When It Comes to Selling Your Home, Why Do You Need a Real Estate Professional?
Working with a real estate agent is more important than ever in today's fast-paced real estate market. They have the knowledge, experience, and competence necessary to negotiate the complex and time-consuming process of selling a home. That could explain why the number of people who advertise their homes for sale on their own, sometimes known as FSBO or For Sale By Owner, has dropped to its lowest level since 1985 (see graph below):
Even in today's hot market, there are five reasons why selling with a real estate expert makes more sense:
1. They are aware of what buyers are looking for.
Consult a real estate specialist before deciding which renovations and repairs to tackle. They have firsthand knowledge of today's purchasers, what they expect, and what you need do to ensure that your home sells quickly.
If you don't rely on their knowledge, you can waste time and money on something that isn't necessary. This is because, in today's low-inventory market, purchasers are more ready to do their own renovations. According to a Freddie Mac poll,
“. . . nearly two-in-five potential homebuyers would consider purchasing a home requiring renovations.”
A expert can assist you in determining what you need to do. It's not generic advise from the internet; they are ideas tailored to your home and neighborhood.
2. They can assist you in expanding your buyer pool.
According to recent data from the National Association of Realtors (NAR), the average home now receives 4.8 bids per transaction, and this competition is driving up prices. While this is encouraging for you as a seller, it's critical to comprehend your agent's position in attracting purchasers.
To guarantee that your house is seen by the most buyers, real estate experts have a variety of tools at their disposal, including social media followers, agency resources, and the MLS. According to the website realtor.com:
“Only licensed real estate agents can list homes on the MLS, which is a one-stop online shop of sorts for getting a house seen by thousands of agents and home buyers. . . . This is certainly one of many good reasons why the majority of home sellers decide to employ the services of a listing agent rather than going it alone.”
Your buyer pool will be limited if you don't have access to these resources. And you want as many buyers as possible to see your home because buyer competition might push up your final sales price.
3. They are aware of the fine print.
When selling a home nowadays, more disclosures and laws are required. As a result, the quantity of legal documents you'll have to manage is increasing. As a result, according to Investopedia:
“One of the biggest risks of FSBO is not having the experience or expertise to navigate all of the legal and regulatory requirements that come with selling a home.”
A real estate specialist understands exactly what needs to be done, what all of the paperwork entails, and how to get it done quickly. They'll assist you in reviewing the paperwork and avoiding any costly mistakes you might make if you try to handle them on your own.
4. They've Been Trained to Negotiate
You'll be totally liable for any negotiations if you sell without the help of a professional. As a result, you'll need to cooperate with:
- The buyer who is looking for the best price.
- The buyer's agent, who will argue for the buyer using their knowledge.
- The buyer's inspection company will nearly always uncover issues with the house.
- The appraiser is a professional who determines the worth of a property in order to safeguard the lender.
Instead of going head-to-head with all of these parties on your own, get the help of a professional. They'll know what buttons to push, how to address everyone's concerns, and when a second opinion is needed.
5. They understand how to price your home correctly.
You may overshoot or undershoot your asking price if you sell your home on your own. That could mean you'll lose money if you price it too low, or it could mean your house will sit on the market if you price it too high. Expertise is required when it comes to determining the value of a home. This is how Investopedia explains it:
“. . . There is no easy or universal way to determine market value for real estate.”
Professional real estate agents understand how to price your home accurately and competitively. They do this by comparing your home to recently sold homes in your region and taking into account its present condition. These considerations are critical in ensuring that it is priced to sell quickly while yet obtaining the best potential ultimate sale price.
When it comes to selling your home, there's a lot to consider. Let's connect so you have an expert on your side throughout the process rather than going it alone.