What to know about FSBO
You’re ready to sell your home and want to make as much as humanly possible on the sale, so you decide to forego a listing agent and list it yourself. This is known as For Sale by Owner or FSBO. This is not a decision to be made lightly. After all, we are proud to work with many of our great local real estate agents and know how much value they bring to each transaction.
However, we also understand why listing your house on your own has appeal and we’re always happy to work with sellers who have taken that journey. That’s why we have put together this list of four things to keep in mind if you’re considering going the FSBO route.
- FSBO homes take significantly longer to sell, unless you already have a buyer lined up. This can be attributed to a number of reasons such as lack of marketing or pricing the property too high/low.
- Statistically speaking, FSBO homes sell for less than those listed by real estate agents. This statistic could be slightly skewed by family members selling to each other at a low cost. In general, without a professional CTA, knowledge of market conditions, and experience in negotiating the sale of homes, you will end up with less money.
- When you list your home, you become the point of contact for everyone involved in the transaction. This can be very time-consuming especially if you have a full-time job that renders you unavailable during most of the working hours of a day.
- Lastly, there are still going to be closing costs. The only cost that you are saving money on is the listing agent’s commission and if you find a buyer without an agent then the buying agent’s commission as well. Other than that, there are still all of the other fees. Like we said, while we enjoy working on these transactions with our customers, we want to be able to provide you with a true picture of what to expect.
In conclusion, selling your home FSBO bears a lot of responsibility for a small saving. If you have a sale already agreed upon with a family member, a friend, or just an interested buyer, FSBO might be a great option for you. However, for the majority of sellers looking to list their home, the amount you save with a FSBO may not be truly worth it once everything is taken into consideration. Remember, “time is money” isn’t just a clever saying, it’s often 100 percent true.
Whether this blog helped convince you that using a listing agent is the right way to go or got you more excited to go your own way, we thank you for listening to what we have to say on the subject. Either way, our team wants to be the group at the end that is helping you close the deal.