The number of factors involved in purchasing a first home can feel overwhelming. Here RE/MAX London reminds first time buyers it’s important to check the basics.While renting a property
For Sale By Owner
For Sale By Owner (FSBO)
It is very common for sellers in a seller's market to ask: "Why should I pay an agent's commission if homes are selling so easily right now? I can save a ton of money!" This is a valid and reasonable question. Who doesn't want to save money?
My question is: How do you know you will "save" money?
Let's look at the facts:
The odds are against you: In 2015, a study conducted by the NAR (National Association of Realtors®) showed that based off of the median sale price of FSBOs (For Sale By Owner Homes) vs all agent-assisted home sales, FSBOs sold for 16% less than homes that were sold by an agent. It is to your advantage to put a Realtor to work for you. In our area, FSBO seller's are walking away from their transaction leaving $10,000-$15,000 behind, and not even knowing it! How do I know this? I have personally witnessed it, and appraisers are seeing it as well. FSBO sellers are walking away with less money AND having to do all the work a Realtor would have done for them!
Pricing: The price of your home should be based on the price of sold properties in your area rather than the list price of properties now on the market – this is how we establish your home’s fair market value. You need a real estate professional to do this accurately. Realtors in Idaho have access to their local Multiple Listing Service which archives the sold prices of homes in your area. The public does not have access to this. If you price your home yourself, you will be relying on hearsay.
Marketing: This is where a good Realtor shines. We have the equipment, technology, and know-how to get your property in front of as many people as possible in a short amount of time, which is key to getting you the best price. It's what we do everyday. Professional photography equipment, cutting-edge websites and software, targeted social media advertising, smart lock boxes, and professional networking are just a few benefits a modern Realtor brings to the table. This is how Realtors can get the maximum price the market will allow for your home. Leave the marketing to the experts! Zillow and buy-sell-trade groups can't hold a candle to what we can do!
Liability: Our contracts and guidance through the inspection process protect you!
Your time is valuable: How much is your time worth? $_______ per hour. If you don’t use a real estate professional, expect to spend at least 100 hours selling your home – assuming there are no problems! Considering your work, family, and personal commitments, is that the best use of your time?
Expertise: Selling (and buying) a home is a big deal. Most people don’t sell more than two homes in their lifetime, so it’s not something they develop expertise in. There are ever-changing laws, ethical practices and practical considerations that you don’t want to learn on your own through trial and error or relying on a book or information off the internet. It’s just not worth the risk.
In conclusion: To sell your home yourself is to gamble. Do people ever hit a jackpot? Sure. But most lose, and that is what real estate professionals see all too often with FSBOs.
Still not convinced? Let's chat about it. I'll buy the coffee! 208-650-5642
Specializing in residential real estate in the Burley & Rupert (Mini-Cassia) and Twin Falls areas of Idaho. I am dedicated to exceptional service and passionately pursuing my client’s best interest.....