The Risks of Selling Your House Yourself

Thinking About Selling Your Home as a FSBO? Understand the Time and Skill Required. If you're pondering the idea of selling your home as a For Sale by Owner (FSBO), it's important to grasp that the process demands more time and expertise than you might initially think. While the notion of managing it independently may seem appealing, it's crucial to acknowledge the potential challenges you may encounter, as outlined in a recent Bankrate article.

"Selecting the appropriate pricing, creating an attractive listing, reaching out to potential buyers, scheduling viewings, and organizing the necessary documentation are all responsibilities that, without the involvement of a real estate agent, will be your sole responsibility."

Here's additional insight into a few of these aspects and the potential benefits you might forego by not enlisting an agent.

You May Not Price it Right

Pricing your house correctly is essential for a successful sale. Real estate agents have the experience and knowledge to navigate the current housing market and price your home to sell quickly and for the best possible price. Homeowners who sell their homes on their own often lack this expertise, which can lead to two common mistakes: overpricing or underpricing their homes.

NerdWallet, a personal finance website, advises:

“Pricing your home correctly is essential for a successful sale. If you price your home too high, you risk scaring away potential buyers and your home may sit on the market for a longer time. On the other hand, if you price your home too low, you could lose out on money. An extremely low price may also deter buyers, who may wonder if there are any problems with the house.”

Pricing your home correctly is essential for a successful sale. If you price your home too high, you risk scaring away potential buyers and your home may sit on the market for a longer time. On the other hand, if you price your home too low, you could lose out on money. An extremely low price may also deter buyers, who may wonder if there are any problems with the house.

You Don’t Have as Much Experience in Marketing a House

In today's digital world, online marketing is essential for selling your house quickly and for the best possible price. As the National Association of Realtors (NAR) recently reported:

"Across all age groups of homebuyers, the initial action in their home search process was to search for properties on the internet."

Working with a real estate agent who knows how to use online marketing tools and resources can help you reach more potential buyers and increase your chances of a successful sale. After all, most home buyers start their search online. If you're trying to sell your house on your own, you may not be able to take full advantage of the power of online and social media marketing.

You May Not Be Comfortable Handling All the Back-and-Forth

Selling your house is more than just finding a buyer. It's also a complex negotiation process involving many parties, such as the buyer, the buyer's agent, the inspection company, and the appraiser. Every move counts, and a real estate agent can help you keep the negotiations on track and close the deal.

According to NerdWallet:

“Your listing agent will also, of course, be on your side throughout negotiations. They’ll double-check paperwork that comes through, communicate with the buyer’s agent and other parties to the sale, and generally stay on top of things through to closing day.”

Your real estate agent will represent you in negotiations and help you stay organized throughout the sales process. They will review paperwork, communicate with the buyer's agent and other parties involved in the sale, and ensure that everything is on track for closing day.

Bottom Line

If you're considering selling your house on your own, it's important to weigh the pros and cons carefully. While there may be some cost savings, you'll also be taking on all of the stress and responsibility of the sales process. A professional real estate agent has the experience and expertise to make the process easier and more efficient.