You’ve been told before that selling your home “for sale by owner” or FSBO is a bad idea in a down market. So now that markets have improved, is it a better time to do so now? No, the same issues exist with FSBO in any market.
The Tampa market has definitely improved
That may mean some people think that it would be a good time to sell their homes themselves. They would be wrong.
The same reasons that make it a bad idea to sell FSBO in a down market are still the same in a good one. Do you have the time it takes to successfully market your home, hold open houses and make sure Realtors in the area are aware of your home for sale? Probably not.
Another of those reasons is especially important in this area: your listing not being seen by people from out of town. A lot of people looking for homes in this area are looking from out of the area. If they do see it somehow, their Realtor will be more likely to hesitate to work with a homeowner selling themselves.
“Save” the commission
Thinking that you will “save” the commission selling yourself, think again. The statistical reality is that you will get substantially less for the sale of your home.
According to a 2015 NAR Survey, the median selling price for a home sold with the assistance of a Realtor was $249,000 but the median sale for all FSBO homes was $210,000 last year. Worse yet, when the buyer knew the seller, which is more typical in a FSBO sale, the number sinks to the median selling price of $151,900.
So let’s do some math. The average commission is 6%. That means a home selling for the median, $249,000, would mean a commission of $14,940. The difference in the median Realtor assisted sale and the FSBO sale in the best circumstance is $39,000 and under the usual it goes to $97,100. The commission number is substantially lower than the difference in selling prices.
Find a Realtor instead of selling yourself. Your bank account will thank you.