{"id":9438,"date":"2018-06-19T15:15:29","date_gmt":"2018-06-19T22:15:29","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9438"},"modified":"2018-06-13T09:45:40","modified_gmt":"2018-06-13T16:45:40","slug":"a-clever-way-to-save-money-when-selling-the-home","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/06\/a-clever-way-to-save-money-when-selling-the-home\/","title":{"rendered":"A Clever Way to Save Money When Selling the Home"},"content":{"rendered":"<p style=\"text-align: justify;\">As a savvy seller, you&#8217;ve spruced up the front yard to increase your home&#8217;s value and have been keeping an eye on how much homes are selling for in your neighborhood. You&#8217;ve done your research\u2014so much, in fact, that you know exactly which day of the week is best to list your property. So, should you go full-on real estate star and try to sell your home on your own, too? Or, is it best to focus on boxing up your belongings and letting a real estate professional handle the sale?<\/p>\n<p style=\"text-align: justify;\">For Sale By Owner (or FSBO) sales accounted for 8% of home sales in 2016, according to the latest figures from the National Association of Realtors. Here&#8217;s what you need to know before cutting out the middleman and selling your home on your own.<\/p>\n<p style=\"text-align: justify;\"><strong>Pro : You don&#8217;t pay a realtor&#8217;s commission<\/strong><\/p>\n<p style=\"text-align: justify;\">Let&#8217;s be honest: Making as much cash as you can on the sale of your home is the main motivator in going this route.<\/p>\n<p style=\"text-align: justify;\">&#8220;The primary advantage of selling a house on your own is to save on real estate agent fees,&#8221; says Lucas Machado, who has experience buying houses both on the MLS (multiple listings service) and those listed by homeowners as the president of House Heroes, a real estate investment firm. Depending on your market, commission ranges from 4-6%, he says.<\/p>\n<p style=\"text-align: justify;\">Let&#8217;s run some quick math to show how much you could save by going the FSBO route, layering in the 4-6% commission range.<\/p>\n<p style=\"text-align: justify;\">\u2022 On a $150,000 home, a commission would range from $6,000 to $9,000<br \/>\n\u2022 On a $300,000 home, a commission would range from $12,000 to $18,000<br \/>\n\u2022 On a $600,000 home, a commission could range from $24,000 to $36,000<\/p>\n<p style=\"text-align: justify;\">Cha-ching!<\/p>\n<p style=\"text-align: justify;\">Some of the money you save on commission can be spent on home improvements, staging and advertising, points out Shane Lee, data analyst at RealtyHop, a real estate search engine.<\/p>\n<p style=\"text-align: justify;\"><strong>Con : It takes time and skill\u2014and a lot of both<\/strong><\/p>\n<p style=\"text-align: justify;\">If FSBO were an easy process, more people would be selling their homes this way.<\/p>\n<p style=\"text-align: justify;\">For starters, a real estate agent will research local market conditions for your neighborhood like it&#8217;s their, well, full-time job. &#8220;This is about knowing how to set the price for your home by understanding your home, its conditions, features, and the current local market conditions for your neighborhood,&#8221; says John Bodrozic, co-founder of HomeZada, a digital home management site.<\/p>\n<p style=\"text-align: justify;\">Real estate agents are also masters at marketing your home, which means getting it listed online, on social media and in brochures; optimizing the listing for Google; staging the home to make it attractive to buyers and making sure there&#8217;s high-quality photos to show off its features, Bodrozic says. Of course, there are scheduling open houses and setting appointments for showings, too.<\/p>\n<p style=\"text-align: justify;\">Finally, real estate agents are skilled in contracts and closings, and knowing what can kill a deal, Bodrozic says. Among those closing snags are problems that pop up in inspections, title and insurance issues and home loans that fall through.<\/p>\n<p style=\"text-align: justify;\">Also, homeowners may invest hope and time into someone who has no qualifications to buy their property, points out Susan Bozinovic, a realtor with Century 21 Town and Country in Northville, Michigan.<\/p>\n<p style=\"text-align: justify;\">&#8220;Unlike real estate agents, sellers are unable to distinguish which buyer is a qualified buyer and which is a looker,&#8221; she says.<\/p>\n<p style=\"text-align: justify;\"><strong>Pro : You can list your home right away<\/strong><\/p>\n<p style=\"text-align: justify;\">If you&#8217;ve got a hot property, you might be able to sell it fast on your own. &#8220;There are quite a few steps to take before selling a house with a realtor,&#8221; Machado says. &#8220;Interviewing agents, negotiating and executing a listing agreement, and developing a marketing plan\u2014all this before you even begin selling. When you sell FSBO, you can cut to the chase and start evaluating offers.&#8221;<\/p>\n<p style=\"text-align: justify;\">In the past, Machado points out, a big perk of selling with a realtor was access to the MLS and local housing data. Now, sellers can research local sales data online and list their house for free on certain websites. &#8220;For a few hundred bucks, you can also flat-fee list your house on the MLS,&#8221; Machado says.<\/p>\n<p style=\"text-align: justify;\">You&#8217;ll also have flexibility of when you want to show your home and you can expertly answer questions about the neighborhood.<\/p>\n<p style=\"text-align: justify;\"><strong>Con : Your buyer pool will be more limited<\/strong><\/p>\n<p style=\"text-align: justify;\">Another drawback is that buyers often do not want to deal with the owner, whether that&#8217;s negotiating prices or having the owner around when they&#8217;re viewing the house, Bozinovic says.<\/p>\n<p style=\"text-align: justify;\">Also, the commission of a sale is usually split between the buyer&#8217;s and the seller&#8217;s agents. Since most homebuyers are working with real estate agents, there&#8217;s no incentive for those agents to show a home with no commission up for grabs. It&#8217;s possible a FSBO seller may need to offer a commission to the buyer&#8217;s agent who shows them the home.<br \/>\nFinal Consideration<\/p>\n<p style=\"text-align: justify;\">The National Association of Realtors surveyed FSBO sellers about what they found to the toughest tasks. Here are some of the top challenges they identified, so you know what you&#8217;re getting yourself into.<\/p>\n<p style=\"text-align: justify;\">\u2022 Getting the right prices for their homes (15%)<br \/>\n\u2022 Selling within the planned length of time (13%)<br \/>\n\u2022 Understanding and completing paperwork (12%)<br \/>\n\u2022 Preparing and fixing up the home for sale (9%)<br \/>\n\u2022 Having enough time to devote to all aspects of the sale (3%)<\/p>\n<p><a href=\"https:\/\/www.apartmenttherapy.com\/for-sale-by-owner-tips-259529\" target=\"_blank\" rel=\"noopener\">A Clever Way You Can Save Money When Selling Your Home<\/a> by Brittany Anas | Apartment Therapy<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a savvy seller, you&#8217;ve spruced up the front yard to increase your home&#8217;s value and have been keeping an eye on how much homes are selling for in your &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/06\/a-clever-way-to-save-money-when-selling-the-home\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9438","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Clever Way to Save Money When Selling the Home &#8226; 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