The home selling process can be emotional and stressful, as you’re likely selling your largest asset — both financially and sentimentally. If you’re considering selling your home in the Phoenix, AZ area without the professional guidance of a real estate agent, you could be adding an additional level of complexity to the home selling process — or streamlining the overall experience. Learn the pros and cons of selling a home by yourself, and which option is best for your unique home selling situation.
Pros of Selling a Home by Yourself. Selling your home might be a fit for you if you own an updated house, live in a strong market and aren’t in a huge hurry to sell. Below are the top pros of selling your house by yourself.
- Potential price savings. One of the leading reasons homeowners choose to sell their homes by themselves is to save on the commission a real estate agent makes from the sale, which is usually between five to seven percent. According to Zillow, the median Phoenix home value is $205,600, meaning a potential commission savings of approximately $12,336.
- Inherent property knowledge. As homeowner, you know the house better than a real estate agent ever will. You can highlight the property’s best features and address how they will benefit the next owners. Additionally, you don’t have to worry about any amenity highlights getting lost in translation between you and a listing agent.
- Full control of the selling process. If you sell your home by yourself, you have full control throughout the selling process, including setting the price, controlling showing availability, deciding when to list, how to stage and more. You will also be directly involved in the negotiation and can establish the terms of the deal, first-hand.
- Ability to price competitively. With the savings from the commission, selling your home by owner can provide the flexibility to price your home lower than a real estate agent would. This savings can be the deciding factor between a buyer choosing your home over a house with similar comps that is listed by a real estate agent. This also gives you more room to negotiate closing costs.
Cons of Selling a Home by Yourself. Selling your home is an enormous undertaking, and is a process that could significantly benefit from the professional guidance of a real estate agent. Real estate agents study the local market, understand the comps and have a strong understanding on pricing. Below are the top cons of selling your house by yourself.
- Emotional attachment. If you’re selling your home by yourself, it’s important to separate yourself emotionally from the house throughout the selling process. If can be easy to be offended by low offers and be more difficult to offer concessions during the negotiation process. A real estate agent can be your best ally during the selling process and negotiate as a neutral party, while keeping your best interests at stake.
- Time investment. Between marketing the house, setting up showings, negotiating and closing the deal, selling your home can be a significant time investment. Enlisting the help of a real estate agent in the Phoenix area can ensure all these steps are handled professionally.
- Lack of marketing resources. Real estate agents have access to a multitude of marketing resources to help your home reach target buyers. Agents can post homes on the Multiple Listing Service (MLS), which allows other local agents to access property information to share with their buyers, and will usually develop an entire marketing campaign specifically designed to sell your house, such as custom collateral, online marketing, social media promotion, open houses, access to professional home stagers, photography, virtual tours and more.
- Lack of market knowledge. Selling your home by yourself requires you to have a strong knowledge of the local market and how to price your home. Not having a comprehensive understanding of the current home values may result in you overpricing your home and being unable to sell, or underpricing your house and selling for too little.
Depending on your selling motivations, selling your home by yourself comes with many different pros and cons. Carefully weigh both options and determine which works best with your lifestyle before choosing to sell by yourself, or to enlist a real estate agent.