Are you thinking about FSBOing your West Knoxville home?
With the West Knoxville real estate market being so hot, you may be tempted to try and sell your home yourself. But, before you stick a for sale sign in your yard, here is why you can’t afford to FSBO your West Knoxville home.
When you decide to sell your home, it’s probably for good reason. You may be relocating, need a larger home, or just are ready for a new home. Regardless, when you decide to sell your home yourself, you don’t have time to waste.
Many sellers don’t realize the time that it takes to sell your home yourself. You’ll be stuck screening calls from buyers and agents. You’ll need to be around for showings. You’ll have to deal with screening buyers. It can take up a lot of your personal time. As a seller, that’s often more than many sellers realize.
In addition, you don’t have the time for you home to sit on the market. Marketing your home is important. It’s more than just putting a sign in the yard. To get the best price possible your home needs to be marketed by a professional.
West Knoxville homes that are sold by a realtor sell for more, period. When you sell your home yourself, even if you’re saving yourself the commission, you’re not saving yourself any more money since your home will sell for less than in an agent assisted sale.
The simple thing is that the numbers don’t lie. Here’s a comparison of realtor-assisted sales versus FSBO properties:
According to the National Association of Realtors, The median sales price for all FSBO homes was $210,000. When the buyer actually knew the seller prior to the sale, that average sales price dropped to $151,900. In contrast, homes that sold with the help of a realtor sold for $240,000. That’s $40,000 more with the help of a realtor.
When you see the comparison of average sold prices, you can see that you can’t afford to FSBO your home. The difference in sales price alone should convince you to hire professional help. Even though you’ll be stuck paying a realtor, you’ll still end up better off than if you did it yourself.
Finally, even though many people who FSBO their West Knoxville home don’t realize it, you open yourself up to a lot of risks when you try to sell your home yourself. Even without the professional help, you’re still expected to abide by all federal and state laws that are applicable to real estate. To the average person, this can be a lot to know. And, many sellers, don’t even realize the risk before the FSBO their home.
The simple thing is there’s a lot to know about selling a home. There’s a lot of paperwork. Unless you’re lucky enough to have some background in real estate, it’s unlikely that you know everything that needs to be included in the paperwork to protect yourself. For example, if you fail to disclose a critical defect about a home, you could open yourself up to an expensive lawsuit from the buyer.
When you’re unsure about what needs to be done in a real estate transaction, you could make a costly mistake or open yourself up to a potential lawsuit. That risk alone isn’t worth saving a bit of commission on.
Are you thinking about selling your West Knoxville home this year? Please let us know if there is any way that Knoxville Home Team can assist you. Rick can be reached at 865-696-9002 or via email at [email protected]. Kati can be reached at 865-696-1888 or via email at [email protected].