2021 BOISE IDAHO REAL ESTATE BLOG
Time is Money When Selling Your Home, So Use Your Time Wisely Main Treasure Valley Life

Selling your home is not a decision that is made lightly. In real estate, time really does equal money, so it is imperative you make the best use of your time in order to fetch top dollar in the shortest amount of time. Here is the number one way to maximize your time.

Hire a real estate agent

Attempting to sell your home as a For Sale By Owner (FSBO) is an outdated and ineffective method of selling your home—unless you like having your home sit on the market for too long and constantly losing money on the sale. The main reason people claim for trying FSBO is saving money, but the opposite will happen. Here is why.

A real estate agent is trained to handle all of these steps of a real estate transaction, all solely on your behalf:

  • Pricing your home - An agent will do a market analysis of your home’s worth as well as comparing your home to those in your neighborhood and similar homes close by. This will determine the optimal price that isn’t affected by your own sentiments for your home. Hard facts sell homes.
  • Listing and marketing your house - Your agent has access to the Multiple Listing Service (MLS) that is seen by every real estate agent in the area. In addition, a locally-based real estate agent will have local contacts and a database full of buyers to reach out to. This is why you don't use a national/international service like Zillow, ReMax, Redfin, or a cut-rate eBuyer. On top of that, a featured listing on your agent’s website gets syndicated to regional and national websites to get millions of eyeballs on your home’s listing. This is much more powerful than your personal Facebook.
  • Handling legal documentation - Real estate agents are trained to fill out forms for buying, selling, building, land offers, bidding, escalation clauses, inspections, and more. They will do this for you, so you don't have to slog through the legal language.
  • Knowing and navigating local and state laws - Similar to knowing the forms, agents know the city, county, and state laws regarding the purchase and sale of real estate and can inform you about the proper steps moving forward. If necessary, they can also reach out to trusted legal counsel to act on your behalf.
  • Staging your home to sell - Have you ever looked at a house that is in disrepair, or at least looks very lived in? This is a great way excuse to click away from the listing and never think of it again. It is a fact that staged homes sell faster and for more money. Your real estate agent may have expertise in the proper way to stage a home or can put you in touch with a professional stager to make your home showroom ready. 
  • Arrange open houses and showings - Your agent will handle showing schedules and open houses. All you have to do is leave the house for the day or the afternoon and let them sell the house for you.
  • Negotiating between you and the buyer’s real estate agent - When it comes time to view and accept offers, your agent will have already done some work filtering out the offers that aren’t worth your time. They can also advise you on which offers to accept or produce a counteroffer to a compelling one. From there, you just need to wait out the inspection and appraisal periods before going to the closing table.
  • Helping you find your new home - The whole time your agent is working on selling your current home, they are also looking for your next home. Your agent. know what you are looking for and your price point. They take care of the research, and all you have to do is go on home yours until you find the perfect new home. 
  • Negotiating with the sellers of your desired home - Your agent solely represents your interests. Now it is from the other side of the table as a buyer’s agent. They will handle negotiations and submitting offers. When the time comes and you are happy with the home, you just need to sign on the dotted line at closing time.

If you try the FSBO route, you will have to do all of this while packing, searching for a new home, and moving. Hiring a real estate agent to represent you for all of these steps is proven to ensure your home can sell faster and for more money than doing it yourself. 

 

All of these 9 duties will cost you only 5%-6% of the home’s sale price. Let’s do a quick thought experiment:

If you sell your home for a professionally priced $550,000, you pay the realtor 5% ($27,500) for all of the services mentioned above, and you will net $522,500.

Nationally, FSBO homes sell for $65,000 less than REALTOR-represented homes and comprise around only 8% of all home sales. If you tried to sell the same home by yourself—pricing it initially at a sentimentally-influenced $575,000, you would likely have to cut the price down to market value ($550k) and likely sell for $50,000 less after negotiating by yourself, after much more time on market. You net $500,000 for the same home. Yes, you get the keep the full sale amount, but after a bigger hassle. Now, you are a buyer looking for a new house. What’s the natural next step? Hire a real estate agent to help you buy a house. Make this step months earlier, and you will have a much better time in the real estate market.

If you are ready to sell your home the easy and effective way, call your local real estate agent to get started.

 
Posted by AndrewS at 6/24/2021 12:40:00 AM
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