If you think you are saving money by selling your home yourself, think again! Some homeowners choose to sell their home without the help of a real estate professional, and think that not paying the commission will leave more profit for them to pocket. However, these home sellers rarely walk away from the sales with more cash. In fact, forty-eight percent of people who sell their homes without the aid of real estate agent end up spending countless hours hustling only to leave a lot of money on the table.
If you are considering selling your home yourself. First, ask yourself the following questions:
- Do you have countless hours of free time to devote towards marketing and showing your home to prospective buyers?
- What is your sphere of influence: a few hundred or thousands?
- Are you versed in the latest local real estate market trends and do you understand the latest regulations for closing a home’s sale?
- Do you have access to a list of qualified potential buyers?
The Truth: Eighty-nine Percent Of Home Sales Last Year Closed With The Assistance Of A Real Estate Professional
Most homes sell with the help of a qualified real estate professional, and with good reason. However, there are a small percentage of home sellers who chose to list their homes themselves. These home sellers, known as For-Sale-By-Owners (FSBO), have declined in number by six percent since 2004.
Statistics tell us that FSBOs make less money on average than comparable home sales in the same area. According to a report released by the NAR from 2015, the median selling price for all FSBO homes was $210,000 where as the median selling price for agent assisted sales was $249,000. What this means is that home sellers who used a real estate professional to sell their home took home almost $40,000 more per sale. Sure, these home sellers paid an agent, but the agent’s commission is a drop in the bucket compared to how much they ultimately profited from the sale.