The economy is forcing many of us to make some tough choices. We’ve been trimming luxuries from the budget and adjusting our lifestyles to conserve funds. Many people are relocating for a much needed job. Most of us are cutting costs wherever we can. Some home sellers have chosen to forgo the call to their Summit NJ realtor in favor of listing the home as for sale by owner (FSBO) in order to save money. Others question whether or not this move is wise considering the current market trends. In today’s market is a FSBO a good idea?
The answer is a definite maybe. Selling as a FSBO is doable, no matter the market. However, it is not an easy task and it’s never as simple as it seems. It takes a great deal of work to market and show a home, find the right buyer and negotiate a selling price. A Summit NJ real estate agent doesn’t make a commission for doing nothing. If you are considering a FSBO, carefully consider the pro and cons of doing so and the personal commitment you will have to make to do it. Be sure that you are ready and able to take on the responsibilities that selling a home demands.
The biggest plus to putting your home in the Summit NJ listings as a FSBO is of course money. You will not have to pay a seller’s agent a commission. Thus, your net profit on the home will be a bit larger. This is the sticking point for most home sellers who choose FSBO transactions. You also won’t have to go through the hassle of interviewing and choosing the right real estate agent. You won’t have to wonder what is being done to market your home or if it is getting the proper attention from you agency. You’ll have more control over the entire process, including when your home is shown and when or if you hold an open house.
For many Summit NJ real estate sellers, the biggest deterrent to a FSBO is the time commitment required. You will spend a large amount of time researching prices, creating a marketing plan and implementing your strategies. You will also have to field all the calls and deal with all the potential buyers. This will include the hopelessly unqualified, the looky lous and the bargain hunters. You will have to sift through a lot of undesirable buyers before you find the right one.
You’ll be showing your home to strangers in the evening and on weekends. You may even have to take time off work to accommodate a potential buyer. Not everyone can afford to miss work, even to sell their home. Be sure that you are able to schedule the time to do the legwork.
Another major con is the potential for error in a FSBO. If you have never sold a home or are unfamiliar with the process there are any number of place where a mistake can cost you more that you would save in commission. Pricing, for example, is a common place for mistakes. Many sellers simply overestimate the value of their home because they are unable to be objective.
If you choose to list as a FSBO, take advantage of the wealth of information available to you online. There are support groups, informational websites and even realtor sites containing excellent advice. This site has a section devoted to helping FSBO sellers, too. Don’t be afraid to ask for help.