According to the National Association of REALTORS®, 8% of sales last year were For Sale By Owner, FSBO, sales, down from 9% the previous three years. Of course, the pro of selling your home yourself is saving commission – which sounds appealing.
However, here is some math to consider: On the agent-assisted median sales price home, real estate agent commission may be around $15,000. Of course, saving $15,000 sounds good, but there are expenses that the seller would now incur which could include: sign, creating and printing the house flyer, creating and sending out just listed postcards to the neighbors, posting the listing on a website that supports FSBOs and creating a website for the home, open house advertising, professional photography, and the cost for an attorney to draw up paperwork.
In addition, there is a cost of not putting the home on the MLS where it is seen by the largest pool of buyers and agents looking for homes for their clients. It is also possible that a buyer who is already being represented by a real estate agent approach the seller in which case, the seller may have to pay the buyer side commission. Finally, without an experienced real estate agent providing pricing and negotiation expertise, thousands may be left on the table.
There are many factors to consider as it is often not in the sellers’ best interest to sell on their own. If you would like to learn more and discuss your options, please contact me at 206.730.0962 or send an email to firstname.lastname@example.org.