SELLING YOUR OWN HOME: IS IT RIGHT FOR YOU?
DIY or BYE? Because who needs sleep when you're counting those extra zeros?
It may take a lot of work to sell your own home, but you could save a lot of money in the long run. The decision to bypass a real estate agent and go it alone has advantages and disadvantages. It might be a good option for you, but is it the right one? Keep organized and remain patient during the process and it could work out for you. Real estate agents may be able to save you time and money if you are in a hurry to sell and do not remain diligent. Considering the following factors will help you decide if selling your own home is the right decision.
MARKETING YOUR HOME STILL COSTS MONEY
MLS is the system where homes are listed for sale by real estate agents. Other local real estate agents can access this database. There are thousands of real estate agents and millions of potential buyers online who can discover your MLS listing on other real estate websites.
A listing agent will market your property on your behalf so that your property receives a great deal of exposure on the MLS. You wouldn’t be able to list your own home on the MLS if you sold it yourself.
Home buyers spend 90% of their time online searching for home listings and information during the home buying process, according to a study by the National Association of REALTORS. Therefore, you should list your listing on as many large websites as possible so that it will be found more easily. Your home may be listed on the MLS for a flat fee of a few hundred dollars if you negotiate with a real estate agent.
Hosting an open house can result in other costs, such as taking photographs and staging your home. To determine how much your home is worth, you may need to get an appraiser to estimate its market value if you do not want to do the research.
NEGOTIATIONS WILL BE YOUR RESPONSIBILITY
Among all the parties involved in a real estate transaction, including the buyer’s agent, the escrow and title agents, the lawyer, and the lender, the real estate agent serves as a middleman. You would have to handle all negotiations if you sold your home yourself.
Negotiation isn’t just about the price, so you’ll need to learn how it works. In addition to negotiating for repairs when a home inspection is completed, you will need to examine a buyer’s offer and requests. In order to meet all legal requirements when selling your own home, you must understand each step of the negotiation and closing process.
ATTORNEYS CAN BE LIFESAVERS IN REAL ESTATE TRANSACTIONS
You may be legally required to hire a real estate attorney to sell your home – another expense you’ll have to pay. Nevertheless, you might benefit from the assistance of a professional.
Depending on the situation, you may need to understand the lingo, such as what the rights of the buyer and seller are. Legal advice can be obtained from a real estate attorney when it comes to the closing process and navigating paperwork. It’s easy to overlook forms or disclosures unless you’re an expert in real estate law documents. Missing one could lead to a lawsuit or the whole deal falling through.
THERE IS A LOT OF WORK INVOLVED
Agents work most hours to show homes, handle negotiations, and assist sellers with the closing paperwork.
As a result, you may have to leave what you’re doing whenever a prospective buyer calls or asks a question about your home. You may need to spend time researching a fair market value, taking photos, and staging your home. In addition, if you choose to attend open houses, you must be at home.
As well as negotiating and closing within your contract’s time frames, you must ensure all aspects of the closing process have been handled.
In general, the longer a home is on the market, the lower its value. Prepare to devote time to selling, otherwise, you may be forced to lower the price to attract buyers.
MAKE THE RIGHT CHOICE
Unless you are a really experienced seller, it can be hard to realize how much time and effort it takes to sell your home without a real estate agent. A real estate agent’s commission can be well worth it if you take all factors into account and don’t want to deal with the hassle. If you want to save money, do it yourself and learn more about the real estate market at the same time.