THINKING OF SELLING YOUR HOME YOURSELF?
You've thrown some paint on the walls, fixed the leaky faucet and maybe even had replacement windows installed. You know what your neighbor got for his house. And Zillow's "zestimate" told you how much your home is worth. Now all you need to do is plunk one of those red and white "FOR SALE BY OWNER" signs in the front and yard wait for the offers to come knocking on your front door. Right?
Wrong, very wrong.
Most "For Sale By Owner" or what we call "FSBOs" (pronounced "fizz-bo) fail. In fact, the percentage that fail to sell without listing with an agent is 80%. That's a huge number. Why is that?
- Determining the Correct Price. Without access to
comparable recent sales of homes that are similar to yours, it is difficult to determine what a home might sell for in today's market. Your home's value is not determined by what your neighbor sold theirs for or what you need from the sale to buy your next home. Nor is its value determined by what cash you want from the sale. Over-priced homes languish on the market.
- Lack of Internet Exposure. Nearly 90% of home buyers begin their search online. Once your home is listed on the Multiple Listing Service, or MLS, your home's listing is syndiated out to many other websites. Your agent's company may syndicate it out to additional sites. This is all done automatically. Sure, you can enter your listing on many sites yourself but you will have to input the data yourself as well as maintain the listing such as when you change the price.
- Qualifying Buyers. How do you determine whether a buyer can actually afford your home? What questions do you ask? What makes a "good" offer? What if your buyer also has a house to sell? It's not just the money.
- Getting the Deal to Close. This is where your agent works the hardest and why most FSBOs fail. Are you prepared to manage contingencies, coordinate with the sale of the buyer's other home, re-negotiate inspection issues, deal with the attorneys, loan officer and underwriter?
Are you aware of Fair Housing rules and how violating them can cost you tens of thousand of dollars? Have you supplied the buyer with the proper disclosures? Did you know that listing your home on a FSBO site will cost you money out-of-pocket whereas you don't pay an agent until the house sells? Did you know that advertising "downstate" in the Times or other similar papers is very expensive and another out-of-pocket expense? (Not to mention redundant, thanks to the internet)
Did you know that when you list with an agent you can expect to gross about 16% more than if you sold it yourself? That would more than pay for an agent's commission.
Did you know that a home listed with an agent typically sells faster that if you sold it yourself?
Finally, did you know that 88% of people who try to sell their own home eventually list it for sale with an agent?
A person may sell a home on their own once or twice in their lifetime. Why not entrust the sale of your largest asset to someone who does it everyday? Turn a potential headache into a successful sale. Call an EXIT agent today!