For Sale By Owner - A Good Idea?

For Sale By Owner - A Good Idea?

  • Luci Edwards
  • 05/23/22

FSBO (pronounced fizz-bo), or For Sale By Owner, is a way of selling your home without using a professional real estate agent or broker. The idea behind FSBO is that by selling your home yourself, you save the approximate 6% that would be the agents’ commission.

6% may not sound like a lot, but it can add up, especially in more expensive homes. But before you run off and decide to sell your home FSBO, you must remember that there must be a cost to get savings like that. So what’s the catch? Selling FSBO is hard. A lot harder.

Only about 10% of sellers that decide to do FSBO are successful at it. And not all of them end up saving themselves money. FSBO sellers often accept a lower price for their home than they would with an agent.

There are, of course, other issues as well. Can you afford to make selling your home your full-time job? Because for many FSBO sellers, that’s precisely what it is. When any home is sold, do you have the time and capital to spend on marketing, advertising, inspections, paperwork, phone calls, showings, and problems?

Selling with a professional agent also has other advantages. An agent can get your home listed on the MLS (Multiple Listing Service) and other popular websites where homebuyers and other agents can easily find it. Professional real estate agents also have an extensive network to find a buyer more quickly.

So before you decide to sell your home yourself, consider just how much time and effort you can spare for selling your home and how important it is that your home sell sooner rather than later.

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