Don’t Sell on Your Own Just Because It’s a Sellers’ Market

<article class="post-2088 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-2088"><span class="entry-date">April 6, 2021</span><div class="entry-header center-block text-center"><h1 class="entry-title">Don’t Sell on Your Own Just Because It’s a Sellers’ Market</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Don%E2%80%99t+Sell+on+Your+Own+Just+Because+It%E2%80%99s+a+Sellers%E2%80%99+Market&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fdont-sell-on-your-own-just-because-its-a-sellers-market%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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<p><img alt="Don’t Sell on Your Own Just Because It’s a Sellers’ Market | Simplifying The Market" class="webfeedsFeaturedVisual wp-post-image" decoding="async" link_thumbnail="" loading="lazy" sizes="auto, (max-width: 549px) 100vw, 549px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/01145817/20210406-KCM-Share-549×300.jpg" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/01145817/20210406-KCM-Share-549×300.jpg 549w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/01145817/20210406-KCM-Share.jpg 750w" style="display: block; margin-bottom: 5px; clear:both;max-width: 100%;" width="358"/></p>
<p>In a <a href="https://www.simplifyingthemarket.com/2021/02/26/its-a-sellers-market-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">sellers’ market</a>, some homeowners might be tempted to try to <a href="https://www.simplifyingthemarket.com/2021/03/08/5-reasons-to-sell-your-house-this-spring-2/?a=712984-fa409495d5d70154d03a25e81e9540e2">sell</a> their house on their own (known as <em>For Sale By Owner</em>, or <em>FSBO</em>) instead of working with a trusted real estate professional. When the inventory of homes for sale is as <a href="https://www.simplifyingthemarket.com/2021/01/28/what-record-low-housing-inventory-means-for-you/?a=712984-fa409495d5d70154d03a25e81e9540e2">low</a> as it is today, buyers are eager to snatch up virtually any house that comes to market. This makes it even more tempting to <em><a href="https://www.simplifyingthemarket.com/2020/12/30/why-selling-your-house-on-your-own-in-2021-is-a-mistake/?a=712984-fa409495d5d70154d03a25e81e9540e2">FSBO</a></em>. As a result, some sellers think selling their house will be a <a href="https://www.simplifyingthemarket.com/2021/02/24/how-much-leverage-do-todays-house-sellers-have/?a=712984-fa409495d5d70154d03a25e81e9540e2">breeze</a> and see today’s market as an opportunity to <em>FSBO</em>. Let’s unpack why that’s a big mistake and may actually cost you more in the long run.<span id="more-44137"></span></p>
<p>According to the <a href="https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers">Profile of Home Buyers and Sellers</a> published by the <em>National Association of Realtors</em> (NAR), 41% of homeowners who tried to sell their house as a <em>FSBO</em> did so to avoid paying a commission or fee. In reality, even in a sellers’ market, <strong>selling on your own likely means you’ll net a lower profit </strong>than when you sell with the help of an agent.</p>
<p>The NAR report explains:</p>
<blockquote>
<p><em>“<strong>FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 in 2020</strong> (up from $200,000 in 2019), and still far lower than the median selling price of all homes at $242,300. <strong>Agent-assisted homes sold for a median of $295,000</strong>…Sellers who began as a FSBO, then ended up working with an agent, received 98 percent of the asking price, but had to reduce their price the most before arriving at a final listing price.”</em></p>
</blockquote>
<p>When the seller knew the buyer, that amount was even lower, coming in at $176,700 (<em>See graph below</em>):<a href="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/01145819/20210406-MEM-Eng-1.png"><img alt="Don’t Sell on Your Own Just Because It’s a Sellers’ Market | Simplifying The Market" class="aligncenter wp-image-44141" decoding="async" height="488" loading="lazy" sizes="auto, (max-width: 650px) 100vw, 650px" src="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/01145819/20210406-MEM-Eng-1.png" srcset="https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/01145819/20210406-MEM-Eng-1.png 1000w, https://files.simplifyingthemarket.com/wp-content/uploads/2021/04/01145819/20210406-MEM-Eng-1-400×300.png 400w" width="650"/></a>That’s a lot of money to risk losing when you <em>FSBO</em> – far more than what you’d save on commission or other fees. Despite the advantages sellers have in today’s market, it’s still crucial to have the support of an expert to guide you through the process. Real estate professionals are trained negotiators with a ton of housing market insights that average homeowners may never have. An agent’s expertise can alleviate much of the stress of selling your house and help you close the best possible deal when you do.</p>
<h3><strong>Bottom Line</strong></h3>
<p>If you’re ready to sell your house this year and you’re considering doing so on your own, be sure to think through that decision carefully. Odds are, you stand to gain the most by working with a knowledgeable and experienced real estate agent. Let’s connect to discuss <a href="https://www.simplifyingthemarket.com/2021/01/08/reasons-to-hire-a-real-estate-professional-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">how</a> a trusted advisor can help you, especially in today’s market.</p>
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