When preparing to sell a home, many homeowners will consider the possibility of a private sale. There are a few reasons for this, but the biggest is almost always to save on realtor fees.
True, when you sell your home privately you do not have to pay a real estate agent for their time and effort. However, if you are not a real estate agent, selling a home can be difficult, time consuming and extremely frustrating.
Additionally, in a seller’s market (which we are currently experiencing here in Saugeen Shores), listing your home for the amount you want PLUS the cost of your realtor fees is typically not unattainable.
Before you choose to sell your home privately, here are a few other factors to consider.
1. There are a lot of (unexpected) parties to communicate & negotiate with when selling a home
While it would be great if selling a home could be as simple as finding a buyer and passing over the mortgage, this is not even close to the case. On top of negotiating a deal with potential buyers, you also have to work with:
· Home appraiser
· Home inspector
· Prospective buyers & their agents
· The bank
And let’s not forget that each of these groups come with their own time-consuming paperwork.
2. Buying agents are less likely to show their clients private sales
Real estate agents are mandated to show their client a listed home over a private sale. There are a few reasons for this. Private sales are not listed on any agent matrix, meaning they often fall through the cracks.
It’s also a much smoother process for an agent to show their client a listed home. If you don’t have a professional to represent you and your home, it becomes a more difficult process in terms of following protocol.
3. Real estate isn't your full-time job, which means you likely aren't an expert
My last point is perhaps the most important. While it isn’t impossible to sell your home privately, the bottom line is this: if you aren’t a real estate agent, you probably aren’t an expert. Selling a home is a lengthy and complicated process. Without a real estate agent there to guide you through, chances are, you will miss some industry tips and tricks that could improve your experience.
On top of that, the home selling process is filled with complicated paperwork, time consuming meetings, and multiple steps. On top of that, you’ll be trying to pack up your current home, purchase a new home, and maintain your usual life routines along the way.
Real estate agents are experienced experts and know the in’s and out’s of this process. They are there to help!
I was born and raised in Saugeen Shores. I’ve been analyzing the market for years and am familiar with every unique aspect the community has to offer. I am passionate about real estate and finding you your dream home. I also have a background in interior design. This means I can not only help you find the perfect home, but if the home isn’t move-in ready when purchased, I can help you envision its potential and work with you to make it your ideal space. If you’re selling a home, my knack for interior design will shine through when staging the home and adding finishing touches prior to listing. If you have questions about the local market, or are looking to buy or sell your home, contact me! I’m happy to help.