Should I Sell My Home Without a Realtor?

Why should people choose a Realtor to sell their property in today's hot real estate market? Many people feel that all they have to do is to put a FOR SALE sign in front of their house and within a few days they will get what they are asking for it. Although in some cases this may happen, it is definitely not the best thing to do.

In a very comprehensive study done in 2004 by NAR, it was determined that on average a home that was sold without the assistance of a Realtor was sold for 13% less than a property that was sold in the same neighborhood with the use of a Realtor. There are many reasons for this. The first reason is that the average home sellers aren't as familiar with their real estate market as a top quality Realtor. Therefore, many times properties will be priced incorrectly - either way too high or too low. If a property is priced too low it is obvious what will happen. It will sell very fast and the seller will lose thousands of dollars. If a property is priced too high, it will soon become stale. The wrong buyers will be looking at it and the right buyers will be looking at something else. When most people look at homes, they are comparing each home to the other. If something is overpriced, the value won't be there making the other house seem like a very good deal.

Another reason is that when buyers sees that a house is FOR SALE BY OWNER, they know that no commission is being paid. The buyers will expect to save that much and more and deduct that amount from their offer for the home. So there really are no savings.

Negotiation is another reason a Realtor should be involved. Most sellers aren't familiar with negotiating a real estate contract. Not having knowledge with this could cause the seller to lose thousands of dollars. Also, whenever a seller shows a property, there is the possibility that he or she could accidentally divulge the level of motivation. This would definitley decrease the seller's leverage he has when negotiating.

Probably the most important reason homeowners should use a Realtor to sell their property, besides getting more money, is because of liability. Because the majority of sellers do not know what they have to disclose and what they cannot disclose to buyers, there is a big chance of a law suit, especially in litigious South Florida.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 794-9034
www.DadeCountyMLS.com