Facts To Consider Before Trying To Sell Your Own Home
By selling your own home, you are limiting the exposure that your property will receive from potential buyers (less than 10%), which in turn will mean your home will take ten to fifteen times longer to sell on the market.
Too Long On Market
The longer a home sits on the market, the lower the selling price the property usually sells for. It comes to down to perception, and many buyers think that if the home has not sold after this long, there must be something wrong with it.
Selling/Buying Process Begins After a Viewing
Most buyers usually leave a viewing and begin to discuss the buying process. Many sellers believe that if a buyer walks in and fall in love with the home and the decor they will bring an offer. If a buyer does not have a Real Estate Agent assisting them, they usually talk themselves out of presenting an offer, or take their time deciding what to do and continue to look. A Real Estate Agent can help them through this process and make proper offers in a timely manner.
Lower Selling Price
Due to the limited exposure of your property on the market, you are more likely to end up with a lower selling price. Many buyers believe they can get a "deal" from a for sale by owner property. In order to generate the highest possible price for your property, you need maximum exposure possible.
Lack of Negotiating Experience
Real Estate Agents are trained in negotiation skills and have a great deal of experience doing so. Many sellers do not have experience in negotiating, or experience in all of the various real estate contracts and forms. This could lead to possible mistakes and potential lawsuits and other legal ramifications.
Many buyers find dealing with a home owner very awkward. It becomes difficult to negotiate with the person selling the home directly. Many buyers also find it uncomfortable to really look through the house with the seller present, therefore, they tend to look quickly and do not spend the necessary time in the home to make an educated buying decision.
Buyers Working with Real Estate Agents
The majority of buyers are working with qualified Real Estate Professionals. Keep this in mind as many for sale by owners do not want to work with realtors which will limit your opportunities to sell your property. As a result you will probably end up negotiating against an experience professional should their buyer bring forth an offer.
If you plan to use a Lawyer to assist you in the negotiating and contract writing process then you will probably be faced with higher legal fees as well.
Access To Market Information
Only Real Estate Professionals have access to up to date market information. New reports cannot approach the timeliness or specificity available to Real Estate sales people. Also, Real Estate representatives are involved in home sales much more frequently than the average homeowner is. Familiarity leads to a degree of expertise which provides an advantage in negotiating and successful selling.
You only pay real estate commission if your real estate professional sells your home at the price you are happy with.
Accepting an offer is only the first step, ensuring a safe and successful closing is another. Real Estate transactions can face numerous problems on closing. This is an area that your Real Estate Professional can be the most important as they can act as a great mediator.