The pros & cons of selling your home on your own

2020-06-17

For Sale By Owner: The pros & cons of selling your home on your ownShould you sell your house without an agent? It depends on many factors. As we enter one of the prime buying and selling seasons of the year, here are some pros and cons of selling your home agent-free, along with a few tips to guide you through the process.

The Pros:

Probably the biggest reason anyone decides to try and sell their home without an agent is to save money. If you do it right, you can in fact save thousands of dollars on realtor fees and other costs. Another benefit to overseeing the process yourself is that you're in the driver's seat. You get to choose how to market your home, how much to sell it for, when to show it, and which buyer you think is the best fit.

The Cons:

One of the primary benefits of having a licensed realtor is that they can help you to find the right asking price for your home. They can also give you guidance on how to make your home ready to sell and appealing to buyers and in some cases, help you do the work. A good agent will know how to negotiate for the best price, as well as how to navigate the paperwork and complex legal process necessary to complete the sale. Last but not least, real estate agents have the time to actually show your home to potential buyers something you will need to do yourself if you choose to go it alone.

Which should you choose?

Although there is a potentially large payoff for a successful FOBO (for sale by owner) sale, many sellers underestimate what it really takes to sell a home. Oftentimes the mistakes owners make in pricing, marketing and negotiation can end up erasing any benefit they were hoping to gain. If you decide to go the FOBO route, make sure you're not in a rush to sell your home, and that you have the time and energy to understand the process every step of the way.

How to get a FOBO sale right:

Experts say that one of the biggest mistakes sellers make is pricing their homes incorrectly. Check home listings in your area and hire an appraiser if necessary to get your home sale started on the right foot. After that, the most important thing is to go slow, do your research, and use all available resources. There's plenty of information out there about how to prepare your home, show it, and all the rest, and you need to take full advantage of it to get the best result. Finally, consult a lawyer or professional at the end of the process if you're unsure how to complete the paperwork or close the deal. Under the right circumstances, you can successfully sell your home without an agent, and improve your bottom line as a result.

For any home insurance questions, call or contact Executive Insurance & Financial Services today.

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