No, you don't have to hire a realtor to sell your home.
You can sell your house on your own, which is known in real estate as "for sale by owner" (FSBO). According to the National Association of REALTORS, FSBO properties accounted for 10% of U.S. home sales in 2022, up from 7% in 2021.
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If you've recently chosen to sell your home and are asking – as many homeowners do – whether you need a realtor to sell your house, read on to learn about some of the benefits and drawbacks of hiring a realtor to sell your property, so you can make an informed decision about whether to work with one.
The Pros of Hiring a Realtor to Sell Your House
Invaluable Market Expertise
If you decide to sell your house on your own, there is a chance that you'll make mistakes that might cause it to be on the market longer than necessary and sell for less money.
For example, one of the most frequent mistakes made by home sellers is overpricing their property, which often leads to the slow sale of their home.
Realtors have in-depth knowledge of your local real estate market, including the most recent trends, home valuations, market conditions, inventory, and much more.
With this information, you can price your home competitively to faster attract potential buyers while maximizing your return.
Access to Multiple Listing Service (MLS)
A multiple listing service is a powerful tool created and used by realtors to connect homebuyers to sellers.
It contains the most information about properties for sale in your area, and for your home to be listed on an MLS, you have to work with a realtor who has subscribed to a multiple listing service, allowing them to publish and browse properties for sale.
Getting your property advertised on an MLS allows it to be instantly seen by hundreds of real estate professionals who are working with a large pool of serious home buyers — increasing your chances of selling it quickly and for a good price.
Outside of a multiple listing service, most realtors have a vast network of real estate professionals, including other realtors, property agents, brokers, and potential buyers. This network can help you get your house in front of the right people, leading to a faster sale.
Convenience and Peace of Mind
When you take the for-sale-by-owner approach to selling your house, you'll typically be in charge of many tasks, including figuring out the fair market value of your home, taking photos, staging, marketing, planning showings, negotiating offers, and handling the paperwork related to the sale.
Many FSBO sellers find the entire process of selling a home to be time-consuming and stressful, especially staging the house and completing the paperwork.
While you may not need to handle all of these yourself if you work with a cash home buyer (especially a reputable buyer like HomeBuyers of Pittsburgh), realtors are qualified and trained to handle all facets of house sales and reduce stress for the seller. Working with one can free up your time and energy so you can go about your everyday activities with little interruption and concentrate on other things, like moving or finding a new house.
See how our home consultation service can help you choose the best route ›
Every homeowner wants to get the maximum price possible for their house when they sell it. One way to almost guarantee this is by working with a seasoned realtor. The National Association of REALTORS annual research has consistently found that FSBOs sell for less than homes where a realtor was engaged in the sale.
In 2022, the average price of a property sold with the aid of a realtor was $345,000, while houses sold by a homeowner alone went for $225,000.
At HomeBuyers of Pittsburgh, we can help consult on the fair market value of your property, and weigh the benefits/risks of seeking a realtor's help vs. our cash offer.
Cons of Using a Realtor to Sell Your House
Realtors earn a commission, which is typically between 5% and 6% of the final sale price of your home, in exchange for their services.
The commission paid, which may be the biggest expense you incur when selling your home, may amount to thousands of dollars. For instance, you would spend $17,250 to $20,700 in realtor fees if you sold your house for $345,000.
The high commissions are the primary reason many homeowners decide against working with a realtor when selling their home to save on their profits.
Possible Conflicts of Interest
A realtor may pressure you to close a home sale quickly so they can get paid, even if it means accepting a cheaper price, given they work on commission.
Disputes may arise as a result if you want to hold out for a better offer.
You may also disagree with (or not want to follow through on) every recommendation a realtor makes to improve the appeal of your home to potential buyers — for example, prepping your house for sale by undertaking repairs — which could also lead to conflict.
You give up some influence over the home selling process when you deal with a realtor, including decisions over pricing, marketing tactics, and negotiations.
This may be convenient, but it's crucial to feel at ease with the realtor's style and ensure they're always looking out for your interests, or you could end up a frustrated home seller.
Should You Work With a Realtor?
Whether or not to work with a realtor is a personal choice that should be based on your individual needs and circumstances. It may be in your best interest to hire one if you're a homeowner who:
Is unfamiliar with the local real estate market and current trends
Lacks the time or energy to manage the many steps involved in selling a home
Is incapable of negotiating the best terms and conditions for the sale of your home
Has a goal of selling their house for the highest price feasible
Wants to avoid the legal risks associated with property sales
You may want to consider selling your house without a realtor if:
You have a lot of experience selling houses because you've done it before
You have enough time and resources to dedicate to selling your house
You have faith in your capacity to negotiate a competitive price and favorable terms for your home sale
Perhaps due to financial difficulties, you don't want to pay the realtor's commission
HomeBuyers of Pittsburgh: The Best Way to Sell Your Home Without a Realtor
Are you looking to avoid home improvements, listing and showing your house, drawn-out offer negotiations, realtor commissions, etc., while selling your house?
For assistance, get in touch with HomeBuyers of Pittsburgh. We are a trusted local real estate business that specializes in making fast, all-cash purchases of homes.
If you'd like to sell your house to us, we'll make you a fair cash offer by following a straightforward three-step process. We can close in a matter of days if you accept the offer, and we'll take care of all the paperwork and closing formalities.
We've helped many homeowners in selling their homes promptly and without stress, and we'd be happy to assist you in the same way. Contact us today at 412-444-8914 or info [at] urbanpgh.com!