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Top 3 mistakes for sale by owners make

One of the biggest reasons people choose to forgo a realtor and list their house themselves is to save money on commission. Saving that money sounds good in theory, but you stand to lose even more money selling your home yourself. You also put yourself at risk legally and financially.

Here are the top 3 mistakes that people make when they list their own home:

  1. Not pricing correctly – Pricing your house too low will, of course, put less money in your pocket at closing. However, pricing too high can also cost you. Over-pricing reduces buyer interest and makes competing homes look like better values, meaning your house will sit on the market.
    • A real estate agent can pull comparable listings in your neighborhood and will have a strategy for pricing your house to get it sold.
  2. Lack of exposure – Most home buyers begin their home search online. Homeowners won’t have access to their city’s MLS, which feeds into over 20 major websites like realtor.com and redfin.com. Homeowners who list their own houses miss out on this exposure.
    • Not only will a real estate agent have access to MLS and the associated websites, but some of them also have photographers and stagers that they work with. This is normally included in their commission cost.
  3. Not understanding the process – There are many mistakes that can be made when selling a home that can lead to financial and legal messes. A simple mistake like checking the wrong box can cost thousands of dollars in fines and legal fees.
    • Selling a home and all the paperwork involved is second nature to a real estate agent. And in the unfortunate circumstance that they do make a mistake, you are not footing the bill for it.

For many people, selling their house fast and for top dollar is their main goal. It may sound like a good idea to skip the agent and bank the 5-6%, but when you stand to lose the same amount (if not more) hiring an agent is a no brainer.

If you’ve been thinking of selling your house, call us at 919-378-1974 for a free consultation.

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