Blog - Pros and Cons of Selling Your Own Home

Pros and Cons of Selling Your Own Home – Consider Your Options

Putting your home on the market seems like an easy idea. However, selling your home goes beyond putting a “for sale” sign at the front of your home. It takes a complete process of proper thinking, valuation, and networking to sell your home at the best value. For this reason, about 89% of home sellers employ a realtor to sell their homes.

Aside from easing the stress of marketing your home, employing a realtor can earn you more money. If you’re thinking of putting your home on the market any time soon, you should consider hiring a realtor.

Here, we’ll discuss the advantages and disadvantages of selling your home. We’ll also explore the reasons you need to hire a realtor to sell your home.

Pros of Selling Your Own Home

Selling your home by yourself is a stressful route, but it’s got some advantages. Some of the benefits of selling your home privately include:

More Money

Hiring a realtor to help with the sale of your home isn’t a free service. You have to pay for the services the realtor will offer you. In some instances, the payment may be a percentage of the selling price. Conversely, the realtor’s service cost may have a fixed price.

When you sell your home yourself, you can avoid paying for the services of a realtor. However, selling your home without a realtor is easier said than done.

Escape Bad Business

Many realtors and real estate companies are offering their services to prospective house sellers like yourself. The simple truth is that not all of these companies are genuinely interested in providing realtor services.

Some of these companies exist for the sole purpose of making money. When you place your home on the market yourself, there’s zero probability of bad business with a realtor.

Total Control

If you love to do things privately, you’ll prefer to sell your home yourself. When you sell your home yourself, you don’t need to worry about anyone’s opinion. You decide when the house is available for sale and the price of the property. You’ll also determine who you feel like selling the home to and the negotiating terms.

However, there can be downsides to the total control you might experience from selling your own home. For instance, you may not be able to set the right price for your home.

Let’s assume you set the price of your home at $150,000, whereas the real value is around $100,000. You’ll have a hard time trying to sell the property at this price.

Better Focus

A realtor will have multiple properties up for sale at the same time. Since they’re dealing with multiple business transactions, a real estate agent can’t give 100% focus to selling your home.

But, if you sell the property yourself, you’ll be entirely focused on the property. It’ll be easier to conduct open houses or meet with buyers.

Cons of Selling Your Own Home

Selling your home on your own has its financial benefits, but it does have its disadvantages.

It’s Stressful

If you experience how hard it is to sell a house by owner, you may never want to try it. From clearing the place to putting up a “for sale” signal, and many others, selling your home is a lot of work. You’ll need to have the time, determination, and negotiating prowess to follow through.

Even when you dedicate your time and money, you need to remain patient. You may not make a sale with the first or second prospective buyer. Selling a home is a game of patience.

Marketing is Hard

Unless you already have an extensive network of realtor friends, the marketing aspect of selling your home is a big challenge.

Of course, getting a banner that says “for sale” is quite simple. In today’s digital age, it’s effortless to list your home for sale online. But, online advertisements don’t necessarily make marketing successful.

When you hire a realtor, they’ll market your home via their comprehensive network of real estate agents. They can easily leverage their realtor network to make a sale quicker.

Playing by the Rules

Different states across the country have unique regulations governing the sale of a home. Before you officially put up your home for sale, there may be a need for documentation. A realtor will help ensure you’re meeting the legal requirements to sell your property.

Benefits of Using a Realtor to Sell Your Home

If you want to sell your home quickly and at the best value, hire a realtor. Aside from making the overall sale process straightforward, a realtor can help in many other ways.

More Value

A realtor starts valuing your home from the moment they see it. As skilled real estate professionals, they understand how to arrive at the proper value of your home.

This value depends on the type of structure, location, and standard home prices in the area. As a homeowner, you may not be able to determine the correct value. You may even risk undervaluing your home.

Easy Marketing

When you hire a realtor to sell your home, you don’t have to worry about marketing the home to prospective buyers.

Depending on the characteristics of your home, a realtor will choose the right marketing plan. Thanks to their experience in the real estate market, they’ll have a marketing blueprint that guarantees a successful sale.

Negotiating Prowess

Irrespective of your experience with negotiations, you can’t negotiate as well as a realtor. Since it’s your home, emotions may cloud your thinking.

A professional realtor is a skilled negotiator. They know how to harness the situation to sell your home at the best price.

An Understanding of Market Rules

The real estate industry continues to evolve. A player in the industry understands the market better than you. With an innate understanding of the market, a realtor can help you make important decisions like choosing the right time to sell.

Final Thoughts

The benefits of using a realtor to sell your home far outweigh selling it yourself.

Although selling your home yourself may allow you to keep more of the proceeds, you may be able to earn more thanks to a realtor’s negotiating skills. Always go with the services of an experienced realtor!

Contact me to learn how I can help you with selling your property.

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