This is a great question and the answer I am going to give you may blow you away, especially since this is coming from a Realtor of almost 11 years, 800+ real estate transactions completed and over 65 million dollars sold of residential real estate in the Novi Real Estate and Metro Detroit Real Estate Market.
In life, service providers are there to help you accomplish the task at hand, in a much more efficient process and usually saving you money. Anyone can go to the library and pick up a “How To” book on just about anything these days from changing your brakes, to fixing your furnace to you guessed it, selling your home. I have always said anyone can sell their home by themself but as Dirty Harry most famously says, “Are you feeling lucky?” Per the National Association of Realtors, in 2010 For Sale By Owners or FSBO’s accounted for 9% of home sales. The typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales. That is almost 30% more on average that sellers keep in their pocket when they use a Realtor. So you have to ask yourself, do you spend 6% and have a professional handle your entire transaction from start to finish to make back a 24% return? With this stat, it appears to be somewhat of a no brainer, however many owners feel compelled to try this still on their own.
When polled, here are the most difficult tasks for FSBO’s when selling their home:
- Getting the right price . . . 23%
- Preparing/fixing up home for sale: 18%
- Selling within the planned length of time: 14%
- Having enough time to devote to all aspects of the sale: 13%
- Understanding and performing paperwork: 10%
There is so much more than just sticking a “For Sale ” sign in your front yard to selling a home but once in a while, a home owner will get lucky and will find a buyer. I have always said that when you retain myself as your Realtor, your hiring a residential real estate home selling expert who specializes in these fields in selling your home which are marketing, advising of market trends/pricing and negotiating. Your also hiring myself to be your advocate throughout the process.
Again, anyone can sell their home by themself, just the question you need to ask yourself, do you want to get the most money out of your home in the shortest time possible on the market with the least amount of inconvenience to yourself?
In my next blog post, I will discuss what the #1 objection home owners looking to sell, the #1 objection to hiring a Realtor.