Top 5 Reasons You Should NOT FSBO
Rising Charleston home prices coupled with a lack of inventory in today’s market may cause some homeowners to consider selling their home on their own (known in the industry as a For Sale By Owner). However, a FSBO might not be a good idea for the vast majority of sellers.
The top 5 reasons are listed below:
1. Online Strategy for Prospective Purchasers
Recent studies have shown that 95% of buyers search online for a home. In comparison, only 13% use print newspaper ads. Most real estate agents have an Internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet
Where did buyers find the home they actually purchased?
50% on the Internet
28% from a Real Estate Agent
7% from a yard sign
1% from newspapers
The days of selling your house by putting up a sign and listing it in the paper are long gone. Having a strong Internet strategy is crucial.
3. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
The buyer who wants the best deal possible
The buyer’s agent, who solely represents the best interest of the buyer
The buyer’s attorney (in some parts of the country)
The home inspection companies, which work for the buyer and will almost always find some problems with the house
The appraiser, if there is a question of value
4. FSBOing Has Become Increasingly Difficult
The paperwork involved in the process has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 7% over the last 20+ years.
5. You Net More Money When Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.
A study by Collateral Analytics revealed that FSBOs don’t actually save anything by forgoing the help of an agent. In some cases, they may actually cost themselves more. One of the main reasons for the price difference at the time of sale is:
“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”
The more buyers that view a home, the greater the chance of a bidding war for the property. The study found the difference in price between comparable homes of size and location is currently at an average of 6%.
Listing on your own leaves you to manage the entire transaction yourself. Why do that when you can hire an agent without additional cost?
Before you decide to take on the challenge of selling your house on your own, sit down with a real estate professional from ChuckTown Homes to discuss your needs. We sold over $100Million in real estate last year in Charleston, Mount Pleasant, Summerville, Daniel Island, West Ashley, James Island, Johns Island, and all points beyond!
Check out our creative marketing plan:
1105 Fort Lamar Road
MLS# 17030109 - Residential
Located in historic Secessionville along the banks of the Clark Sound only 20 minutes from downtown Charleston, this stunning James Island estate leaves no detail untouched and epitomizes Lowcountry living. With an abundance of privacy and unobstructed water views. The incredible view from all rooms and the magnificent pool deck overlook the water, the marsh and allows a glimpse of the Charleston Harbor and Sullivan's Island lighthouse, this property is truly one of a kind. In 2008, the property was significantly extended and was designed for outdoor living with multiple outdoor entertaining areas including two large screened porches, a rooftop terrace, and an expansive deck with a pool overlooking the marsh, sound and mature oaks. Additionally, an external building was built to be used as a studio with workshop or guest house. The following year extensive landscaping was designed to include the addition of beautiful trees, shrubbery and a vegetable garden. The redesign also included hardscape of walkways, patios and a privacy front gate. LED lighting was intricately placed throughout the grounds to showcase the additions. You'll want to spend all of your time on the rear deck which overlooks the water and marsh. In 2012, the house was renovated to include the addition of two sunrooms, a breakfast nook, and updated kitchen and bathrooms and energy saving measures were realized with geo thermal heat pumps and foam insulation . The home is basked in natural light--with floor to ceiling windows looking out over the pool and water. The floor plan is incredibly open with the living room, eat-in kitchen and sunroom flowing together to create an ideal set-up for everyday living or entertaining. Tall ceilings, built-in bookcases, a fireplace, granite counters, stainless appliances further enhance the space. The expansive master suite is located upstairs and features a sitting room along with a large bedroom with walls of windows looking out over the water. A secondary master is located on the opposite wing of the house with a private porch and elegantly appointed en suite bath. Three additional guest bedrooms are located on the first floor and in the guest house, including a guest suite with a full bath and access to a covered deck. The guest house is used as a light-filled studio space and has a full bath with a sauna and two screened porches. A shared dock extends into the Clark Sound with easy access to the Charleston Harbor. This dock is shared with 4 other homeowners and the low HOA costs are shared among the homeowners. The property is on James Island, so you are located 5 minutes to Folly Beach and only 20 minutes to beautiful downtown Charleston. â€‹