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For Sale By Owner – Will It Save You Money?

Todays Date: September 23, 2018

A typical real estate agent’s commission is in the range of 5% to 7% and it is paid by the home seller; so, if you are looking to sell your property should you list it as for sale by owner or should you use the services of an estate agent? After all, if you do it yourself, you are likely to save a pretty large amount of money; well, are you really?

Let’s take a look into the pros and cons of the for sale by owner house vs. using a real estate agent; yes, it is true that you can sell your home without paying a hefty commission, but keep in mind that in the US less than 20% of the houses are sold that way. And there is a pretty good reason for that: an experienced and knowledgeable estate agent will make the process much less painful and in many cases even less costly. Just take a second and consider the very basics: how would you price your house? Is your asking price too low or too high? Are you selling at the right moment?

These are questions that aren’t that easy to answer; an estate agent, on the other hand, has more likely sold quite a few properties in the past year and has a pretty good idea of what the value of your home is. He or she most likely has access to a large database of properties sold in the area and can always make a well-informed decision.

And then there is the whole process of marketing your for sale by owner home – how can you do that effectively? This isn’t as easy as it sounds, especially if you are working full-time; sure, you can place an ad in the local paper, Craigslist, or any of the other online classifieds, but is this enough?

This article isn’t meant to discourage you or influence you in any way; after all, this is your personal decision, but keep in mind that most people that market their houses as for sale by owner give up within a month or two and turn to an estate agent. In fact, it is a pretty good idea to consult an estate agent in advance, regardless of the fact that you won’t engage his or her services; this way you will get at least some professional help and a few useful tips. And even if you actually manage to find the right buyer that has agreed to pay your asking price and you have signed the contract, your job is still not done; buyers can and quite often do get cold feet and might start looking for ways to go back on the deal.

In conclusion we would like to say that you should carefully evaluate your own abilities, free time, and all the costs involved before deciding if you want to list your home as for sale by owner or let an agent handle the sale for you. At the end of the day, the 6% or so commission might be something that your agent will rightfully earn by helping you get the best price for your house and making the process hassle-free.

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