Selling Own Home?

Selling own home? Not sure if it's the right thing to do? Want to weigh the pros and cons of this choice?

With housing prices depressed in most places, and the cost of everything going up, you might think that selling your own home is a better way to go than hiring a professional real estate agent.

We've compiled some of pros and cons of selling your own home so you can make your own informed and educated decision on this course of action. Sometimes it works very well, sometimes it doesn't, only you know how much work you are willing to do and how much time you have to devote to the process.

SELLING OWN HOME? PROS

• Save on commissions. With real estate sales commissions anywhere between 5 and 6% in most places the savings can amount to a great deal of money. If you need to sell a home that you've bought fairly recently and you have no price appreciation, then the commission might just put you "under water".
• Control. Showings and schedules can be fairly intrusive on family life. When you sell a home yourself, you can control when showings happen, when you have open houses, when you put it on the market and take it off.
• Marketing freedom. When you sell your home yourself, you can design your own marketing plan and execute it as you see fit. There are lots of rules as to what agents can and cannot do or offer buyers, and selling a home yourself doesn't come with as many restrictions.
• Advocacy. Who better than the owner can provide detailed information about the benefits and features of their home? Every for sale home needs an advocate -- someone who is 100% committed to selling that home over all others.

SELLING OWN HOME? CONS

• Time. Selling a home is a time consuming process. In addition to staging (which is what this site is primarily about and a process that we strongly recommend doing regardless of how you market your property), you will have to be responsible for developing a marketing plan, showing the home to prospective buyers, handling the legalities of the transaction, and keeping the house show-ready. It might just amount to a full time job.
• Money. You will be responsible for all the advertising and marketing expenses connected with selling your own home. The cost of preparing a legal contract will also fall on your shoulders. Signs, ads, legal fees and your time should be factored in your cost of "doing it yourself".
• Traffic.`Where will the potential buyers (your traffic) of your home come from? The multiple listing service (MLS)in your area does generate traffic from agents in your town and from nearby areas. Consider whether you can get as much traffic from your own efforts as the MLS will bring you.
• Buyer comfort. Some buyers, assuming they know your home is for sale, will not deal directly with a homeowner. This is similar to the "depersonalizing" we do when we stage a home. A buyer wants to envision themselves in a new home, not living in your home. This is harder to do when the homeowner is selling the property.

These pros and cons should be factored into your decision whether or not to go it alone. Sell own home? Only you can decide whether it is worth your time and money!

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