For Sale By Owner, the Pros and Cons

For many people the option of selling their house own their own is not really an option due to circumstances, such as being transferred through work or just the time needed to sell your own property is not available.

The Pros, or upside of selling your home yourself.

1. More Money in your pocket if you are not paying a realtor's commission.
2. You know your house the best, so who better to point out all the ammenties.
3. You have complete control over the entire transaction, from setting the price, to showings, to all negotiations and prequalifing buyers (just to name a few).

The Cons, or downside of selling your home yourself.

1. You dramatically reduce the exposure and limit the number of prospective buyers compared to what you would have received with a realtor. 88% of all home sales were sold with the assistance of a realtor, according to a 2007 survey by the National Association of Realtors. We use the Multiple Listing Service which contains approximatetly 95% of all homes on the market.
2. Don't be so sure about putting more money in your pocket. According to the National Assocaition of Realtors, the median for homes sold privately with their owners went for much less than the median for homes sold through a realtor. Many people feel more comfortable negotiating aggressivly with a home owner than when dealing with a realtor. People also feel that they can purchase the house for much less because the owner isn't paying a realtor's commission. See hottom of page on how to pay less commission.
3. You may know your home better, but how well do you know the buyer and what the buyer's likes and dislikes are? An experienced broker knows how to downplay the negatives and read potential buyers interest and reinforce those positive aspects of the home. Remember, as a realtor, in a month's time we are involved in more real estate transactions than the average person is in their lifetime.

Most buyers today work closely with a realtor for the same reason most people who are selling a home use a realtor. Saving time and lots of it. Just preparing the paperwork and advertizing needed to sell your homes is overwhelming for most people. Then add in handling all the calls with questions about your home, showing your home at all hours of the day and on weekends. And when all is said and done and you get an offer, then negotiations, inspections, and you had better have an attorney review the contract at the very least, so subtract at least $1000 there for that advice and deed preparation.

When it is all over with, most people say they would never try to sell their home again on their own. Turn it all over to a professional realtor and all you have to do is keep your house tidy and let your realtor do the rest.

Find out how you can

Pay less commission and get more monsy for your home.

Current Real Estate for Sale Gray, ME: Where is the market heading?

No doubt the market is tightening as it usually does during the winter months. This does not mean you won't still find buyers searching for homes for sale, but it does mean that there will be fewer of them.

What does this mean for you?

If you are a seller, any and all offers should be given consideration. Not responding to an offer, even if it seems insulting, is a mistake in this market. One thing to remember is that this is a financial transaction, and keeping personal feelings out of it as much as possible will benefit you. If the goal is to sell your home, focus on that. Are you going to get less now than you would have 2 years ago, most likely yes, but you are also likely going to be paying a lot less for your next home.

If you are a buyer, this means you are in the drivers seat for the most part. You have the choice of a lot of inventory. First time home buyers, you have a lot to gain and very little to loose. There are some fabulous tax credits and loans for those who have good credit and reserves. The days of 110% financing are over and rightfully so.

More tips are available by visiting my website at FiveStarRealtyMaine.