By opting to sell your house yourself, you may be trying to avoid paying a real estate agent’s commission. While this is understandable, you should be aware of the pros and cons associated with choosing the for sale by owner option.
➕ FSBO Pros
You Could Save Money
You’ll end up with more money in your pocket in some cases because you won’t be required to pay a real estate agent’s commission. This isn’t always the case because you could lose money on the sale without their knowledge and expience.
Control of the Home Selling Process
You control the price, negotiation, preparation, and decisions regarding the entire process. Of course, it’s worth noting that even when you work with a real estate agent, you still have the final say in all decisions.
Management of Time
Knowledge of the Area
Who knows your home better than you? You’ll be able to give important details to potential buyers about your home, local amenities, and the neighborhood.
➖ FSBO Cons
Loss on Your Investment
The sale price of your home may be lower when compared to what you will achieve if you have worked with a professional, even if you factor in the real estate agent’s commission. An experienced real estate agent will help you to determine the correct asking price of your home because if you set the asking price too high the home will not sell.
No Network for Marketing
It is possible to list your home online; however, if you lack an established network, your listing will not be noticed by buyers that are a good fit for what you have to offer. Real estate agents have a strong network of agents working for buyers in different areas and they use the multiple listing service (MLS), as well as established online real estate sites.
Selling a House Takes Time
For Sale by Owner Resources
Despite the fact that most buyers go online for their home search, listing your home on the most popular for sale by owner websites will only help you a little. This is because they generate low traffic and you still have to represent yourself in all deals.
Legal Details & Paperwork
You are required to learn more about the laws and regulations related to selling a home in your area to fully understand your requirement as a seller and how to prepare the necessary paperwork for a real estate transaction. You must also understand your state’s disclosure laws to avoid putting you in the middle of a lawsuit.