Getting ready to sell your home? We all know that hiring a realtor will cost you a big chunk of your profits at the end of the process.
You want to profit as much as you can. Equity in your home is a huge bonus and can help you put money down on your future dream house. So why hand it all to an agent? Should you try to sell on your own? Or is this really the most profitable way of selling?
These are all good questions and just like anything else in life, there are benefits and downfalls. You may not want to hear this, but it is important to weigh out all of your options before you make a big decision like this.
Here is a list of some of the pros and cons of selling by owner. Hopefully, this will give you some idea of what to expect, and help you decide which route you should take.
Pros: Home for Sale by Owner
1. Profit More
It’s plain and simple. When you don’t involve another party, you don’t owe anyone money. You will pay between 4-6 percent of the home’s purchase price to a real estate agent. Selling your home by owner will save you a pretty chunk of change. This is the biggest reason why people try to sell their home by owner.
2. Take Control Over the Sale
Selling your home by owner gives you control over the sale process. You can name your price, market your way, and stage your home however you want. You don’t have to trust someone that you don’t know, or someone you don’t agree with and doesn’t know your home as well as you do. Everything is in your hands.
3. Schedule Showings and Open Houses on Your Own Time
Keeping your house clean is one thing, but keeping it immaculate every day is impossible. If you are selling your home by owner you can schedule showings on your own time, so you can get home and clean it on your watch. You also won’t have to wait for an agent to be available to show someone your house, you can show your home whenever you would like.
Cons: Home for Sale by Owner
1. The Appearance of Your Home Is Critical
There is more to selling a home than just showing it to potential buyers. If you want to sell it for the right price you must put a lot of work into it, so it appears perfect for a potential buyer. You will need to have repairs made, and if it is an older home you may need to make some cosmetic changes. This can be time-consuming and very expensive.
You will also need to have your home inspected, appraised, and photographed so you can list it. Most real estate agents will do these things for you, but for a price.
2. Low Offers on Home
You won’t be paying a real estate agent, but you won’t be able to ask as high of a price for your home as you may want to. An experienced real estate agent knows how to market your home, price it right, and they will negotiate it based on the perks of your property. According to Zillow, this is the number one reason why homes for sale by owner, do not sell.
3. Lack of Marketing/Listing Resources
You probably will not have the correct marketing resources that you need to sell your home. You can list your home online, but putting it out there for buyers to sell is a whole other story. Having your home listed on all of the sites will ensure that your home will be recognized, and potential buyers will be aware of your home. Realtors will have more marketing tools to get your house sold.
Reasons for Sale by Owner Doesn’t Work
If you are selling your home for sale by owner, make sure you are aware of the problems that come with doing so.
- The home was listed too high at the beginning
- The appearance of the home wasn’t presentable
- Not able to show home when the buyer was available
- Buyers were not aware of your home for sale
- Marketing did not reach the qualified buyer
If you are feeling overwhelmed with the pros and cons to sell by owner or going with an agent, maybe none of these options are right for you.
So then what is your option?
It’s simple. Just work with a cash buyer like us at Enlight Homebuyers instead. We purchase homes as is for cash and we will get you the cash in seven days.
A cash offer is great when you don’t have a lot of time, or just don’t know if you want to go through the process of selling your home by owner. If you would like more information on our cash buying services fill out the form below or give us a call at 317-333-7011.