It may be very tempting to put your home on the market as ‘For Sale by Owner’, especially when you are seeing real estate agents currently advertising & referring to “low available inventory”, etc. Perhaps you are looking to save money by not having to pay a commission, perhaps you have been disappointed by a real estate agent in the past. You may feel that you can do as good of a job as an agent. The question to really ask yourself is: Do you really want to?
One thing is for sure, not all real estate agents are created equal when it comes to effort, ethics, marketing, negotiation skills, timely responses, effective communication and everything else that ties in with good representation of a client & selling a home effectively.
You really want to weigh it all out, pros & cons. In today’s real estate market selling a home on your own can become stressful, time consuming and it might actually become quite intimidating with regard to personal safety, procedures & even liability. There is a lot to manage: Pricing, marketing, screening of prospective buyers to ensure they are legitimate & qualified, coordination of showing appointments, etc. Once there is an offer, there will likely be contract negotiations, property inspections, likely an appraisal, managing the transaction to ensure all legal requirements and time lines are met, plus there may be inquiries for additional information and documentation, possibly re-negotiation, if any issues arise along the way. If you are unfamiliar with the selling/buying process,this is quite a lot to deal with on your own, without a licensed agent.
Most buyers will be represented by a buyer’s agent, who will work on their behalf. If a buyer’s agents brings the buyer, he/she will need to be compensated for handling the buy side of the transaction. Rarely ever does the buyer pay a buyers agent’s commission, generally commissions are paid through the sale of the property and deducted from the sellers’ proceeds at closing, then being distributed to the brokerage or broker individual in accordance to the negotiated commission terms. It is very likely that a seller will pay some type of a commission and there are also other fees that are associated with the sale of a home.
If a home is on the market for an extended period of time, it will likely cost a seller more money in the long run, taking into consideration upkeep, monthly expenses, taxes, etc., eventually a possible price reduction may become necessary, if a home is not priced correctly from the start.
If you are thinking about selling a home on your own and are open to a conversation, please give us a call at (517) 962-8803, or click here to contact us. There is no obligation, we’d love to talk with you.
Randy and Yvonne Hoyt
Howard Hanna Real Estate Services, Jackson
Licensed Realtors & Home Marketing Specialists