Before you think about listing your home yourself, there's a lot of things you should consider. The process of a real estate transaction can be one of the most overwhelming and stressful situations we go through in adulthood.
Since the price of homes are rising and inventory and typical number of days homes are on the market are decreasing, more potential sellers are considering the possibility of a for-sale-by-owner deal.
However, the pros are strongly outweighed by the cons. Not only financially speaking, but for the sake of your time and sanity when it comes to the whole process. Here are some more detailed reasons why you should not list your home yourself.
Lack of Guidance Throughout the Transaction
A skilled real estate agent is their to communicate with you throughout the entire transaction. They will keep you updated on the status of the market, coordinate with other parties involved and bring applicable knowledge and experience to the table to make the process as smooth as possible.
Understanding the Paperwork
A real estate agent spends countless hours learning about and working with these documents. If they are not handled properly, it could cause complications or even cost you a sale. Let the agent handle them and all you have to worry about is where to sign.
Takes Up More of Your Time
Do you have the time to learn negotiation skills, marketing strategies and fully understand the contract to make wise, educated decisions? An agent already has the knowledge to assist you and can save you time so you can focus on more important things.
No Access to Other Pros
Unless you work in the industry, you probably don't have access to other professionals, but an agent can give you recommendations that best fit your needs. Whether it's a builder, lender, or appraiser, they are bound to have a connection. Also, an agents reputation is effected by the professionals they refer to you, so you can be sure they will mention someone they trust.
Knowing the Right Price
Did you know there is a 25 percent difference between median sale prices of agent-assisted property versus for-sale-by-owner properties? That means listing with an agent could get you 25 percent more for your home! Invest in a real estate agent and they will help you set a strategic price and get you a higher return.