The hot real estate market has prompted many homeowners to sell their properties to trade up or downsize. You might even think about selling your home without a real estate agent to increase your profit by saving on commission.
Review these considerations when you decide to go the “for sale by owner” route.
Eliminated commission expense
The average real estate agent earns a 6% commission on a home sale. If your property is worth $400,000, that means you will pay $24,000 in addition to paying your mortgage and other costs before realizing a profit on the sale.
Streamlined sales process
When you work with a real estate agent, he or she will have a professional opinion about how to best sell your home. If you have a desirable property in the current seller’s market, however, it will likely get multiple offers regardless of staging and other preparation. Skipping these steps might reduce your stress, particularly if you want to sell your home quickly.
You also have the benefit of sole focus, which will help streamline your sale. Experienced real estate agents tend to work with multiple clients, so they may not give you listing their full attention. You can dedicate as much time as you have available to perfecting your photos, returning inquiries and showing your home to possible buyers, especially if you live in a high-demand area.
Make sure you carefully prepare your legal documents to successfully complete an FSBO transaction. Investing in professional assistance for this step costs less than paying for the services of a real estate agent.