If you're thinking of selling your home without the help of a real estate agent, you'll need to be prepared for a bit more work. Here's what you need to know about selling in a buyer's market.
There have always been sellers who have been willing to forgo the help of a professional real estate agent to avoid the commission costs of their services. In the brisk seller’s market of recent years, FSBO (For Sale By Owner) listings could easily gain attention through a simple online listing and a yard sign (And yet they still averaged a sales price of 10% or more less than agent listed properties). As the market shifts away from this frenzy, FSBO sellers may need to reexamine their strategy.
In a buyer's market, FSBO listings need to be extra creative in order to pique buyers' interests. Platforms like Zillow and Trulia offer the ability to add videos and pictures to your listing, as well as open houses. You can also try agents who offer a limited listing on the MLS (Multiple Listing Service) for a small fee.
Most importantly, selling without an agent is more work for the seller. As the market slows, a FSBO must be prepared for a longer wait to sell their home. Additionally, with falling home prices, the longer it takes to sell your home, the more money you stand to lose. If it is a greedy seller, the seller will likely continue to receive frustrating low ball offer. It is extremely challenging to represent yourself when selling property- especially when you do not know what the heck you are doing, what the contracts really mean as far as responsibility go, and you are an easy target for agents to negotiate with.
Enjoy the phone calls from hundreds of agents trying to list your property as well! If that does not sound appealing to you, give me a call instead and let’s sell your house with a real strategy.
