In today’s sellers’ market, several homeowners might be tempted to try to sell their houses on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. With the inventory of homes for sale nowadays, which is as low as it is, buyers are a lot eager to snatch up virtually any house that comes to market. And it makes it even more tempting to FSBO. As an outcome, some sellers think that selling their house will be a breeze and view today’s market as an opportunity to FSBO.

Here’s why that’s a big mistake and may actually cost you more in the long run.

According to the Profile of Home Buyers and Sellers published by the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as a FSBO did so to avoid paying a commission or fee. Wherein reality, even in a sellers’ market, selling on your own could mean you’ll net a lower profit than when you sell with the help of an agent.

The NAR report explains:

“FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 in 2020 (up from $200,000 in 2019), and still far lower than the median selling price of all homes at $242,300. Agent-assisted homes sold for a median of $295,000…Sellers who began as a FSBO, then ended up working with an agent, received 98 percent of the asking price, but had to reduce their price the most before arriving at a final listing price.”

For cases where the seller knew the buyer, that amount was even lower, coming in at $176,700 (See graph below):

That’s quite a lot of money to risk losing when you FSBO – far more than what you will save on commission or other fees. It is still critical to have the support of an expert to guide you through the process, despite the advantages sellers have in today’s market. An average homeowner may never have the same level of skills such as trained negotiators with a ton of housing market insights that real estate professionals like My Tampa Agent has. My Tampa Agent’s expertise can alleviate much of the stress of selling your house and will help you close the best possible deal when you do.

Bottom Line

If you’re considering doing the selling on your own and you think that you’re ready to sell your house this year, make sure to think through that decision carefully. Chances are, you will stand to gain the most by working with knowledgeable and experienced real estate professionals like My Tampa Agent. Contact us to know more about how a trusted advisor can help you, especially in today’s market.

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