Pros and Cons of Selling a House by Owner .. Deciding to sell your knoxville home yourself is often driven by money. You don’t want to pay commission to a real estate agent and instead want the proceeds from the sale to end up in your own pocket. While this might sound like a good idea, owners who list their homes themselves can face some unexpected challenges. Here we take a realistic look at the pros and cons of selling a house by owner so you can make an informed decision.
Pro: You Might Make More Money
Selling on your own means you don’t have to pay a percentage to your real estate agent. As already mentioned, in theory this can mean more money from the sale. Since your knoxville home is your largest investment, you want to see the best return on that investment when you sell. Depending on the price of your home, you can save thousands, tens of thousands or more. This is the main reason home sellers choose the owner sale root.
Con: You Might Not Get What You Ask
On the flipside of the money aspect of your sale, you might not end up getting what you ask when you list your own knoxville home. There are a number of reasons for this:
- You might price yourself out of the market by overpricing your home
- You might undersell your own home if you are running out of time to sell your knoxville home the traditional way
- You might miss out on the best price because your house may not appeal to all buyers.
Basically, when you set your own price and negotiate on your own, you are at greater risk of not getting what your home is worth.
Pro: More Control
Selling your home gives you complete control over the process. You won’t have a real estate agent in your ear about what has to be done, how to negotiate when to accept an offer or any other considerations about the sale.
Con: You Miss Out on Professional Advice
Of course, you might have more control, but you also miss out on professional advice that makes things run smoothly. Real estate agents provide invaluable advice during the home selling process including what to list your home at price-wise, how to market your home to get the most views and how to seal the deal.
Pro: You Can Set Your Own Marketing Budget
If you don’t want to see money go down the drain on unnecessary marketing costs, selling your home on your own is the way to go.
Con: Poorly Marketed Homes Don’t Sell
If you don’t invest in marketing, your knoxville home is less likely to sell. You can’t depend on a lawn sign to attract buyers. You need to get the word out in a manner buyers expect. This includes investing in professional images, virtual tours, and the major job of staging your home to appeal to more buyers. A real estate agent includes most if not all these selling techniques in their commission.
Pro: You Don’t Have to Deal with Real Estate Agents
If you have a poor view of real estate agents, selling on your own allows you to proceed without having to go through interviews or deal with real estate agents over every aspect of your sale. Much like you have more control when selling on your own, you also reduce time wasted dealing with real estate agents.
Con: You Might Deal with Even More Real Estate Agents
What? Yes, this is something many for sale by owners don’t realize. Many real estate agents spot for sale by owner signs and are drawn to them like a magnet. You might find you attract more agents to your door all vying for the chance to represent you. Also, keep in mind you will have to deal with buyers’ agents, and this can prove even more painful as these agents won’t have your best interests at heart.
Instead, they will be representing their own clients, and this can be exceedingly difficult to manage. In fact, they have the knowledge you lack which means they are more likely to have the upper hand throughout the entire process.
Selling a House by Owner
Selling a House by Owner
Challenges of Selling Your Home In knoxville During the Pandemic
It’s tough enough for real estate agents to wrap their heads around selling during a pandemic. However, selling on your own puts you and your family at risk. There are many issues with selling while the COVD-19 virus continues to spread. New selling processes are in place to protect homeowners from contracting the disease. Do you know how to ensure you remain safe during the process?
As well, it might end up costing you more money to adhere to the recommendations including:
- Paying for professional images for online virtual tours
- Qualifying buyers to ensure they are not entering your home without intent to actually buy
- Increased cleaning and disinfecting of your home before and after viewings
- Finding the means and tools to offer remote closings
All these issues are costly and will present issues if you are trying to sell your home on your own.
The Safer, Easier Home Selling Solution In knoxville
There is a third option beyond selling your knoxville home on your own or hiring a real estate agent: Using Property Sales Group to sell your house for cash. Especially during these challenging times of the pandemic, or in cases where you might be facing a down real estate market, a fast cash sale could be your best option.
This is unheard of in sales by agents or homeowners. This is also the safest option, as you never have to worry about the flow of people coming into your home. There will be no germs and no need to do a thorough cleaning after every single visit. We do a single visit; make you an offer and its done. You also don’t face the fear of a deal falling through or any legal implications of selling your own home without proper knowledge of the selling process. We handle everything for you. And if you are still worried about those pricey closing fees, don’t. We can save our clients an average of $15 to 25k in closing fees.
If you don’t want to deal with the hassles and pitfalls, how slow it can be, paperwork, worrying about legal loopholes or qualifying the buyer…check out our instant calculator and see how much your home could be worth.