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Why you Should Always Use a Real Estate Agent to Sell a House
Using a real estate agent can be expensive, and many sellers think selling a house themselves is a great way to save money. A seller may save a commission by selling a house themselves, but trying to sell a house without an agent may actually cost them more money than the commission they saved. People will claim they saved thousands by selling their home without an agent and they even sold it in one day! There is a reason they sold it in one day, they left a lot of money on the table! A great real estate agent could have more than made up for the commission they charged by pricing a house right and working for the seller’s best interest. While real estate agent’s commissions may seem high to some, it is important to know they are negotiable. Real estate agent’s are able to charge so much because they provide a great value to homeowners, and usually get them much more money than they could on their own.
You may not save as much as you think when you sell a house yourself
When you try to sell a home yourself, it may appear you can save 5, 6 or even 7 percent of the sales price by not paying a commission (all commissions are negotiable). However some buyers work with real estate agents when they are looking for a house. If you are not going to pay the real estate agent representing the buyer a commission, you eliminated most of the buyers in your market. Eliminating most buyers, will definitely decrease your selling price and cost you money. If you do agree to pay a cooperating broker, you are only saving half of a commission. On top of only saving half of a commission, the buyer is represented by a real estate agent and you are not. Who will have the upper hand in negotiations and the selling process? The buyer’s agent will have the best interest of the buyer in mind, not yours.
If you price a home too low or overprice a home, it can cost you thousands of dollars. When a home first comes on the market that is the best opportunity to sell a house, especially in a seller’s market like we have now. There are buyers waiting for the perfect home to come up for sale, and it is vital that a home is priced right from the beginning.
Pricing a home too low can cost just as much money as overpricing a home. When you underprice a home you will most likely sell it very quickly, but there is a great chance you will sell it for less money than it is worth. It is true that underpricing a home can stir up a lot of activity and produce many offers. In a multiple offer situation, it is possible to get a contract over asking price. The problem with a low asking price is it attracts buyers who want a great deal like myself. Many times a multiple offer situation will actually scare away some buyers. Some buyers do not want to get into a bidding war, and will not offer on a house that has multiple offers.
If you price a house too low and get an offer over asking price, you could have received an even higher offer had you priced the home correctly. Most buyers will base their offer off of the list price and not what the home is actually worth. I hear it all the time from buyers; I offered $10,000 over asking price and still did not get the home! They are basing their offer on the list price, assuming the seller is asking fair market value. The buyers are not basing their offer on what the home may actually be worth. Another downside to an offer well above asking price is it may give an appraiser a reason to come in at a low value. If an appraisal comes in low, it could cost the seller even more money! By pricing the home right to begin with, you will almost always sell the home for the most money.