There has been an ever so slight increase in the number of properties available for sale on Cape Cod.
No doubt some of this up tick is due to the start of the traditional “spring market.” It’s probably also safe to also assume that with more people becoming vaccinated, homeowners — who were sitting on the sidelines because of health concerns — are now getting into the game.
Not surprisingly, there’s also been a slight increase in the number of FSBOs or For Sale by Owners. Given the large number of buyers and limited inventory, selling your home yourself may sound easy. But, while everyone knows somebody, who knows somebody, who sold property on their own, the process has never been a walk in the park. And it’s more complicated today than ever.
Here are a few reasons why it’s important to have a real estate professional — like Mari Sennott and Associates — guide you through the selling process.
1. Your Safety
Your safety should always come first, and that’s more crucial than ever given the virus crisis. When you sell property on your own, it is incredibly difficult to control entry into your home. In our case, Today Real Estate (TRE) has the proper protocols in place to protect not only your belongings, but your health, too. From regulating the number of people in your home at one time to ensuring proper sanitization during and after a showing, we’re equipped to follow the latest standards.
2. A Powerful Online Strategy Is a Must to Attract a Buyer
Recent studies from NAR have shown that, even before COVID-19, the first step 43% of all buyers took when looking for a home was to search online. Throughout the process, that number jumps to 97%. Today, those numbers have grown exponentially. Along with TRE, we’ve developed a strong internet and social media strategy to promote the sale of your house.
3. There Are Too Many Negotiations
Here are just a few of the people you’ll need to negotiate with if you decide to be a FSBO:
- The buyer, who wants the best deal possible
- The buyer’s agent, who solely represents the best interest of the buyer
- The inspection company, which works for the buyer and will almost always find challenges with the house
- The appraiser, if there is a question of value
We know how to negotiate every aspect of the real estate transaction and how to mediate the emotions felt by buyers looking to make what is probably the largest purchase of their lives.
4. You Won’t Know if Your Purchaser Is Qualified for a Mortgage
Having a buyer, who wants to purchase your house, is the first step. Making sure they can afford to buy it is just as important. As a FSBO, it’s almost impossible to be involved in the mortgage process of your buyer. Real estate professionals know the appropriate questions to ask about financing. You need someone who’s working with lenders every day to guarantee that your buyer makes it to the closing table.
5. You Net More Money When Using a Professional
Many homeowners think they’ll save real estate commission by selling on their own.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of a professional. In some cases, the seller may even net less money from the sale. The study found the difference in price between a FSBO and an agent-listed home was an average of 6%.
One of the main reasons for the price difference is effective exposure. The more buyers who view a home, the greater the chance for a bidding war that could potentially driving up the final price for your home.
Our experience is anecdotal, but we’ve noticed with the few FSBOs that we have been in contact with lately that they are leaving money on the table. Offers are being quickly accepted even though our clients — and presumably others — are interested in submitting bids. There are also no Open Houses being held that would bring greater attention and competition.
Listing on your own leaves you to manage the entire process by yourself. People selling property on their own usually don’t have the background or experience to manage Open Houses that attract lines of potential buyers and generate multiple offers that require careful review, especially when buyers seem to be very willing to offer over list price.
If you’re thinking about selling your property on your own, please contact us before making your final decision. We can show you how working with professionals — like Mari Sennott and Associates — is your best move when marketing your home.
Let’s talk soon…
Mari and Hank
firstname.lastname@example.org – 508-568-8191