Can Money Be Saved Selling By Owner?
Posted by Hank Miller on
Selling your home by owner, also known as For Sale By Owner (FSBO), is appealing to some in this exceptionally robust market. Not dealing with agents is nice, but can money be saved selling a home by owner? About 7% of homes nationally sold without a listing agent, of those over half were between parties that already had the transaction arranged. Data shows that around 25% of FSBOs don't sell; and for those that do, they sell between 6%-26% less than agent assisted homes. Consider…
Buyer Agent Interaction
Some buyers' agents may be less inclined to show FSBO properties to their clients, knowing they will be doing double work, may receive a below average commission or even no commission. This might limit the pool of potential buyers for the…
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“Should I rent my home if it won't sell”? Well, that question has many layers. But that off the cuff declaration by an annoyed seller might be a bit dramatic and premature. For owners unsuccessful at selling, “I’ll rent it” seems to be a knee jerk response. Best to take a step back, breathe, and examine all of the mitigating circumstances that contributed to this situation. For owners, selling a home usually has a significant emotional component; it’s unavoidable. To home buyers, it is just another home. Motivations, objectives, and personal situations are different and before anything rash is done, slow down. Start with figuring out why the home didn't sell.
the last two years was real estate. Prices and inventory of course, but the massive influx of "hobby agents" over this period was a lesser covered negative result. The number of real estate agents soared to record highs, as did buyer remorse and complaints. It is likely that a frequent question in 2023 will be; can you fire a real estate agent in Georgia? YES, but the devil is in the details of the brokerage agreements.
certain to be on the radar of all is the appraiser; sometimes an ally, sometimes an enemy. More on Karen later...
Fear sells. The speed at which surveillance devices became "the norm" after 9/11 is mind-boggling; from satellites to cell phones, cameras are rolling. Out shopping for a home, always assume that you are being recorded when you step onto that property. The idea that home surveillance devices are now essential is marketing gold, not to be fully ensconced in "protection" could easily result in your or your loved one's demise. The result? Continuous growth of home security systems, from Ring to full video/audio surveillance; inside and out. Homebuyers are being recorded and there's no obligation for anyone to disclose that.
mean”? Well, the exact definition varies depending on the type of business, but in short a fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests. Typical examples of fiduciaries are trustees, executors, and guardians.
market; none of that applies to their home. Data clearly shows their home is aspirationally priced, buyers confirm it, and it sits idle. When challenged the agent and/or buyer drop the classic line..."the seller doesn't need to sell".
Attention media! Please stop; the greater Atlanta housing market was just fine in the 3rd Qtr of 2022. Stop the insentient blathering about impending real estate Armageddon, the data is not there. The Atlanta housing market in Q3 2022 did not melt down. In fact, the data is nothing like the media would love for everyone to believe. Best to pay attention to legitimate major issues, starting with the recession and inflation.
As we get back to a normal real estate market, contingencies that buyers waived during the covid crazy months will return. Due diligence periods are back and with them, the main contingencies of appraisal, finance, and inspection. It’s reasonable to say that everyone needs to get reacquainted with home inspection hysteria and the rule of making mountains out of moles hills. The inspection is a critical component of the purchase process and certainly one of the most contentious and misunderstood.