Should You Sell Your Home As an FSBO? Pros and Cons
Selling as a for sale by owner sounds tempting to many people. Many say that FSBO sales can save money, and that working with a real estate professional is not necessary. However, there are many reasons why for sale by owner transactions don't work for everyone. If you're a homeowner who is thinking about selling your home without a real estate professional, here's what you need to know.
Advantages of For Sale By Owner
For sale by owner is an attractive option to people who enjoy DIY projects. Selling your own home without the help of a real estate professional is entirely possible for people are who willing to do the research and put in the time it takes to make a sale happen. Some of the biggest benefits of an FSBO home sale includes:
- You're in control of your home sale. Homeowners who sell their own homes are in control of the entire sale process, from start to finish, including how the listing is crafted, how much effort is put into marketing, and so on.
- You don't have to pay a real estate agent when you're done. Real estate professionals charge an amount, usually based on the sale price of the home, for their home services; FSBO homeowners can avoid this.
Disadvantages of For Sale By Owner
Of course, while selling a home without a real estate professional can save money on commission, it can have some costly disadvantages as well.
You're Missing Out on the Expertise
Real estate professionals know exactly how the home sale process should proceed, start to finish, but most homeowners do not. Since the process can be long, involved, and confusing, this can lead to frustration for the homeowner.
Home Sale Paperwork is Complicated
It's easy to mess up a step of the home selling process, especially when it comes to disclosures. A mistake made in the disclosures can result in problems either during the sale process or even after, if the home buyer believes the home sale paperwork misrepresented the condition of the home.
Gauging an Appropriate Price Can Be Tricky
Real estate professionals know how to use the prices of comparable homes in the area to determine how much buyers will likely pay. Homeowners often do not know how much their home is worth, and they may try to sell the home for more or less than the market will support.
Negotiating is a Skill, and Not Everyone Has It
Negotiations are a big part of the home sale process, but not everyone is comfortable with the negotiation process. Homeowners who do not know how to negotiate may have trouble selling their home.
It Can Take Longer
Homeowners don't have access to all the same marketing and listing services that real estate professionals can access. This can make marketing a challenge, which can in turn lead to a longer, slower home sale process.
Not Sure? Contact a Real Estate Professional
If you're not sure whether a for sale by owner transaction is right for you, contact a real estate professional in your area. Sometimes just having a conversation with a real estate professional can make it easier to decide whether you're up to the task of selling your own North West Calgary home. For more information about the pros and cons of an FSBO, contact a real estate professional in your area today.