Is it really worth it to go For Sale By Owner instead of hiring a Realtor?
I’m sure that some sellers have considered FSBO, or For Sale By Owner, when they first decided to sell their house. Basically, an FSBO is an owner who wants to try to sell the property themselves, putting it on a platform like Zillow. The main and probably only reason why people think of selling their house themselves is to save money rather than paying a Realtor commission.
While the thought of saving some money is a good reason, statistics show that less than 10% of homes sold FSBO in 2022. There is also less chance of selling your home quickly or for the highest price because many FSBO sellers already know their buyers, and they may not get as much exposure online and through social media. Another reason they may struggle to attract buyers is that buyers’ agents may be less likely to show FSBO properties to their clients.
Difficulty with pricing and negotiations can also be an issue. Some FSBO sellers may not be familiar with the current market value of their homes and lack the experience of negotiating with buyers, unlike Realtors. In fact, the average physical home sold at the median rate for FSBO was $310,000 in 2022, whereas agent-assisted sales had a median price of $405,000. Working with a Realtor will give you a net sale of $383,000, which is $73,000 more if you’d have sold on your own.
“Statistics show that less than 10% of homes sold FSBO in 2022.”
On the other hand, working with a Realtor offers several advantages, like increased exposure through social media, MLS listings, and real estate platforms. Realtors also have expertise in pricing and negotiation to get the best offers. Lastly, buyer agent involvement can bring more potential buyers to your home.
Before deciding to go FSBO, weigh the potential cost savings against the lower likelihood of a quick sale and top dollar. You can also contact a Realtor to discuss commission options that fit your needs.
If you are considering selling your home and would like expert insights about the market and the accurate value of your house, feel free to call (904) 6050 3890 or send us an email. We will be happy to assist you and rest assured that we will help you reach your real estate goals.
