Now, before I lose you completely because of course, I'm a real estate agent telling you why you shouldn't sell your home yourself, stick with me a little while into this article. A lot of people try to sell their own homes and while it can be done, there is a huge amount of stress that can go along with it. I've seen couples practically get a divorce, health problems, and money mistakes. Is it really worth the potential to save a few hundred dollars by selling it yourself?
Besides the stress, here are some of the main reasons selling your home yourself may not be a good idea.
You have limited exposure to buyers. 94% of buyers start their search online for a home. Most real estate websites require an MLS access to even list a property. Only licensed real estate agents can list a property on their local MLS. If you don't list on the MLS you will be subject to exposing your home to the only 17% of homebuyers that look and newspaper ads. Plus, many real estate agents have special strategies to promote the sale of their home to potential buyers both online, in print and in person.
Out of those that actually buy, 51% of homebuyers purchase their home by finding on the Internet first. 34% from a real estate agent, only 9% from the yard in the sign and a very low 1% from the newspaper.
The legalities and documents are getting overwhelming. Simply selling your house is not a simple transaction anymore. The paperwork involved in buying and selling real estate has increased dramatically over the last 10 to 15 years. This could be one of the many reasons that those selling by themselves have dropped from 19% to just 8% over the last 20 years. This represents the lowest recorded figure since the National Association of Realtors began collecting information in 1981.
It's been proven that homeowners will net more money when using a real estate agent when selling on their own. This is a great shock to many people that want to sell their home themselves. They naturally are doing so to save money, the research has shown that homes sold by the owner sell for less than have they been sold by a real estate agent. This is probably because the real estate agent has done their homework on a researching how much they can get for the home and the exposure is so much more broad. You're getting a much more diverse a group of potential homebuyers increasing your chances of finding a buyer that will pay a higher price.
The research is there. If you want to sell your home yourself by all means, but understand that you will probably have more headaches, lose more money, and be more stressed out that had you just simply use a real estate agent in the beginning. But don't take my word for it, check out some of these resources for more stats and data on selling the home yourself.
UPnest - More reasons to hire an agent
As a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.