Should You Sell Your Home Yourself?

Now that we’ve informed you about the often looked over costs of selling your home, the next question is, should you try to sell your home without the assistance of a real estate agent?

Selling your own home probably seems extremely appealing after reading about commission, especially for risk takers and thrill seekers, but be forewarned! There’s a reason professionals have made careers of selling homes; there’s more to it than just putting up a sign and posting an ad online.

Knowledge of the housing market is crucial when you’re selling your home privately. The main misconception about selling yourself is that you will save a lot of money, but going this route places all of the responsibility on you, and it may not be worth it.

Familiarity with the neighbourhood is an important factor to consider, especially since you’ll be determining the listing price. Advertising is another cost you’ll incur, as well as making yourself available to potential buyers to show them the home. You’ll also be responsible for reviewing offers, negotiating and producing the legal paperwork once an agreement has been established. Sure, you can hire an appraiser and lawyer to assist you, which would still be cheaper than hiring a realtor and still be saving money in the long run, but is it worth the trouble?

WARNING: Selling your home yourself may cause hair pulling

“Having familiarity of the market is important, especially relative to the neighbourhood. As agents, we’ve most likely sold homes in the area and have a good idea of how much they go for,” says Danielle Desjardins from Real Estate Bay Realty. “A lot of people don’t realize how much work goes into selling a home, realtors these days are devoting basically 24/7 to it, in order to accommodate showings around different schedules. As professionals in the industry, we’re dedicated to networking and advertising and are confident in our ability to maximize how much you get for your home.”

Another aspect to factor in when you’re determining whether or not to travel this road less traveled, is that there is an expectation with private listings, that they are listed lower than average. On top of that discount, savvy private buyers might expect deeper reductions and produce lower offers on that principle. For buyers who are using an agent, as the seller, you might still be subject to paying commission to their representative. In traditional sales, the commission for both the buyer and seller’s agents are covered by the seller. As a private seller you can suggest that the buyer cover these charges, but there is always the potential that in doing so, you are jeopardizing the sale.

Overall, if you’re up for the challenge, have the time and energy to dedicate towards the cause and are in no particular rush to sell, going private could definitely be an interesting and rewarding experience. Let us know what you think! And if you're looking for a new home, you know where to look!