Can For Sale By Owner strategies work? Well, not so well if you ask the owner of ForSalebyOwner.com, a large website for owner sales. He spent six months trying to sell his condominium himself through online listings and classified ads, before turning over the listing of the 2,000-square-foot apartment to a New York broker. Despite building his business on the “Do It Yourself model”, when it came time to sell his own house he found that doing it himself simply did not work out. He ended up selling his two-bedroom 2,000 sq ft apartment apartment in Chelsea for $2.15 million—with the help of a real-estate broker and a 6% commission.
The broker who took the listing told it’s owner that the apartment was priced too low and wasn’t drawing the right buyers.
The property closed $150,000 ABOVE the original asking price. Before it sold it ended up attracting multiple offers. The broker who took the listing reported that at first the owner would not let him increase the price. But the broker apparently told the owner that he knew the local market and knew what he was doing. The price was raised and the result is now history.
New York City is not Arizona by any means. But the concept is still the same. In this market, how can a for sale by owner home even begin to compete with the inventory of homes on the market. Answer – they cannot.
Of course there are some “lucky owners” who do end up successfully selling by themselves. And of course there are also some lucky folks who win the lottery! But if your goal is to get your home sold, don’t you want to have the best chance possible? If so, hire a real estate agent to do the job of selling your home for you. If you needed brain surgery would you operate on yourself? Of course not. Your home is one the highest priced possessions you will sell. Leave it to the professionals.
(Real estate data taken from Phoenix Multiple Listing Service. Information is deemed accurate, but not guaranteed.)