Selling Your Own Home

One of the biggest issues with selling your own home may be lack of experience. Real estate agents undergo rigorous amounts of training, they are well educated in the field of real estate, and they get paid big bucks to do what they do for good reason. The process of selling a home is complicated, so before you make the mistake of placing an ad and expecting the process to go smoothly and in your favor, it’s important to understand the pros and cons of selling your own home.

Realtors Get Better Pricing

A realtor knows the ins and outs of the buying and selling process. He is experienced with the transaction process and he is experienced at selling, meaning he knows exactly what needs to be done to get the highest price for your home. In fact, you can almost count on your home selling for less if you do it yourself. The National Association of Realtors reports that “homes that sold with a broker went for a higher median price than those sold by an owner,” mainly because, “many buyers believe they can negotiate more vigorously if they're buying directly from an owner who's avoiding a hefty broker's fee.”

Connections and Tools at the Realtors’ Fingertips

A realtor or broker also has access to all of the appropriate avenues needed to handle the deal from start to finish. These include home inspectors, banks, contractors, and other real estate professionals. A realtor offers the most exposure for your property and he is also experienced with negotiating. Today’s buyer is tough as nails. An experienced realtor knows how to handle them—an inexperienced homeowner may not.

Another issue with selling your own home is that you do not have the tools needed to pre-qualify buyers so you may end up wasting your time on “browsers” or people who will not qualify for a loan. Real estate agents have the tools needed to separate the serious buyers from the not-so-serious buyers. In addition to allowing not-so-serious buyers to walk through your home, you are also opening your home to another type of stranger – someone who may not be interested in browsing at all, but rather casing your home to come back for an unwelcome visit later. Opening your home to the public is always quite risky. A realtor can help you avoid compromising your safety.

The Benefits of Selling Your Own Home

Believe it or not, there are some pros to selling your own home. But, it’s up to you to decide if the pros are worth the hassle of placing ads, taking time off work for showings, taking calls from prospective buyers, and trying to sell to buyers that may prefer to deal with a third party rather than directly with the owners. The biggest benefit to selling your home is not surprisingly, the money you can save by doing it yourself. You can keep the 5-6% commission in your pocket if all goes well.

In addition, it is believed that because owners know their homes better than anyone, especially a real estate agent, they are better at showing and selling potential buyers on the home’s amenities and uniqueness. Keep in mind that it is estimated that during their first showing, 9 out of 10 agents are walking though the property for the very first time.

Do-it-yourself advocates also argue that selling your own home offers flexibility and greater control over the transaction. The seller can set the price that he wants and he has the freedom to schedule showings on his own time.

Making the decision about whether or not to sell your own home is a tough one. So consider the pros and cons carefully before you leap. Good luck!