Selling your home is a big decision, and there are many different ways to go about it. One option is to go the traditional route and hire a real estate agent. However, another option is to sell your home yourself, also known as “for sale by owner” (FSBO).
While FSBO can save you money on commission fees, it’s important to be aware of the potential downsides. In this blog post, we will discuss some of the most common regrets that homeowners have after selling their homes FSBO.
Common For Sale By Owner regrets
1. Underpricing or overpricing your home
One of the most common regrets that FSBO sellers have is either underpricing or overpricing their home. If you underprice your home, you could leave money on the table. If you overprice your home, it could sit on the market for months or even years. Determining the right asking price can be tricky, and it’s important to do your research to make sure you’re in the right ballpark.
2. Not being prepared for showings
When you sell your home FSBO, you’re responsible for scheduling and conducting showings yourself. This can be time-consuming and disruptive to your daily life. You also need to make sure your home is always show-ready, which means keeping it clean and tidy.
3. Difficulty negotiating with buyers
Negotiating with buyers can be a tricky business, even for experienced agents. If you’re not used to it, you could end up accepting a lower offer than you should have. It’s important to be prepared to walk away from negotiations if you’re not happy with the offer.
4. Legal and paperwork hassles
There’s a lot of paperwork involved in selling a home, and it can be confusing if you’re not familiar with the process. If you’re not careful, you could make a mistake that could cost you time and money. It’s a good idea to consult with a lawyer or real estate attorney to make sure you’re doing everything correctly.
5. Missing out on qualified buyers
When you sell your home FSBO, you’re limited to the buyers who see your listing. You could miss out on qualified buyers who are working with real estate agents. This mistake could end up costing you a lot of time and money.
The decision of whether or not to sell your home FSBO is a personal one. Although every situation is different, it is important to note that FSBO listings typically take longer to sell and end up selling for less money. In fact, according to data from the National Association of Realtors® (NAR), in 2023, FSBO homes typically sold for $310,000, while agent-listed houses sold for $405,000.
Are you thinking about selling your home in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download our free Florida Home Search app for your smartphone or tablet.