For Sale by Owner Drawbacks....
In addition to the benefits of a ”for sale by owner” real estate transaction, there are a few for sale by owner drawbacks as well. While you may think that selling your home by owner is all fun and games, there are times when those games can get tough on you. The problem that a lot of sellers make is that they think that doing the deal on their own is full of all good and no bad. This is just not the reality in today’s market.
The biggest of the for sale by owner drawbacks is that you will not have a professional on your side. When you work with a Realtor, someone has your back. They know what the market can handle, what people are looking for, and how to price your home. You may do this type of transaction a couple of times in your life. A Realtor may have done hundreds.
Another drawback of a “for sale by owner” transaction is that you will have to handle all of the walkthroughs and open houses on your own. Not only will you have to show people the home, but you will also be responsible for marketing it so that people show up. While this may sound easy enough, it can be a difficult, expensive process. In the last 30 days, nearly 130 homes have been listed in Tooele County. There’s your competition! How will you get the word out?
Finally, you will have to complete all of the negotiating on your own. While you may think that it would be fun, for many people this is the worst part of the whole experience. If you do not like to play “hard ball” and fight for what you think your home is worth, you may want to hire an agent. They are skilled at the art of negotiating, and can help you to get the best price possible. Studies have shown that sellers using a local Realtor can realize as much as 16% higher selling prices than do “for sale by owners”!