Here are the top 5 reasons not to FSBO:
1. Online Strategy for Prospective Purchasers
Studies have shown that 93% of buyers search online for a home. Thats a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet
According to NAR, heres where buyers found the homes they actually purchased:
- 55% on the Internet
- 28% from a Real Estate Agent
- 10% Other
- 6% from a Yard Sign
- 1% from Newspapers
The days of selling your house by putting up a sign in your yard or placing an ad in the paper are long gone. Having a strong Internet strategy is crucial.
3. There Are Too Many People to Negotiate With
Heres a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO:
- The buyer, who wants the best deal possible
- The buyers agent, who solely represents the best interest of the buyer
- The buyers 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
4. FSBOing Has Become Increasingly Difficult
The paperwork involved in buying or selling a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
5. You Net More Money When Using an Agent
Many homeowners believe theyll save the real estate commission by selling on their own, but the seller and buyer cant both save the commission.
A report by Zillow revealed that FSBOs are inclined to do so because they believe it will save money (46 percent cite this among their top three reasons), but they dont actually save anything, and eventually end up listing with an agent.
The same report revealed that,
While 36% of sellers that (at first) attempted to sell their homes on their own, only 11 percent of sellersin other words, less than a third actually sold without an agent.
It appears working with a real estate professional is the best answer.
Before you decide to take on the challenges of selling your house on your own, lets get together to discuss your needs.