Sell Your Own Home

Do you want to sell your own home?

Home prices have increased considerably in Hollywood over the past few years. We are now back to the normal 4.8%-5% increase per year and everyone can relax and decide to sell when they are ready. What about you? If you are thinking about selling but are on the sidelines about whether or not to hire a professional to get the job done, we understand. However,Is it smart to sell your own home?.

It is only natural for an owner to try and get the most money possible from this type of big ticket item. One tactic is to save the commission by selling the house themselves. Well, here is a reality check. The numbers don’t lie and the lack of success for FSBO’s (For Sale By Owner) is well documented.

for sale by owner tips a team floridaFirst of all, the first thing the buyer is thinking is “they are saving the commission so I want a better deal”. According to statistics, only 5% – 9% of homes are sold without an agent – and most to friends or family. Also the typical FSBO home sells for about 19% less than for agent-assisted home sales; mainly because the sellers do not price correctly. That is a BIG difference!

In this market, a home priced to market value will sell quickly but getting it to the closing table is the challenge. Since all the rules changed October 3rd with the Consumer Fraud Protection Agency taking over the closings, loan-funded purchases takes a minimum of 60 days from contract to close. The inspection and appraisal processes are big milestones these days with the new insurance requirements on roof age, hurricane codes, etc.

Professional Realtors know what to look for right up front to pave the way for a smooth closing. Realtors know the business inside and out and have experience with each and every step of the process. Finding the right agent is the key. At the end f the day, it is what we do for a living. In fact, A Team Florida is so proactive when it comes to selling your home quickly and for top dollar; we pay for a professional inspection right up front. This way we can nip any problems in the bud. Only THEN we will allow some DIY (Do It Yourself) which should only be reserved for small repairs anyway – not home sales! Although with our connections, we can probably even get those done quicker and more reasonably. So here is the ultimate reality check and our favorite real estate related article of all time:

Former FSBO CEO sells home the traditional way
Founder and former CEO of ForSalebyOwner.com, Colby Sambrotto listed his 2,000 square foot New York condominium on his own through online classified ads and FSBO sites, but after six months, he opted to hire New York broker Jesse Buckler who immediately advised a price change as the listing was not attracting the right buyer.

After giving up on the DIY route, Sambrotto’s decision to hire a broker led to attracting multiple offers, closing for $150,000 over the original asking price. The Wall Street Journal reports the listing sold for $2.15 million including a 6% commission.

AGBeat columnist Herman Chan said, “If people want to take a stab at For Sale By Owner (ie FSBO), go for it. But well over 80% of FSBO’s eventually have to list with an real estate agent to get their house sold. It’s harder than it looks!”

If you still want to do it alone at least go to our FSBO quiz so you know what to expect and how to deal with the process.