Weighing the Perks and Drawbacks of Selling Your Home Yourself

People have varying reasons for putting their homes for sale. Some need extra money to buy a bigger house. Others wish to downgrade or move to a better location. A few want to take advantage of the high demands of homes for sale. No matter your reason for selling, know that you have two choices. You can sell your home yourself or seek the help of a realtor in Guelph.

Some owners prefer skipping the real estate agent and sell their property themselves. This is what we call “for sale by owner” or FSBO. Others do this to skip having to work with a realtor. They wish to sell their property and have full control over the sale. While this seems like an attractive option for home sellers, know that there is more to FSBO that meets the eye. The following are some perks and drawbacks that you need to know before you sell your property yourself.

Get full control over the sale

One of the reasons some real estate owners want to sell their homes themselves is that they get to enjoy full control over the property they are trying to sell. This means that you get to choose whether to improve or stage the house before selling. You also get to choose to whom you can sell your property and for how much.

A lack of negotiating and marketing skills

negotiating, meeting

It is true that you are your home’s greatest fan. You can use your knowledge in selling your home to potential buyers by telling them about your home’s best features. However, if you have no sales experience, you may find it hard to sell your house at its best price. Realtors have years of knowledge and experience selling a home in the area. They know the ins and outs of the industry, and they are the best people you can rely on to negotiate your preferred price with homebuyers.

No need to pay a realtor’s commission fee

One can save a considerable amount of money by skipping the services of a real estate agent. This means that you get to keep the thousands of dollars’ worth of commission usually paid to an agent. But since you’re not paying for their expert service, you may fail to sell your home as fast as you like and at a higher price. You may even find it more beneficial to hire an agent after weeks or months failing to sell your home.

It can be difficult to find a qualified buyer

When selling your home, you will need to make sure that your buyer can afford the purchase. But most sellers have no way of finding out if a walk-in homebuyer is a qualified and capable buyer. When you hire an agent, they have the skills to check whether a buyer is eligible for a mortgage. Your buyer may show a prequalification letter from their lender, but that doesn’t mean that they are already approved for a mortgage.

These are just some of the pointers that you need to know when it comes to FSBO. While this mode of selling a property has its perks, one must also consider the drawbacks. Want to take full control over the sale? Then FSBO is for you. Otherwise, it would be wise to work with a real estate agent to sell your home faster, at its best rate, and to qualified homebuyers.

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