Why selling your home alone might not be the right choice

Why selling your home alone might not be the right choice!

If you're planning to sell your home, you may be considering listing it on your own to save some money on real estate commissions. However, going the "for sale by owner" (FSBO) route could end up costing you more in the long run. Here are three reasons why selling a home without a realtor is not a good idea.

Firstly, FSBOs typically miss out on more money than they save. According to a study by the NAR, the median sale price of FSBO homes was $217,900 in 2020, compared to $295,000 for homes sold with the help of a real estate agent. That's a difference of $77,100! Real estate agents are experts in pricing homes correctly and know how to negotiate with buyers to get the best possible value for their clients. Typically here in Yellowknife real estate commissions fall between 3-5% of the sale price, when you consider leaving 5%, 10% or ever 25% of the potential sale value, as the study mentioned suggests, on the table maybe signing on to have someone market and negotiate on your behalf doesnt sound so bad after all. 

Secondly, selling real estate is a full-time job. There are many tasks involved in selling a home, including marketing, open houses, negotiating offers, guiding disclosure and handling legal documents. Unless you have the time and expertise to handle all of these tasks, you may find yourself overwhelmed and stressed. By hiring a realtor, you can take advantage of their expertise and free up your time to focus on other things.

Lastly, realtors are skilled in avoiding legal issues and hurdles that may come up after the sale. Real estate transactions involve a lot of legal paperwork, and it's easy to miss a crucial detail that could end up costing you later on. Realtors are trained to identify and address potential legal issues, such as liens or easements, before they become problems. They also know how to navigate the complex legal requirements of selling a home, such as disclosure laws and zoning regulations. 

In conclusion, while it may seem like a good idea to sell your home on your own, doing so could end up costing you more in the long run. By hiring a real estate agent, you can take advantage of their expertise and experience to sell your home quickly and for the best possible price, while avoiding legal issues and saving yourself time and stress.