Settling For Less | COMINGHOME REAL ESTATE

Here?s another post from my ?News You Can Use? Client newsletter?

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Homeowners are often tempted to sell ?by owner? thinking they?ll make more money on the sale by not having to pay anyone a commission. But going the FSBO (For Sale By Owner) route could actually end up costing you ? literally.

Statistics have shown that the average selling price of a FSBO home is significantly lower than the average selling price of a home sold with the help of a professional real estate representative. Why do so many FSBO sellers make less money on their home sale than they would have if they?d worked with a real estate licensee?

As do-it-yourself sellers tend to factor in sentimental value when establishing their asking price, and because they don?t have access to the information needed to assess their home?s market value (like comparable sales statistics), many FSBO sellers overprice their properties, which is the top reason why many FSBOs fail to sell.

In addition, FSBO sellers often don?t have enough time or money to devote to marketing their property, nor do they necessarily have access to the Multiple Listing Service? (MLS?). This means a lack of exposure to buyers, as well as to real estate professionals who use the MLS? to find homes for the clients they represent.

A home that?s overpriced and underexposed isn?t going to generate much interest and, as such, won?t attract as many offers. As a result, the property lingers on the market, and as the FSBO seller becomes increasingly desperate to sell, their asking price gets slashed ever lower.

///?CP

Source: http://www.cominghome.ca/cominghome/settling/

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