Avoiding Berkshire Realtors and Selling it yourself | The good, the bad and the ugly facts you should know before you put that sign in the front yard.
|"Why do I need a Berkshire real estate agent to sell my Great Barrington home? Real Estate Agents don't do anything that I cannot do myself. Really they don't do anything but get you to sign a listing form and then forget about you. You never hear from them after you sign the paper. I can save myself loads of money buy selling my Lenox MA home myself." How many times have you heard friends and family say this when they are considering selling a Williamstown property? I am betting more times than you can count on one hand. Selling a Stockbridge property online, on Craig's list or through an assist to sell "for sale by owner agency" (FSBO)or a FSBO website for a small fee that covers putting the property in the local MLS sounds like a great bargain doesn't it? |
How hard can it be? So you have made the decision now to sell it your self. Now comes the serious part. Keeping your Pittsfield Real Estate FSBO house spotless (ongoing), fielding inquiry calls, separating the "nosy lookers" from the actual "qualified buyers", arranging your schedule to show your home between picking up the kids, going work and dropping off the dog at the vet.
And if that doesn't put a damper on your enthusiasm for selling your Williamstown property yourself consider this, how good are you are negotiating, when was the last time you had your home appraised by a professional home appraiser, how many bank loan officers do you know, how much should you allow for the roof that is 11 years old and the basement that floods once a year in the spring. Can you prepare a professional counter offer when you get the initial offer.
What are the laws concerning real estate transactions in your state. What fees are you responsible for and what fees is the buyer responsible for. What disclosures are you legally responsible for providing a buyer with?How many websites will you be able to put your for sale by owner property on? How often will you be able to monitor the hits and field the inquiries from buyers on those websites? How will you attract the attention of local Real Estate Brokers, and professional Real Estate Agents so they know your home is on the market.
How much of a commission will you offer these professionals to bring buyers to your home? And if you don't offer a commission, why should they bring you a buyer?
Do you know what kinds of legal protections you need related to contracts in Masssachusetts with purchase/sale clauses. How will you know a good offer from a great one? These questions are one of the reason that more people are choosing professional real estate brokers and agents to handle their real estate needs.
In fact the number of people selling their home without the help of a real estate professional plummeted in 2009. Today's challenging marketplace favors the buyers. Buyers are taking their time and exercising extreme caution when investing in home ownership. Buyers often come with a representative who is a professional Realtor.
This professional protects the interest of the buyer and is aware of all the rules we listed above and you can bet the farm that they will cover all bases before they advise their client to make an offer. What professional is protecting your best interests?
"Selling a home is a full-time job," said National Association of Realtors® (NAR) president Vicki Cox Golder in 2010. "Unrepresented sellers often don't understand the complexity, range and timing of tasks they'll have to perform. In a competitive market, sellers need every advantage they can get."
According to the National Association of Realtor's 2009 Profile of Home Buyers and Sellers, "for-sale-by-owner" transactions dropped to a record low 11 percent, and almost half of those sellers sold their home to someone they already knew, such as a relative, friend or neighbor. These are the facts: For every 100 homes sold only 11 are sold by owner and half of those are sold to a relative.
Do you have a relative who wants to buy your home. Read no further. Realtors sold 89 of those 100 homes described above because they have the buyers. On the open market, today's sellers have to compete with bargain priced short sales and foreclosures as well as other homeowners who may be trying to sell their homes through professional Real Estate agencies.
In addition, managing the appraisal process, inspections and buyer qualifications in a tougher credit market has become more complicated in this environment, adding to the already intricate transaction process.
Without professional assistance, sellers are faced with a marketing disadvantage. The survey revealed that more than half of unrepresented sellers did not actively market their homes to potential buyers. Those who did used yard signs, Internet listings and print newspaper ads.
Unfortunately, many unrepresented sellers don't have access to fundamental marketing services, such as a multiple listing services, and can't list their homes on these sites to reach a broader audience.
Professional insights into preparing, pricing and positioning a home for sale pay off. In 2009, a typical property without professional assistance sold for $172,000 compared with $215,000 for the typical agent-assisted property. The decline in "for-sale-by-owner" properties available indicates a growing awareness of how complicated today's real estate market is.
"A Berkshires Realtor® has specific knowledge of the Berkshires market and can save consumers time and money. They can help a seller set a realistic price and ensure that the proper paperwork and various disclosures and inspections are handled correctly. Sellers will get broader market exposure and are more likely to generate competitive bids by working with a real estate professional.
Harsch Associates Berkshire Real Estate is and has been your source for Real Estate Solutions, Services and Stability in the Berkshires for 35 years. We know Williamstown and Berkshire County and can assist you in selling your home for the best price.
Contact us today at 413-458-5000 to discuss how we can market your home to thousands of potential buyers and make sure you receive all the information needed to make an informed decision when that offer comes in.
Berkshire For Sale By Owner: Good, Bad, Ugly
- By Joyce Harsch