The average home selling price of nearly $300,000 is a substantial temptation for some homeowners to consider parting with their house. For many, that kind of selling price is well above what they paid for their homes, courtesy of the hot real estate market over the last year or two.
The lure of profit may also prompt some homeowners to approach their home sale a DIY effort, rather than find a realtor to help with the sale. There are pros and cons to both approaches, so you might wonder which approach you should take.
Keep reading for our guide to selling your home with and without realtor services.
Selling Yourself Benefits
The primary potential benefit of selling your home yourself is that you can save some money. Real estate agents on both sides of the deal typically get about 3 percent of the final offer as their commission. If you sell it yourself, you can keep that 3 percent.
It might not sound like a lot, but 3 percent on a $300,000 sale works out to $9000.
Selling Yourself Pitfalls
There are several potential pitfalls to taking a pass on finding real estate services. For one, all of the marketing falls on your shoulders. That means everything from the copy on the online listings to the photographs and even managing the showings.
It’s often more work than people expect.
Buyer agents may avoid your home because they worry you’ll become too emotional during negotiations. On top of that, there is legal paperwork involved in a home sale and legal obligations involved you may not know. For example, you are required to disclose facts that might change the value of the property.
Selling through an Agent Pitfalls
The main pitfall of finding a real estate agent for hire is that it costs you something when the deal closes. There is also the possibility that you’ll end up with a bad agent. You can avoid that if you put in the leg work to find a good realtor.
Benefits of Selling through an Agent
A good real estate agent deals with a lot of details that you may not understand or care to understand. They get the house listed in an MLS. They handle the marketing.
They also typically handle the bulk of negotiations over price, repairs, or upgrades. Plus, they deal with most of the legal hassles on your behalf, such as prepping paperwork and making disclosures.
Find a Realtor or Sell It Yourself?
The decision about whether you should find a realtor or sell your home yourself must account for a number of things. Right at the top of the list is your available time? Do you really have the free time to manage the sale of your home?
Next up is your familiarity with the legal necessities involved. Are you confident you understand the disclosure laws?
Are you ready for the challenge of learning the necessary marketing speak to present your home in the best light?
Looking for more real estate tips or insights? Check out the posts in our Real Estate category.
