3 Myths About Selling Your Own Home

It’s time to sell your home. Before you call the real estate agent, you might just want to consider selling your home yourself. Although there is a lot of confusion out there about private home sales, private house sales are not as uncommon or scary as you may think. The challenge, though, is to cut through the misconceptions and understand the truth about for sale by owner. Here are the top three myths about selling your own home.

Myth #1: My Real Estate Agent Is Motivated to Get the Best Deal

Your agent might tell you she doesn’t get paid until you do, that her commission is an incentive for her to sell your house for the best possible price. However, it doesn’t always work that way. The current tight market means that you have a small profit margin. When your agent collects her commission, your profit gets even smaller or disappears altogether. Although financial considerations seem like an incentive for your real estate agent, her agenda and yours do not always mesh. If she can sell your home quickly for less than you were asking, she will be motivated to do that so she can make commission on more homes that month. Every day that a house is on the market unsold, she is losing money. If the house is for sale by owner, though, you can afford to wait until the right buyer comes along and offers your asking price.

Myth #2: The Advantages of Working With a Real Estate Agent Vastly Outnumber the Disadvantages

Despite the money issues, you might still think that for sale by owner is more hassle than using an agent. The truth is, however, that selling your home yourself actually has more advantages. In addition to saving on commission, you will know that you can count on the person selling your house. You will also have a sense of accomplishment and empowerment when the “For Sale by Owner” sign changes to “Sold.”

Myth #3: It’s Too Hard to Sell a Home on Your Own

List, staging, marketing, and negotiating the sale might all seem complicated, but they are easier than ever, with more and more resources for those who want to do it themselves. There are plenty sites on the Web devoted to homes that are for sale by owner, offering listing services, and marketing advice. You can even learn about negotiating techniques and legal issues, but it is suggested that you also hire an attorney to help you with the paperwork.

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