If you’re thinking about selling your home, there are a variety of things to consider. For example, is for sale by owner a viable option, or should you enlist the services of a professional realtor. That said, if your goal is to save on realtor fees, listing and selling your home on your own might be a more attractive proposition. But what does this process entail, exactly? This is a common question that many homeowners have, and in this article, we will explore the tenets of selling your home without the aid of a professional realtor.
It should be noted that selling your home on your own does not absolve you from the task of listing and showing your home to prospective buyers; this is still a necessary, and critical, step for selling a home. However, if you have never sold a home, this process may seem daunting. Fortunately, there is a myriad of online services that can help streamline this process for you, Zillow being one most recognizable. Continue reading
Selling a Home on your Own through Flat Fee MLS/FSBO Listings
I. Why sellers choose flat fee MLS/FSBO listings:
- The seller wants more control of the sales process
- The seller does not want pressure from a real estate agent demanding that they sell to anyone for any price.
- The seller prefers to save money on real estate fees.
II. How to sell your home on your own
- Cut out the middleman
- Get your property listed on an MLS
- Market your Listing
III. Why the popularity of MLS/For sale by owner has grown over the years
- According to MLS data, flat fee MLS listings sell faster than full commission listings sold by traditional realtors.
- For Sale by Owner (FSBO) users who list on MLS’ using an entry-only MLS listing end up selling their home on average for a higher price per square foot than homes sold by traditional full commission agents
- Flat Fee MLS listings allow homeowners who want to list by owner to save thousands of dollars in real estate commissions
- 2014 data available for a Massachusetts MLS system showed that 198 single family homes sold in 2014 across Massachusetts that have leveraged the entry only through MLS process (seller lists on the MLS for sale by owner without a realtor) carry an average days on market (DOM) of 89 and the average sales price per square was $213
- In contrast, 11,623 single family homes that were sold by traditional real estate agents charging a full commission where the average days on the market was 109, the average sales price per square foot was $205
- In 2014, on average, FSBO’s who listed their homes in MLS with an entry-only MLS listing have saved $10,790 in real estate agent commission
- In 1981, 22% of home buyers read newspaper ads to find a home and 8% used friends as information source. In 2016, 44% looked for properties online first. In today’s digital age, search for homes is done through apps and online listings to maximize the ability to compare homes on the market according to selected features.
13 tips on how to sell your home without a real estate agent