Although it’s true that homeowners know their homes better than anyone else, that certainly doesn’t mean that they are the best choice to sell their Louisville area home. Due to that fact, here are the top 7 reasons homeowners shouldn’t sell their own home.
Various sellers think about trying to sell their home as a For Sale by Owner (FSBO) transaction because their region is currently in a seller’s market and they think they can sell easily without help from an expert. Others try the FSBO route because they want to maximize their profits and avoid paying a commission to a Realtor.
Homeowners should know that statistics show that selling your home with the assistance of a professional real estate agent will provide you with a higher profit margin, enough to cover their commission as well as add more money to your pocket. According to the National Association of Realtors’ 2013 Profile of Home Buyers and Sellers, the average FSBO sales price was just $174,900, while the average price for a home represented by an agent was $215,000, a whopping $40,100 difference.
The top 7 reasons homeowners shouldn’t sell their own homes but should sell using a Realtor instead:
1. It’s been shown that homebuyers usually prefer to view homes without the seller present so they feel more comfortable exploring the house and picturing themselves in the home. They also feel more comfortable talking about the home’s more imperfect aspects. At a FSBO sale, the owner or their personal representative must be present to show the home every time.
2. A Realtor will have access to market data about recent home sales as well as other homes currently on the market that can be used to price your home appropriately. Studies have shown that homes priced right when they’re first listed sell much more quickly and for a higher price than those that linger on the market. Buyers tend to view homes that have been on the market for an extended period of time less desirable.
3. A Realtor can show your home when you aren’t available and can quickly respond to inquiries from potential buyers and their agents. As well, they can get extremely valuable feedback from visitors. These things save you time and can increase your profits.
4. A Realtor can look at your home more objectively and suggest ways to improve its appearance. They can suggest proper staging and minor repairs so it will have the most appeal to buyers. The Shafer Team provides a professional home stager and photographer with most of their listings at no cost!
5. A Realtor can help you negotiate a contract that not only provides you with the most appropriate price for your home, but also meets your needs for a settlement date. These days, most buyers work with a Buyers’ Agent to represent their interests so if you choose to sell your home on your own, you’ll be negotiating with a professional, relying on your own skillset to finalize a very detailed contract. Not only could you end up selling your home for less money, you could also leave yourself open to potential legal problems unless you have the contract scrutinized by an experienced real estate representative.
6. A Realtor can screen visitors to your home, which provides an important measure of safety that FSBO sellers don’t have. In addition, by checking to see if the buyers are legitimate and can afford to purchase your home, a Realtor can help you avoid wasting time showing your home to unrealistic or unqualified buyers.
7. Realtors have professional marketing expertise, contacts with other Realtors who work with their buyers, as well as the support of a brokerage that can market your home more widely than you can as an individual. The Shafer Team also has a professional Marketing Specialist as part of their team.
It’s true that FSBO transactions can be successful, but 90 percent of homeowners prefer to work with a professional rather than risk a disappointing home selling experience.