Modern technology and easy access to information have helped to fuel a “Do-It-Yourself” phenomenon that transcends nearly every aspect of life. You can find videos at your fingertips showing you everything from how to develop your own apps to performing your own home improvements. In many ways, this new independence is a good thing. DIY can save you a lot of money in some cases. Other times, you’ll discover passions and talents you never even knew you had! But what about real estate?
Is FSBO a Good Idea?
Should you ever consider selling your own home? Over the last two years, the changing landscape has inspired many people to list the homes as FSBO (For Sale By Owner.) A softening market and falling prices mean homeowners must explore every avenue to maximize the value of their homes. Just think of all the commission you’ll save by doing it yourself and not involving a real estate agent!
However, you must never lose sight of how much work and knowledge goes into a successful sale. Preparing your home to make a memorable first impression on buyers takes time. Performing the renovations takes considerable skill unless you plan to hire professional contractors to handle everything. In either case, the cost of preparing your home adds up.
And there’s more to it than the updates themselves. It’s about determining which improvements will have a positive effect and which ones will not be worth your time or money. This takes a level of instinct that only comes with years of experience working with buyers and sellers. Without this insight, you might be tempted to list your home as-is. In that case, your job becomes easier. But you could lose out on the true value of your home.
All that, and you haven’t even begun marketing your listing, home showings or negotiating with potential buyers!
Whether you go it alone or use an agent, the following resources will help you get the results you’re looking for:
- The Power of Staging When Selling Your Home
- Minor Upgrades, Maximum Results
- How To Negotiate A Real Estate Contract
Know Your Risks
There are many pitfalls when you don’t have the training or experience to manage a real estate transaction, especially if complications arise. All real estate contracts are legally binding documents, and knowing what you’re getting into is critical. Working with a licensed agent provides a level of legal protection you won’t have on your own. Though not lawyers, trained real estate agents know how to advocate for you and protect your interests. Plus, we do have access to some of the best lawyers around!
This professional guidance means your transaction is much less likely to fall through.
What’s the Market Temperature?
Before deciding to sell your home yourself, it’s a good idea to get an idea of what type of market you’re facing. Is it a busy seller’s market with few houses for sale and buyers frantically scooping up every listing? In that case, you might not have too much trouble finding a buyer. Keep in mind that you will still need to review all selling documents with a fine-tooth comb to ensure you are happy with the terms and that your legal interests are protected. And knowing how to negotiate effectively will help you get even better results.
If the market is slow, you may struggle to sell your home at all – never mind getting the highest possible price. When qualified buyers are few and far between, the vast outreach a real estate agent offers becomes invaluable.
Finding an Optimum Price for Your Home
Did you know that many real estate agents will bring in one of their colleagues to help them determine the best price for their listing? Why would they do this when they are already knowledgeable about the industry?
The answer is simple. No matter who you are, your home has a special place in your heart. Selling is an emotional experience, and it’s almost impossible to stay objective even when tuned into the current real estate market.
That said, an accurate price point is critical if you want to earn the highest possible amount from your sale. If you set your price too high, as many homeowners do, buyers will simply move on to the next listing. Pricing too low means you’ll likely earn far less than you deserve. Like Goldilocks, your initial list price must be just right!
How do you find that perfect price point? Find out more in our article What’s Your Home Really Worth?
A Discount Brokerage to the Rescue? Not in Today’s Market
In recent years, many homeowners have used discount brokerages like FairSquare Realty (formerly known as Purplebricks) to help sell their property. It can seem like a great solution. The cost is minimal, and still provides access to the expertise of a real estate agent. But remember that old saying, “You get what you pay for?”
It certainly holds true when it comes to discount brokerages. For a small fee, you can get your listing on the MLS®. You’ll even have access to an agent to help you with the paperwork. But you’ll have little to no assistance with preparing your home and negotiating with those potential buyers who are looking for a bargain.
And remember that companies like these are generally only open during office hours. What happens when an urgent situation arises at 9 p.m.? There’s no dedicated agent you can call when you need them the most.
Discount brokerages made a killing during the real estate boom of 2019 to early 2022. However, they begin to struggle when the market slows down. Some have gone out of business entirely. Even FairSquare has stopped accepting all new clients as of early 2023. Clearly, there is no substitute for highly personalized service and professional guidance!
Selling a house alone is not all it’s cracked up to be! If you want to consider working with an agent after all, the following resources will help:
- How Do Real Estate Agent Fees Work?
- Fact Vs Fiction About Working With A Real Estate Agent
- Can a Local Agent Sell Your House For More Money?
The Best Results With the Least Stress
Despite the homeowner’s best efforts, an FSBO listing often won’t earn what the house is worth – if it sells at all. When that happens, you may have to completely pull your house off the market. Or you may end up having to find a real estate agent to help you after all. Working with an experienced agent from the beginning can save you a world of stress! Whatever you need to get the best results, your agent will arrange it all:
- Do your floors need to be redone?
- Should you replace your kitchen backsplash?
- Will a new front door make your exterior pop?
- Will professional staging help sell your house for more money?
Your Realtor® will know precisely how to generate the maximum amount of exposure for your home and reach buyers in any market. They’ll also have access to reputable local contractors to get the job done. And your end result is typically a faster sale for more money and with the least amount of work on your part.
Woolcott Real Estate is comprised of a team of local experts who provide full service from start to finish. Our refined approach is designed to get the best results when selling your home in any market. Reach out to us today right here or call 905-332-9223 for more information.
