Real Estate: For Sale By Owner (FSBO)(Eeek!)

By Kristin Piccone

Happy 2021!!  It still seems like we were ringing in 2020, but here we are in 2021 and I think I can speak for most to say that I am looking forward to a new year, a fresh start, a clean slate.  Do you have BIG goals for 2021? Small goals?  Does it include buying or selling Real Estate?  Do you think to yourself: “…the market is so hot, I can just do this by myself”?  My first comment would be: “Would you perform your own surgery? Or would you visit a professional doctor”?

Let’s be honest; yes, the real estate market is HOT and it may seem easy to toss a sign in your front yard:  FOR SALE BY OWNER and you might make a social media post and ask your friends and family to help you and share the post.  You might get a call or two from passerby’s, but what about ALL of the other prospective buyers?  What about having the right language in a contract (i.e. Purchase and Sale Agreement)?  What about contingencies?  Do you know how to deal with those or negotiate them?  What about earnest money? Due Diligence?  Liability?  And the biggest… your NET price?  I think you get my point.

The majority of homeowners who sell their homes by themselves think that they are “saving money” because they do not have to pay a real estate agent a commission.  According to the National Association of Realtors (NAR), “in 2018, the typical FSBO home sold for $217,900 compared to $295,000 for agent-assisted home sales”(www.nar.realtor/research-and-statistics/quick-real-estate-statistics, 2020).  According to the same article of the NAR, the most difficult tasks for FSBO sellers included understanding and preparing paperwork, getting the right price, having enough time to dedicate attention to all aspects of the transaction.  Yes, I make real estate look easy, but do not find yourself in the throes of a transaction and in over your head when things get sour. 

Don’t get me wrong; I love to save money when I can.  Finding a bargain sale here and there and
getting a good deal on things is exciting; but you always get what you pay for.  It would be disappointing to see any homeowner lose out on a potential increased net price on the sale of their home; or worse, end up in a liability suit that could cost a whole lot more money than having just paid a commission.  Again, you wouldn’t perform your own surgery, so do not attempt to sell your home by yourself in 2021 ~ you could be leaving money on the table!! 

 I am a full-time real estate agent and work very hard to serve my clients.  I take pride in my work and value the client relationship.  That said, it’s a full-time job to list, show, negotiate and sell a home to a successful, closed transaction.  More so a job, when it is not your area of expertise; and always remember: time is money!  Give me a call whether it’s to discuss your real estate thoughts and goals; this article; ask me questions; whatever the case, I simply want to be helpful and resourceful.  Reach out today by phone, text or email: 207-951-1393; kpiccone@landinghomesmaine.com.  Wishing you well in 2021! <

Kristin Piccone is a REALTOR for Landing Real Estate in Windham. Reach her at 207-951-1393 or by email at kpiccone@landinghomesmaine.com