In a Seller's Market, many home owners will attempt to sell their own home (FSBO) For so many reasons, it's not a good idea. Here's Why:
Agents promote homes strategically through the internet and over 95% of buyers start their search there. It's crucial to have a strong internet presence and strategy. Putting a sign in the yard and an ad in the paper is no longer good enough.
Negotiating Skills are a MUST
You as the owner need to negotiate with several people. The buyer will want the lowest price possible. If the buyer has an agent, the agent will want to get paid. You will want the lowest Title Company or Attorney Fee, you will have to renegotiate the terms of the contract if the buyer finds anything unsatisfactory after the building inspection. Many times agents get special pricing from inspectors, title companies, attorneys, appraisers, stagers, etc... because of their existing relationship and the amount of volume given to these professionals.
Paperwork Has Become More Difficult
The paperwork trail has become more extensive. There are more disclosures and forms added all the time. Homeowners selling their own homes has dropped to only 8% from 19% in the past 20 years. Since NAR has been keeping records, this is the lowest figure to date.
Home Owners Net More Money
Statistics have consistently shown that FSBOs net less than homes sold by Realtors. Buyers are looking for a deal and Home Owners are looking to save the commission. Both can't happen. By using a Realtor your home is exposed more, bringing more potential buyers to your home, thus the most likely chance of a higher offer.
There's also the safety issue, allowing strangers into your home plus agents bring in buyers who are already pre-approved for a mortgage, minimizing the chance that the buyer's financing will fall through and waste your time.
If you are thinking of selling your home by yourself, let's discuss all of your options and possible scenarios.