Nowadays, some homeowners choose to sell their Denver home on their own, thinking they could save time and money. The term “For Sale by Owner” is used in reference to properties put on the market directly by the owners. However, there are several reasons why deciding to do a FSBO might not be a good idea for most sellers:
- Too Many People to Deal With
Sellers who want to sell their own homes have to prepare to meet and negotiate with a variety of professionals including: buyers, buyer's agents, home inspectors and appraisers as dictated by prospective buyers. Scams may happen and FSBOs may even need to hire a legal representative, which is an added expense.
- FSBO Has Become More Complicated and Difficult
The 2015 National Association of Realtors’ Profile of Home Buyers and Sellers revealed that the paperwork involved is just too much and can be daunting for owners wanting to sell their own homes. Aside from the legal forms that have to be filled in, understanding them as well as customizing the contract to a one-size-fit-all can be difficult and time consuming.
- Results Come from the Internet
Many FSBOs may not get the selling price they want and get stuck in the market. A primary reason for this is that most buyers now find their homes on the Internet:
Recent study shows that more than 90% of the buyers start their search on the Internet. You need to have a large presence on the Internet to drive sufficient numbers of prospective buyers to see your home. More prospects = more showings = more offers = higher price.
- Dealing and Exposure to Prospective Buyers
Most real estate agents have online marketing campaigns for their listings. FSBOs may simply rely on their circle of friends and family and also social media. But these have setbacks and limitations as well. With technology on their side, it won't take long before a real estate agent sells a home that’s their listing. A homeowner may take longer to sell.
- You Net More Money When Using an Agent
Most homeowners decide to sell their own homes with the goal of saving money on commissions. Little do they know that they can spend a considerable chunk of money for extras like flyers, home warranty, contracts, legal review and so on.
Studies also have shown that a FSBO sale usually has lower prices. So, before making any decisions whether to sell your home on your own or to work with an agent, contact us for a no obligation consultation and see what we have to offer.
Let the Bandy team show you other tips to prepare your home and sell it quickly! We will guide you through all phases of the home buying and home selling process in Denver. Our home purchasing experts can also help you with buying Canterberry Crossing homes in Parker, real estate in Stroh Ranch, or any of the fine homes in Castle Rock. We are here to help you find your dream home and will guide you every step of the way!
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Until next time,
Marianne Bandy, Team Leader
The Bandy Team
Keller Williams Park Meadows
BandyTeam.com - Denver Real Estate & Homes
720-466-3790
