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    Why You Shouldn’t “For Sale By Owner”

    Why You Shouldn’t "For Sale By Owner" | Simplifying The Market

    Rising home prices coupled with the current inventory in today’s market may cause some homeowners to consider selling their homes on their own (known in the industry as a For Sale By Owner). However, a FSBO might be hard to execute well for the vast majority of sellers.

    Here are the top 5 reasons not to FSBO:

    1. Online Strategy for Prospective Purchasers

    Studies have shown that 93% of buyers search online for a home. That’s a pretty staggering number! Most real estate agents have an Internet strategy to promote the sale of your home. Do you?

    2. Results Come from the Internet

    According to NAR, here’s where buyers found the homes they actually purchased:

    • 55% on the Internet
    • 28% from a Real Estate Agent
    • 10% Other
    • 6% from a Yard Sign
    • 1% from Newspapers

    The days of selling your house by putting up a sign in your yard or placing an ad in the paper are long gone. Having a strong Internet strategy is crucial.

    3. There Are Too Many People to Negotiate With

    Here’s a list of some of the people with whom you must be prepared to negotiate if you decide to FSBO:

    • The buyer, who wants the best deal possible
    • The buyer’s agent, who solely represents the best interest of the buyer
    • The buyer’s attorney (in some parts of the country)
    • The home inspection companies, which work for the buyer and will almost always find some problems with the house
    • The appraiser, if there is a question of value

    4. FSBOing Has Become Increasingly Difficult

    The paperwork involved in buying or selling a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

    5. You Net More Money When Using an Agent

    Many homeowners believe they’ll save the real estate commission by selling on their own, but the seller and buyer can’t both save the commission.

    A report by Zillow revealed that FSBOs are inclined to do so because they believe it will save money (46 percent cite this among their top three reasons), but they don’t actually save anything, and eventually end up listing with an agent.

    The same report revealed that,

    “While 36% of sellers that (at first) attempted to sell their homes on their own, only 11 percent of sellers—in other words, less than a third…actually sold without an agent.”

    It appears working with a real estate professional is the best answer.

    Bottom Line

    Before you decide to take on the challenges of selling your house on your own, let’s get together to discuss your needs.

    Content previously posted on Keeping Current Matters

    Rajeev Vashist

    Serving Northern Virginia real estate needs for over 27 years – Rajeev Vashist has built his reputation through surpassing his clients’ expectations at every turn. Whether they are buying or selling, his knowledge of the local market is unparalleled and has proven to be advantageous in every transaction for his clients. Rajeev provides each client with extraordinary customer care and services, always implementing –cutting-edge technology in the process, which has earned him raving reviews from his past clients. His passion for real estate and focused determination has helped him excel in his career and afforded him with numerous achievement awards. Rajeev is recognized for consistently placing in the top one percent of all real estate professionals in America. Specializing in navigating the ups and downs of the Northern Virginia Real Estate market, his integrity, dedication, insight, and hard work are only a few of the reasons that over 98 percent of Rajeev’s business comes from repeat clients and referrals. His clients acknowledge the value of his unending, local expertise, negotiation skills, and exceptional personal attention– the level discriminating clientele expect and deserve.
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