With the spring home buying season underway, many sellers are currently weighing their options on how to get the best deal for their money. Though their reasons for listing their homes may vary, the fact still remains that everyone wants to get top dollar for their property. The advent of available info on the internet has given some people a false sense of security, and many sellers are now venturing out on their own attempting to sell their property with a Realtor. Over 80% of FSBOs are eventually listed with a Realtor. While many Realtors do rely heavily on the internet to assist them in their transactions, they are still relying on many other traditional methods to sell your property.
There are tons of FSBO assistance sites popping up that promise to “coach” you on the art of selling your home. What these sites don’t tell you is that FSBO sales, just like any other real estate transaction also depend heavily on the particular market conditions. FSBOs may do okay in some cities where there is a lot of bustling traffic, but in this area of Eastern NC, tons of foot traffic to a FSBO property is just not realistic. Particularly in the spring, FSBO owners are throwing their hat into the ring at one of the most competitive times. Owners are better off spending their time finding a Realtor that can offer a multitude of exposure, and a ton of foot traffic.
Generally, FSBO properties have a tendency to be priced too high. Owners have a personal attachment to their property, and will wrongly assume that their property is worth more than other properties in that price range. It is important to have an objective opinion when pricing a property. An owner occupied FSBO will not have access to all of the comparable properties listed in their area, which results in inaccurate pricing on their part. It is also difficult for an owner occupied FSBO to see that the granite countertops you installed should not result in a $5000 price jump just because the owner thinks granite is the “end all, be all” to decorating success. What about buyers who prefer sandstone or tile? These buyers could care less about the granite countertops, and would not see your $5000 price increase as justified.
Listing a house as a FSBO is also time consuming. Showing a property can be an inconvenient drawback to listing your home without a Realtor. Even Realtors have to endure showing properties to people who are not serious buyers. Consider the time and scheduling coordination it takes to repeatedly show a property to buyers who may not even be qualified to purchase a home, or indecisive buyers who may look at over 100 properties before they may a decision to buy. Much of the time and energy spent on fruitless leads can be eliminated with the use of a Realtor who is able to work with buyers to pre-qualify for purchase hold Open Houses to weed out buyers who are not serious about purchasing your home.
Realtors are held accountable by their licensing state so buyers may feel more comfortable working with a Realtor as opposed to an owner. Buyers also know that when they are working with a reputable Realtor that the property will be fully inspected, properly appraised, and all potential property defects will be disclosed. Their licensed Realtor will also have access to important professional information in which a FSBO owner will not necessarily have access. It is also a better situation for both the buyer and the seller to use Realtors to do the negotiations instead of dealing with one another directly. Negotiating is the stage in the transaction where many things go awry, so having an experienced Realtor with a knack for negotiating is always a plus. A professional agent in your market knows the trends, is in touch with your target market and can increase your traffic flow and potential for a better offer. According to the National Association of Realtors, eighteen percent of FSBO sellers indicated that preparing the home for sale was the most difficult task when selling without the assistance of an agent, followed closely by understanding and performing paperwork (16 percent) and selling within their desired time frame (15 percent).
For more information on how David Lever Exclusive properties can help you sell your home contact us at 252-714-8827 or email us at dlever@leverandrussell.com
