Are you Prepared to Sell your Home on your Own?

If you’re considering selling your home on your own, be aware that you could be setting yourself up for failure. While approximately ¼ of the homes sold are sold by their owners, almost half of those homeowners say later they won’t do it again because the responsibilities and paperwork involved in selling a home on their own wasn’t worth the amount of money they saved in real estate commissions. Besides the headache you could be letting yourself in for, studies further indicate that you could actually be reducing your chances of selling your home by acting on your own because many homebuyers are actually reluctant to deal with for sale by owners.

Be aware that selling your home on your own without an agent requires a solid understanding of your local real estate market in order to net good results. If you should price your home too high without understanding all of the variables involved, you run the risk of having it sit on the market for months on end and eventually selling it for far less than you originally wanted. On the other hand, if you price it too low, you run the risk of either selling it quickly for far less than it was worth or driving off potential buyers who may wonder what’s wrong with it for such a low price.

Before putting your home on the market as a FSBO, always ask yourself whether you realistically have the time, energy and knowledge to sell your home effectively. You will need to be available several hours each day to market your home, discuss it and have the home accessible for showings are you could realistically run the risk of losing money on the sale.

One of the advantages for buyers working with a real estate agent is the availability of information regarding financing, especially first time homebuyers. Ask yourself whether you are prepared or able to provide sound information regarding financing options to buyers who express interest in your home.

Finally, are you prepared to deal with the legalities involved in selling your home on your own? If you aren’t, you could be letting yourself in for legal problems that could actually eat up the cost of any potential profit you might make on the sale of your home. Be aware that in addition to legalities regarding disclosures for your property you will also need to be able to handle legal contracts, agreements and negotiations effectively and capably.

 
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