In a market that favors sellers, I occasionally hear someone say "Oh, I've bought and sold several homes on my own without a Realtor".....Really......and was it easy? Did you get your price? How did the inspection process go? Are you sure you haven't left any of the details out of how it "really" went? Granted, our inventory is down, interest rates are still pretty doggone good, and there are many buyers out there wanting to get into a home. So there's a good possibility that if you "did" try to sell your home yourself, you may very well find a prospective buyer willing to buy it. But wait!
According to a recent Wall Street Journal report, only 8% of all home sellers in 2017 were for sale by owner or FSBO (according to a survey of 7,866 home buyers released by the Nat'l Assoc of Realtors.) BUT, homes listed by a Realtor typically netted the seller MORE money than the sales that were actually completed FSBO. I'm sure too, that the transaction proceeded smoother and more timely when a Realtor was involved. Oftentimes a seller is unfamiliar with how important an Earnest Money Deposit is.....how important it is to keep track of contractual deadlines and contingency removals, the appraisal process and inspection process. And even if a seller paid a fee in order to list their home on the Multiple Listing Service, it would obligate them to pay a fee to the selling agent. Then there's the question of "Agency". The buyer would be represented by a Realtor and that Realtor would have an Agency agreement with him or her.....but when the seller has no representation or Realtor representing him, I can assure you that the chances of having a successful closed sale are practically nil. The same applies if the seller has a Realtor list their property and has found their own buyer....but just wants to make certain they are represented .... but the buyer (who may have been a tenant in the property) has no representation, the same outcome is predicted. Maybe a seller thinks they can save money by only paying one end of a commission. I don't know the odds on this one, but I would guess it to be very very low!
I'm speaking from a recent experience whereby the seller wanted me to represent them, but a tenant wanted to buy the property and the owner thought it would be a slam dunk. Not the case at all. The buyer had all the usual inspections, then proceeded to request that the seller complete all of the request for repairs or drop the selling price by thousands (and I mean THOUSANDS!)....and, of course, the seller said no. However, had the buyer been represented by a Realtor, there is no question in my mind that we would have been able to work out an agreement so both the buyer and seller were happy. That buyer needed an experienced Realtor to explain the process as well as review the inspection reports to make suggestions as to what the buyer might reasonably expect a seller to repair.
I wouldn't go to a plumber to have my car repaired. I wouldn't ask my doctor how to unclog a drain. We pay professionals or those who are experts in their field to help us in "their field of expertise"....which is why it makes good sense, when you're trying to sell one of your most valuable assets, to get professional help when you're ready to sell your home. Do it right. Get it done and get your money in the bank!
*40 years of listing and selling homes in the Sacramento Valley....PattiMartinez.net
(916) 768-3157 pmartinez@golyon.com
