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5 Reasons Why You Should Not For Sale By Owner
In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the clear majority of sellers.
Here are the top five reasons:
1. Exposure to Prospective Buyers: Recent studies have shown that 94% of buyers search online for a home. That is in comparison to only 16% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet: Where did buyers find the homes they actually purchased?
- 51% on the internet
- 34% from a Real Estate Agent
- 8% from a yard sign
- 1% from newspapers
3. There Are Too Many People to Negotiate With: Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale by Owner:
- The buyer who wants the best deal possible
- The buyer’s agent who solely represents the best interest of the buyer
- The buyer’s attorney (in some parts of the country)
- The home inspection companies, which work for the buyer and will almost always find some problems with the house
- The appraiser if there is a question of value
4. FSBOing Has Become More And More Difficult: The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
5. You Net More Money When Using an Agent:Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $185,000, while the typical house sold by an agent sells for $245,000. This doesn’t mean that an agent can get $60,000 more for your home, as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
Bottom Line: Before you decide to take on the challenges of selling your house on your own, let’s get together and discuss the options available in your market today.
Before you decide to take on the challenges of selling your house on your own, let’s get together and discuss the options available in your market today.
Jory Blake, Realtor BRE 01859783 951-742-3751 email@example.com www.JoryBlake.com Realty One Group 1260 Corona Pointe Ct. Corona , CA....
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