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May 3, 2017

Is Selling by Owner An Option for You?

By Mark Hite, President

Greater Chattanooga Association of REALTORS®

So, you are thinking about selling your home yourself. Before you put that sign in the yard, here are a few points to consider.

If you are looking at the “numbers” and want to avoid hiring a REALTOR® to represent you and avoid paying a commission, there is another number you may want to consider. According to National Association of REALTORS®2016 Profile of Home Buyers and Sellers, only 5 percent of home purchases were made directly from previous owner. Of those purchase, only 2 percent knew the seller. So, if you are looking to sell it yourself, the “numbers” are stacked against you with only a 5 percent chance of success.

A second number you may want to consider is where those same buyers found the home they purchased. For 2016, a record 50 percent found their next home searching online. A REALTOR® member of the Greater Chattanooga Association of REALTORS® has the opportunity to advertise your home to more than 80 sites and provide maximum exposure to potential buyers. While there are several online place to list a home for sale, the list pales in comparison to the exposure and marketing of your home a REALTOR® can bring to the table.

Still considering going it alone? There is one more number you may want to take into account. Of the 5.45 million homes sold nationally in 2016, 88 percent pf those transactions were processed through a real estate agent. If you are avoiding hiring a REALTOR® to cut costs, you also are eliminating the greatest source of qualified buyer leads.

The last item for your consideration is harder to measure and is the value you place on your personal safety. Do you really desire to open you door to strangers and provide them a tour of your home? What about hiding a key or leaving the door unlocked for them to enter your home unaccompanied? Real estate licensees must attend required education classes and pass a state examination, as well as pass a background check. In addition, licensees must obtain insurance and affiliate with a brokerage firm. When subscribing to the Association’s Multiple Listing Service, a REALTOR® can install a keybox on your home. This keybox is only accessible by those who meet the Association’s criteria for holding a key, and all access to the keybox can be tracked to the minute it was opened.

So, before you stick a sign in the yard, call a REALTOR® to give you their expert opinion of what your home may bring and how long it will take to sell. My experience tells me that you will find that you can get more money in a faster timeframe by working with a REALTOR® and not leave yourself, your family or your property at risk.