Should I List My Home For-Sale-By-Owner?
While you can list your home for-sale-by-owner, here is why hiring a listing agent may be the best choice.
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You certainly can list your home for sale without the help of a real estate agent.
And if you’re looking to limit your expenses and pocket as much equity as possible, it may seem like a viable option.
But here’s why you should hire a professional.
Simplify Your Sale
Between July 2021 and June 2022, 86% of home sellers used an agent to sell their home, according to the National Association of Realtors’ 2022 Profile of Home Buyers and Sellers.
Eighty-five percent of those sellers said they would use their agent again or recommend them to others. Which is to say, they’d already sold their home, and still felt the wise decision was to hire an agent.
Why? For starters, selling a home without an agent is hard.
Get the Word Out
One of the most impactful reasons to hire an agent is to list your home on the Multiple Listing Service (MLS).
The MLS includes up-to-date listings and property information that isn’t available on common real estate listing websites—and you’ll need an agent to access it. This is significant because 86% of sellers used an agent to list their homes on the MLS, making it the number one source for sellers to list their home.
Only 10% of home sales were For-Sale-By-Owner, and a majority of those sellers already knew the buyer, according to NAR. So unless you’ve got a friend in the market, a listing agent is your best bet to properly get your listing in front of potential buyers.
Find the Perfect Real Estate Agent to Sell Your Home Faster
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Maximize Your Profit
Yes, you will probably have to pay agent fees.
Seventy-four percent of sellers reported that they provided agent compensation, per NAR.
It’s typical for the home seller to pay a 5-6% commission fee that is later split between the buyer’s agent and seller’s agent. Other agreements or concessions can be drawn up in the contract, but that’s industry standard.
But depending on your timeline and desired listing price, paying a fee for an agent’s services may be worth it in the long run.
Sellers who list with an agent typically sell their homes quicker, and for more money than For-Sale-By-Owner.
For-Sale-By-Owner properties sold at a median of $225,000 last year, significantly lower than the median of homes sold using an agent at $345,000, according to NAR.
That’s a $120,000 difference!
So even if you do have to pay a 6% commission—you’re still likely to pocket more profit by hiring an agent.
Find the Right Agent for You
A knowledgeable listing agent will guide you through the selling process step by step.
They’ll help you determine a price point and prepare your home to list, market your property and handle the negotiation and paperwork.
And, hopefully, they’ll help you sell your home quicker and for more than if you attempted to do so alone.
Take the Next Step
Get free, objective, performance-based recommendations for highly rated, VA-specialized real estate agents in your area.
SOURCE: https://cdn.nar.realtor/sites/default/files/documents/2022-highlights-from-the-profile-of-home-buyers-and-sellers-report-11-03-2022_0.pdf
