Northern Virginia Needs Homes! Want To Sell? Should You FSBO? For Sale By Owner

Written by Posted On Monday, 27 March 2017 14:44

Should You FSBO? 5 Things to Consider Before You Do

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers

Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually eventually purchased?

  • 44% on the Internet
  • 33% from a Real Estate Agent
  • 9% from a yard sign
  • 1% from newspapers

The days of selling your house by just putting a sign in the yard and putting it in the paper are long gone. Having a strong Internet strategy is vital to your success; do you have one? Choosing an effective Realtor is also key. While most real estate agents do have at least a basic Internet strategy, quite a few don't, or their Internet strategy focuses on only one or two platforms. The MLS and Zillow are not enough to maximize your results or guarantee your success.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer — who wants the best deal possible
  • The buyer’s agent — who solely represents the best interest of the buyer
  • The buyer’s attorney
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The appraiser  if there is a question of value

This is just to name a few, so its vitally important to have an advocate on your side, this is just one area where an expert real estate consultant makes a huge impact for you.

4. Selling As A FSBO Has Become Incresingly Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20 plus years.

The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

Studies have shown that nationally the typical house sold by the homeowner sells for $210,000, while the typical house sold by an agent sells for $249,000. This difference more than offsets the commissions charged by realtors  adding to your bottom line.FSBO vs Agent Seller Sells For More Money

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit down with an experienced real estate consultant. Please keep in mind that our real estate market is an extremely local market, meaning that what is true regionally is often times not true for a city, county, neighborhood or even a street.  If you are going to sell a home anywhere in Northern Va, D.C. or Maryland you will need to have accurate data specific for your home  in order to avoid making dangerous financial decisions. If you are planning to buy or sell a home in the Northern Virginia areas — including but not limited to Fairfax, Alexandria, Arlington and Falls Church — please get in touch with us at the Dave Martin Realty Group. Contact tabs are to the right of this article.  You can visit our website at www.comehomevirginia.com. For more tools, tips and special offers follow us on Facebook. You can even search homes on our Facebook Page :-)

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Including Alexandria Virginia, Arlington Va, Fairfax Virginia, Falls Church, VA and surrounding areas of Northern Virginia Dave Martin Realty Group www.comehomevirginia.comAlexandria Virginia, Arlington Va, Fairfax VA as well as surrounding areas of Northern Virginia are all areas we Dave Martin Realty Group service so Come Home To Virginia whether buying a home, selling a house or looking to invest in real estate let us help guide you to a great real estate experience www.comehomevirginia.com  Alexandria Real Estate Agent, Fairfax real estate agent, Arlington real estate agent, Falls Church real estate agent, homes in Alexandria, Homes in Fairfax, Homes in Falls Church, Homes in Arlington, Best Norther

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