10 Reasons why not to sell your own home
1) Most buyers when transacting such a large purchase feel they need the knowledge and experience of a professional. Therefore, by selling your own home you limit the potential exposure to serious buyers.
2) Buyers who buy for sale by owner homes usually are professionals looking to buy homes for less than market value.
3) Buyers who do come forward will lower their offer price by 5-10% lower than market value also trying to save the real estate fees.
4) Selling your home without an agent takes longer to find the right buyer, once the home is on the market for more than a month, buyers will submit low bids having no fear of competing bids.
5) If a home is on the market for more than a month buyers might think there is something wrong with the home since no one has bought it.
6) Buyers not using an agent often aren’t that serious. However, buyers may entertain the risk if the home is significantly less than market price. As a seller this is not something you want.
7) Most buyers find it uncomfortable working directly with the home seller to negotiate a price or other terms of the sale.
8) If you offer 2.5% to the agent who brings a buyer your expected savings is reduced.
9) Depending on how you setup the sales contract with a real estate agent, often you are paying no fees unless your home sells. This aligns the interest of the real estate agent to have you price your home at a price in which the market will have interest.
10) Often there are challenges with the sale of your home, financing issues, moving, inspection issues, issues in negotiation. Often the experience and help of a realtor saves you a lot of stress.