For Sale by Owner – Should you even Consider it?

January 3, 2013 No Comments »
For Sale by Owner – Should you even Consider it?

If it ever comes time to sell your home, you have two options:

1) Hire a real estate agent to do all the work for you, from listing to marketing to closing

2) Go the “for sale by owner” route, meaning that you are in charge of every last detail

While the majority of sellers will opt to hire a realtor, there are a select few who feel that selling by owner is the only way to go.

Before we get into some of the finer details, including a list of pros and cons, let’s take a look at the main reason why this is so attractive.

When you sell by owner, you don’t have to pay a commission to a real estate agent. Instead, most of that money will go into your pocket. For people who owe as much on their property as it is worth, for example, this is a huge benefit. This allows them to sell without taking a “hit.”

For Sale by Owner Advantages

In addition to the obvious advantage detailed above, here are several others to consider:

• You have the ability to control every aspect of the sale, from setting a price to showing the home to negotiating. This may sound like a lot of work (and it is) but many people enjoy not having to deal with outside input from a realtor.

• Nobody knows your home better than you. When showing your own home, you can share both the good and bad in an honest and open manner. Potential buyers will respect you for this.

• Easier than ever before, thanks to the internet. There used to be a time when selling a home by owner meant putting a sign in your yard and hoping for the best. Those days are long gone. Now, you can increase your chance of success by taking full advantage of the internet. From listing your home on Craigslist to using a service such as ForSaleByOwner.com, there is help to be had.

For Sale by Owner Disadvantages

• Everything falls on you. Does somebody want to see your home? It is your job to handle the entire process. Is a potential buyer making an offer? You must decide how to handle this, from negotiating to whether or not you should accept. If you aren’t ready to put time into the sales process you should simply hire an agent.

• You don’t have as much real estate experience as a professional. This doesn’t mean that you cannot be successful. It does mean that you are likely to face more problems than you would if working with a realtor.

• Could take longer to make a sale. Your real estate agent is well connected. Along with this, these professionals know how to sell homes in your area. If you find that nobody is showing interest in your property, think about reaching out to a realtor.

Summary

There are pros and cons of selling your home by owner. Now that you know both the good and bad, you can make a decision as to what you are going to do next. Once you make a decision it is time to move forward – there is no point in looking back!

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