What To Expect Selling Your Home on Your Own
So you’re thinking of selling your home. What approach should you take? Which approach works… I mean which approach is the most effective? When selling a real estate property many factors come into play. How soon do you, the homeowner, need to sell? How much money is needed from proceeds in order to make your biggest investment yield the results you deserve.
Today we will discuss what to expect when you sell your home on your own. After all, should the newbie home seller really take such a risk in any real estate market?
1. Juggling Negotiations
There are many hands in the bag with whom you must expect to negotiate with in a typical real estate transaction
- The buyer who almost always wants the best deal possible. Some may even be looking for a steal.
- The buyer’s representative or buyer’s agent who works for the buyer’s interest alone
- The buyer’s real estate attorney who also represents the buyer and the buyer’s lender alone (in parts of the country)
- The home inspector also works for the buyer and will almost always find some defects with the home
- When the value is questioned, the appraiser leans to the side of the buyer
- In a short sale situation, your bank is your opponent as well
2. Exposure to The Market
Current studies show that 92% of buyers search the internet for a home. Compare this to only 28% utilizing print ads. Most real estate agents and investors have a plan to use online methods to promote the sale of your property. You must have a plan to compete,
3. Online Marketing = results
Take a look at where the common buyer find the home they purchase…
- 43% online
- 9% from the sign in the yard
- 1% from the infamous newspaper
The old days of selling your home by simply putting up a for sale sign and placing it in the newspaper have forever left the scene. Having a strong internet presence is crucial and most home sellers don’t have it. Yes, they THINK they do, but the fact is the one person seller does not have the tools that a today’s investors & agents provide. Tools that ultimately scatter the home for sale all over the internet in a very short period of time.
5. The Money
Most home sellers think that they will save commissions by selling on their own. Think “buyer” and know that the main reason buyers choose to view FSBOs is because they also believe that they can use the lack of commission to shave off the sales price. Naturally seller and buyer can’t both save the commission, right?.
Statistics have revealed that the typical property consummated by the homeowner sold for $184,000 while the typical home sold by a real estate agent sold for $230,000. This certainly does not mean that an realtor can get almost $50,000 more for the home being sold as studies have also shown that sellers are even more ready to sell by owner in markets with lower average prices.
Can a home seller actually succeed in selling on their own? Of course this can happen, but our ultimate goal here in this article is to touch on a few points as to what can happen with your biggest investment in most cases.
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