I truly understand why Charles River Park condo owner would want to ell their own condo. Many home sellers have considered skipping the real estate agent to save on closing costs, but very few have actually succeeded in seeing those savings. There’s a good reason: the average homeowner doesn’t have the rigorous training and Boston downtown real estate knowledge that a licensed agent does.
But just what makes For Sale By Owner (FSBO) such a bad idea? From incessant inconveniences to costly paperwork mistakes, here are a few of the horror stories that FSBO sellers inevitably encounter.
Marketing Your Boston Condo for Sale
It takes more than placing your Boston condo for sale to make buyers notice your Charles River Park condo for sale. According to the National Association of Realtors, 95% of buyers use the Internet in their home search.
This means that online marketing — starting with listing your Boston condo for sale on the local listings database, sharing your listing to dozens of social media platforms, and advertising your listing on numerous websites with a global audience — is essential to selling your home.
Marketing Your Boston Condo for Sale Isn’t Cheap
This is where it gets expensive: ads, brochures, high-quality photographs, and a professional-looking website — things Boston downtown real estate agents have at their disposal — are your responsibility to finance and maintain when you have to do your home’s marketing yourself.
Pricing You Boston Condo For Sale
Even after all that marketing, FSBO sellers don’t actually make more money. In fact, many lose money.
The research backs it up: the National Association of Realtors reports that the average home sold with an agent sells for $240,000. FSBO homes, however, sell for only $185,000. That based nationwide prices. Obviously, for downtown Boston real estate sales those prices would be much higher. What you could save in commission you lose by pricing your home incorrectly or skimping on the marketing.
Finding the Right Price for Your Boston Condo For Sale
Part of the problem with a low-dollar sale is the asking price.Boston downtown real estate agents have more tools and resources, plus an intimate knowledge of the local housing market, so they can spot a wrongly priced listing from a mile away. FSBO sellers, however, have only limited access to home value tools and resources about past sales activity.
The Mountains of Paperwork
Understanding the paperwork involved in a real estate transaction is one of the biggest challenges of selling For Sale By Owner.
After all, the contract isn’t just an agreement about the price; it also includes contingencies (like those for home inspections and financing), the closing date, and other important terms.
Without an Agent, Sellers Can Make Costly Mistake
The paperwork involved in a home sale can be complicated and full of legal jargon. An oversight could mean a costly mistake or even a lawsuit. Downtown Boston real estate agents, however, have the knowledge and understanding to take care of all the necessary disclosures.
Yes, commission is a sizable chunk of change. But so are the hidden fees and lost profits, not to mention the added stress, that come with selling a home by yourself. The best way to save money, save time, and save headaches is to work with an experienced real estate professional.
We’re here to help! Give us a call and let’s talk about the home selling process