Benefits of Selling Your Home Yourself
FSBO is a common acronym seen on ‘Home for Sale’ signs. The letters stand for For Sale By Owner and there is much to be said about doing it yourself in the real estate market. Both the seller and buyer stand to benefit when the sale of the home is handled by the owner and here are some of those benefits.
You built the equity. Now keep the profit.
Higher Price: Since the real estate agent is not paid until the sale of the home is finalized, an agent will prompt the seller to take the first offer. The sooner the home is sold, the sooner the agent pockets a payday. The first offer may be several thousands of dollar less than the asking price, but that only means a few dollars less in commission for the agent. By selling your home yourself, you can hold out for a higher price.
No Commission: By selling the home yourself, you can pocket all the profit and not have to pay an agent a commission. Commission cost varies among agents and markets, but it typically runs between 10-20% of the selling price. That can add up to a large sum of money that will stay in your pocket instead of going into someone else’s.
Online Networking: Those who choose to market their home on their own have several online networking sites that broaden their customer base. FSBO.net, ForSalebyOwner.com, Zillow and BuyOwner are a few of the online sites that cater to those who wish to do-it-themselves. A nominal fee puts the owner in touch with hundreds of potential buyers and allows owners to provide an online tour of their home. It may also be an option to list your FSBO home on the MLS (multiple listing service) when you list on one of these online sites. The MLS is usually reserved for advertising only homes listed for sale through an agent and reaches a ton of prospective home buyers..
Your Best Interest: You have your best interest at heart, an agent will not. As the home owner and seller, you know how much you can reduce the price and how many extras you can include in the price while still making it practical for you to sell. An agent just wants the house to sell so they can be paid.