or find a realtor to help you. If you’re tempted to take the “do it yourself” route, here are some reasons to reconsider.
Selling a home isn’t easy
May starry-eyed home sellers underestimate the challenge of selling a home. If you’re not an experienced real estate agent, a do-it-yourself sale likely isn’t for you. There are many factors that go into selling a home. You need to know that your home is in good condition, priced right, advertised properly, and negotiated well. If you don’t have the experience or confidence to handle these issues yourself, it’s usually better to hire a professional.
It’s not always cheaper to do it yourself
For-sale-by-owner (FSBO) property owners may think they’re saving money by avoiding a real estate agent’s commission, but typically, the money you’re saving is canceled out by other fees. In fact, this is how many real estate agents make their living — by rebating a portion of their commission back to the buyer or seller. Even in states where it’s not mandated by law, many professionals will offer such a rebate as part of their service.
You’ll also need to pay for advertising. And that appraisal? You better shell out for that, too. After the inspection comes all those legal fees, plus title insurance and closing costs — and unless you want your place to sit on the market forever, don’t forget about staging and cleaning. The costs you’ll pay to sell your home can quickly eat into any savings that come from not using a real estate agent.
You don’t know the market as an agent does
You may think you know your house and what it’s worth, but you must think about the big picture. To get an accurate value, you need to consider market conditions, such as how long other houses in your neighborhood have been on the market and whether they’ve sold above or below their asking price. A professional real estate agent stays on top of these trends. Can you do that?
A professional real estate agent also knows how to position a home so it appeals to buyers. Is it a fixer-upper? Should you stage it? Real estate agents know how to position a home and present it in its best light. It’s unlikely that an inexperienced seller will have that knowledge.
Pricing is difficult to get right
The listing price you choose for your house is not necessarily what you will eventually sell it for. If it’s too high, prospective buyers will likely move on to other homes in their price range. If it’s too low, you’ll lose out on money — and it’s a common misconception that underpricing sells homes quickly.
A professional real estate agent can help you price your home correctly. In addition, they can help figure out the right time to list your home and whether you’ll need to make any improvements. This information is invaluable if you’re looking for a fast sell at a decent price.
Professional marketing matters
One of the biggest issues homeowners face when trying to sell their own property is marketing. It can be difficult for homeowners to make their house stand out from the hundreds of others on the market, especially in a buyer’s market where there are more homes than buyers.
From professional photos and floor plans to creative marketing strategies, real estate agents have the expertise necessary to create a unique selling point for your home. They understand how to advertise it in a way that targets the right audience and increases its exposure.
Professional photos aren’t just helpful; they’re also necessary. Not only do they showcase your property properly, but they’re also vital when it comes to online marketing and listing websites such as Zillow, Trulia, and Realtor.com. Additionally, staging is more effective when done by professionals who understand what buyers are looking for.
Selling your home may be more trouble than it’s worth
As the home seller, you will have to do all the work to sell the house. You won’t be able to sit back and let a realtor take care of everything for you. You will have to invest time in learning how to sell your own home and what the process involves.
In addition, you will have to invest time in marketing your home to buyers, so they’ll even know that it is for sale. This process involves placing ads, scheduling open houses, taking professional photos, virtual tours, and undertaking other activities that require time and money.
You will also have to invest time in negotiating with potential buyers once they show interest in purchasing your home. These negotiations often require back-and-forth conversations over several days or weeks until both parties arrive at an agreement about the terms of their sale.
Finally, you will have to invest time to deal with paperwork once all parties agree on a sales contract. This paperwork includes closing documents and other paperwork required by state law so that ownership of the property transfers from one person or entity (you) to another person or entity (the buyer).
All of these activities take a substantial amount of time you could spend doing something else.
The Bottom Line
At the end of the day, you can sell your house yourself, but there are some big disadvantages. Now you know what those cons are and why a real estate agent is your best bet. They have the experience and know-how that do-it-yourself home sellers lack. At Summer House Realty we have the experience and expertise to help you sell your home hassle-free and for top dollar. If you would like to discuss how we can assist you in selling your home contact us at 904.557.3020 (Amelia Island, FL) or 706.955.6436 (Augusta, GA).