If you've been paying attention at all to the for-sale signs around your neighborhood, you're probably seeing some of them change to "under contract" or "sold" within a few weeks or even days.
Houses are moving pretty quickly across the Roanoke Valley right now, and sellers are getting good prices. If you've been thinking about selling your home, now is a good time to consider it seriously, especially if it's in good shape.
As you start doing research about selling your home, you'll likely stumble upon some information about selling your house on your own, or For Sale By Owner. Among other things, you'll probably read something along these lines:
You'll save money on commission if you sell your house yourself.
There's no real magic to selling a house; anyone can do it.
Realtors say they get better selling prices than FSBO, but their statistics are suspect.
You can list your home in the same MLS system Realtors use.
With all that information, you might decide you want to try selling your house yourself. I don't blame you for at least thinking about it. Besides, we're all looking for ways to save money.
But before you decide to go down that road, give me just a few minutes to tell you about some of the things you'll get when you list with a Realtor that you won't get if you try to sell your home yourself.
Market expertise to guide you in pricing and deciding when to list
The real estate market is constantly shifting. Pricing trends change quickly based on inventory levels, lending rates, home values and a number of other factors. Full-time Realtors who are closing transactions several times a week know what the trends are and how to respond. They have a feel for price sensitivity among buyers overall and at different price points within the market. If your home takes longer than you expected to sell, a Realtor will know when it's time to reconsider your price and when it's time to stand firm. Most importantly, he or she will keep you from overpricing your home, which is often a problem among properties that are listed For Sale By Owner.
Understanding real-time market conditions is also critical to deciding when to list. Extended time on the market with little activity can deal a death blow to an otherwise good listing. Is the market flooded with homes at your price point that aren't moving quickly? Do you need to sit on the listing for a couple of months and complete some simple repairs? Or do you need to list right away because buyers are repeatedly asking for homes that include all your home's best features? Effective Realtors see trends develop one closing at a time and can answer all those questions with confidence.
A customer service professional to handle showings and get feedback
When you list with a real estate agent, he or she will handle all the inquiries about your home and will take care of scheduling showings with potential buyers and their agents. Your Realtor will be able to separate qualified buyers from folks who are just curious and make every showing more worthwhile as a result. And a Realtor will know just which features to highlight during a showing or open house. Often, owners selling their own homes emphasize their favorite features even if those aren't the ones that contribute the most to the home's appeal.
In addition, you'll get better actionable feedback from each visit when an agent shows your home. Very often, buyers will tell agents things they won't tell the homeowner when he or she is showing her own home. Agents with thoughts about the home are more likely to share those with other agents as well. And when you do get the feedback, a Realtor will be able to help you decide whether action by you is in your best interest.
Marketing tools and strategy
Yep, you can list your house yourself in the MLS -- the listings used by Realtors -- for a fee, but what's your marketing strategy for the listing itself and for getting it in front of potential buyers? You'll need a well-written description of the home, a large selection of professional photographs and a floor plan just to get started.
When you start to take a look at all the properties that are listed in the MLS, you'll get a sense of what you're up against when it comes to getting attention for your listing. Most full-time Realtors have professional print and digital marketing tools at their fingertips that immediately increase your listing's reach. You'll get more exposure, which equals more potential buyers.
A trained negotiator skilled at evaluating and structuring offers
You might think negotiations end when the buyer and seller agree on a price, but in fact, that can be just the beginning. From the time a home goes under contract until it closes, buyers and sellers might be faced with a dozen things that need to be settled, from things that come up at inspections to appraisals to financing. Are you prepared for that dance? Do you understand what you have to leverage and where you need to make allowances? What if the buyer wants to attach a contingency or is using financing with more stringent inspection requirements? Most importantly, are you ready to negotiate with a professional, namely, the agent representing the buyer?
Experienced Realtors understand that the devil is in the details. They'll be able to advise you about when it's time to give a little so you don't lose a well-qualified buyer over something like a repair that's going to cost a little more than the contract allows. They'll also know when it's time to walk away from an offer altogether. And they'll know when your emotions are getting in the way of a good decision.
Realtors say this over and over, but it bears repeating: Your home is possibly the largest financial investment you'll make in your lifetime. And that's exactly why you want a professional to handle its sale.
If you're ready to list your house -- even if you're still toying with the idea of selling on your own -- let's sit down and talk about it. Contact me any time at (540) 793-0442 orrpayne@mkbrealtors.com, and check out this section on selling your home on my website. You can see my other listings here and like my page on Facebook.