Many property sellers take the For Sale by Owner (FSBO) approach when putting their real estate on the market. However, this strategy may not be for everyone. If you plan on selling your Knoxville home FSBO, take a closer look at its benefits and drawbacks. We listed several pros and cons below to help you decide which route to take.
The most obvious advantage of going FSBO is the considerable savings in realtor commission fees. With real estate commissions ranging from 4% to 7%, you can save yourself thousands of dollars—which is a big deal!
No one knows your home better than you do. Use that advantage to advertise your property. Just make sure you have an adequate understanding of your local market and how to sell your home on your own. Pick your marketing strategies, set your desired price, and schedule showings and open houses.
Eliminate the middleman and have all communication from the buyer go straight to you. This way, you can answer questions faster and build better relationships with them. As a result, you may even close the deal more quickly.
With great freedom comes great responsibility. From listing your property to processing contracts, you must deal with every step yourself. Additionally, you must be familiar with real estate laws to avoid exposing yourself to legal risks. For these reasons, sellers opt to work with professional realtors who can handle everything from start to finish.
For your home to sell quickly at a reasonable price, you must reach as many qualified buyers as possible. Real estate agents have extensive networks and varied marketing channels in their portfolios—which you may not have. Moreover, these agents have the expertise and experience to make the selling process successful.
Homeowners selling their properties tend to have biased decision-making. For instance, sellers may overprice the property based on emotions and sentimental value. Emotional valuation of the property can also hinder pricing negotiations between sellers and buyers.
Selling your Knoxville home FSBO is a matter of personal choice. You can put matters into your own hands and get autonomy and savings. Alternatively, you can let a trusted expert take the weight off your shoulders and help you with a successful sale.
Are you considering selling a home in the Knoxville area? We’d love to help you! Please click here for our contact page, and we’ll reach out to you promptly. Would you like to see more great info from the Knoxville Home Team? Please click here for our blog page.
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