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What are the most common challenges people face when selling a house themselves, and how can they overcome them?
FSBOs (For Sale By Owner) sell for less on average: Independent research shows that FSBOs sell for $5,000 to $24,000 less than agent-assisted sales.
Real estate agents help maximize sale price: While an agent may earn a commission of 5-6% of the sale price, they also help ensure that sellers don't "leave a dime on the table" by securing the best possible price for the property.
Importance of home preparation: Homes sold for a median price of $242,300 in 2020.
Properly preparing and staging a home can significantly impact its selling price.
High marketing costs for FSBOs: FSBO sellers often underestimate marketing and advertising expenses.
Hiring a real estate agent can provide access to resources, tools, and networks that help your home gain the attention of a wider range of buyers.
Typical real estate commission: In most markets, the standard real estate commission is 6% of the sale price.
For example, selling a $400,000 house would result in a $24,000 commission fee ($400,000 x 0.06).
DIY home selling challenges: Selling a house without an agent requires handling every aspect of the selling process, including open houses, calls, negotiations, and paperwork.
Online FSBO listings: With for-sale-by-owner websites, selling your home online is crucial.
However, flat fees and additional costs may apply.
MLS (Multiple Listing Service) utilization: Consider listing your FSBO on the MLS, which can help ensure broader exposure for your property.
Limited negotiation power: When using a real estate agent, a seller typically only needs to approve or deny buyer offers.
However, when FSBOing, the homeowner must handle all aspects of the transaction, including negotiations.
Extended selling period: The average home takes 96 days to sell from the day the listing goes live to the closing date.
FSBO homes with reduced exposure may take even longer.
Legal guidance: Hiring a real estate attorney for the FSBO transaction can protect you from potential legal issues.
Considering real estate agents: Even when FSBOing, buyers often have agents.
Remaining open to the possibility of working with a professional can help you attract serious, qualified buyers.
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