Have you thought about selling lately? Maybe the idea of selling on your own, without an agent, even crossed your mind. The market is definitely heavily in a seller’s favor, which can incentivize you to try it out, and to be honest, you will likely get an offer or two, but that will come with a lot of unknown.
We’ll start with why does anyone choose to sell their home without an agent?
Last year only 8% of sellers sold on their own, and 56% of those FSBO sellers already knew their buyer prior to selling. So, a friend, family member or neighbor purchased the home from these sellers.
About 41% of all FSBO sellers sold on their own because they wanted to save money and not pay a commission, most sold in one to two weeks, and eight out of ten FSBO sellers were “Very Satisfied” with their outcome. Sounds great right?
Let’s take a look at the data. The median FSBO home sold for $217,900 while the median agent assisted home sold at $295,000. That is a whopping $77,100 MORE when using an agent. Every Realtor® can charge their own commission fee, but at least for us, this nets you, the seller, a significant amount more than selling on your own, and I don’t know any seller that would be happy knowing that they left tens of thousands of dollars behind.
Moving on… The average FSBO did no marketing. None. This means they weren’t on any websites, no postcards, and no widespread exposure to buyers. As your agent we will aggressively market your home, and in this market, that can often result in multiple offers with more favorable terms for you. Once the offers come in, we’ll vet out the buyers, confirm their financing, and ensure that the terms offered match your goals and ideal time frames and best protect you, our client. A FSBO seller often doesn’t know that a buyer needs to be pre-approved, or what the various levels of pre-approvals mean.
According to the NAR profile of Home buyers and sellers, the biggest hurdles FSBO sellers had? Preparing for market, understanding the paperwork, and pricing correctly. These are all things that we, as your Realtor® help you with. We come through prior to listing and we’ll give you a detailed list of improvements, and we can even help coordinate getting this work, if needed, done. We also give you a market analysis, suggesting a listing price that can include selling the home in its current condition, or with different levels of preparation. During the sale we stay on top of all the paperwork and keep everyone moving within our contract’s timeframe.
Last comes repair negotiations. When a FSBO sellers gets a repair request from a buyer or their agent they don’t often know what to do. We’ve heard from a few people that they had to either repair everything on the list or come down in price to accommodate these concerns. While some of those problems may need immediate attention, some may actually be minor concerns. We walk through each and every inspection report item and come up with an action plan to quote out work and repair as necessary to help keep you moving towards the closing table.
Some sellers are absolutely capable of selling on their own, but sometimes, it’s easier to let the professionals handle the details. Our team works full time in real estate. All day, every day, we research the market, talk with buyers and sellers, negotiate offers and audit paperwork. Real Estate is our passion and we hope that we get the chance to talk with you about your selling goals soon!
- Jackie Mistretta