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Selling your house? 5 Reasons not to sell as For Sale by Owner
In today's market, with homes selling quickly and prices rising, some homeowners might consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons this might not be a good idea for the vast majority of sellers.
Here are five of those reasons:
1. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
- The buyer who wants the best deal possible
- The buyer’s agent who solely represents the best interest of the buyer
- The buyer’s attorney (in some parts of the country)
- The home inspection companies, which work for the buyer and will almost always, find some problems with the house
- The appraiser if there is a question of value
2. Exposure to Prospective Purchasers
Recent studies have shown that 89% of buyers search online for a home. That is in comparison to only 20% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?
3. Results Come from the Internet
Where do buyers find the home they actually purchased?
- 44% on the internet
- 33% from a Real Estate Agent
- 9% from a yard sign
- 1% from newspaper
The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.
4. FSBOing has Become More and More Difficult
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.
5. You Net More Money when Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
Studies have shown that the typical house sold by the homeowner sells for $210,000 while the typical house sold by an agent sells for $249,000. This doesn’t mean that an agent can get $39,000 more for your home as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
Before you decide to take on the challenges of selling your house on your own, contact me and see what I have to offer.
Call or text me at 973-493-7347
Remember I Love Closing For You!
Check out this testimonials:
Letters I received from homeowners in distress I have been working with this past year:
Hello Rickey, When I first met you during my housing crisis; I was afraid, embarrassed and ashamed. You made my family and I very comfortable knowing that you would handle the crisis! You shouldered our anxiety as well as the unknown. Your bedside manner and professionalism is first class. I have already referred others who are experiencing similar Real Estate Crisis. BM - Montclair Police Department
Good Morning Rickey, It has been two years since I first called you for assistance. Your follow up and availability during this period is not normal behavior for Realtors today. Our home is finally Active and on the Market. We have confidence in you, your expertise, marketing plan and your CDPE skills to get our home Sold quickly. Carl – Montclair
Hello Rickey, Hope all is well. Wishing you a very Merry Christmas and a Healthy, Prosperous new Year!!! Thank You for working so aggressively on my Short Sale. Even though my Bank approved the Short Sale only to have the Banks “investor” withdraw the approval weeks before closing due to an increased appraisal value of $220,000??? We appreciate your hard work, follow up and early morning effort. SK - West Caldwell
Good Afternoon Rickey, We were referred to you by our attorney. We were skeptical at first due to our recent really horrible experiences. Realtors who claim to know Distressed and Short Sale Marketing. You are everything and more that our attorney promised. We hired your Team to market, negotiate and sell our Estate Sale, Short Sale and Tax Lien Sale You took our fears and placed them on your shoulders. We value your honesty, integrity and professionalism. I have three people I care about in need your assistance now! LM – Branch Brook Newark
Good Afternoon Rickey D. Cooper, I called you for one reason; Your CDPE certification. During our initial consultation, your extensive knowledge, other certifications and support Team made me hire you over three other local Realtors. They didn’t come close to your “Closed Record” of Short and Distressed Sale Closings in NJ. We are now under contract after less than 45 days! Dr.E. - North Caldwell
Hey Rickey, Thanks to you and your Short Sale marketing expertise, we have retired to our second home in Puerto Rico. You really love what you do! Your hard work paid off for us. My husband and I never cried so much to receive a check for $35K at the Short Sale Closing... Did you receive the three ex coworkers referred to you? They need the same thing. We really believe your slogan: ILoveCLosingForYou.com
RJ - Plainfield