For Sale By Owner V.S. selling by real estate agent

[Lady's Human]

The house not being affected by flooding was one major selling point of our house in MA. The cellar was a little higher than the neighbors houses, which meant that it was the LAST house on the street to flood. (Of course, the next year, northbridge got the proverbial 100 year flood, and everything was under water, but that wasn't our fault)

[CathyBogart]

I don't have any experience personally, but my parents said they were extremely pleased with their decision to sell their last house themselves. I'll ask my mom if she has any tips next time I see her.

[kuhio98]

I don't know how prices in your area have changed recently, but houses in our area are selling for $30,000 to $40,000 less than they were last year. (We are closing on a house on Monday. It's been on the market since March. We offered $50,000 less than they originally listed it for and they jumped at the offer. So, you may not make the profit you hope for. I hope your area is different than ours.

Real estate commissions are usually around 6%. So, for every $100,000 your home sells for, you fork over $6,000 to the real estate agent. If you've got the time to devote to selling the house yourself, you can put that money into your new place.

Check out http://www.forsalebyowner.com/?PID=QG-NA for more details.

[sirrahbed]

Hi Leslie - my 2 cents to consider is that some folks prefer to BUY from an owner. When we were looking to buy our first home, "for sale by owner" homes were what we looked for. Now, I also had a couple friends who are realtors and they gave me some advice about things like getting the termite inspection, a full house inspection, and I knew of an attorney that I requested because he handles the bulk of the realestate sales in our area. I like dealing with the homeowner and tend to be put off by realtors. If I were to turn around and SELL, I would probably try by owner first. That 6% commission can be significant. Both the buyer and the seller can split that savings. I know that the family we bought from had sold a previous home themselves and were happy to go that way again ......and that it was a good experience for both of us.

People that only buy from owners are probably not that common though - I just am the type that is always trying to save cost. I know that the family we bought from saved by not paying realtor fees...and we also saved by paying much less than the average cost for a home in this area

I imagine folks are skittish about buying so soon after the flooding. Are you able to carry your current home for a period of time or do you really need to sell quickly? Maybe in this case - having a realtor will be well worth it to you. I agree with the posters above me....that the fact that YOUR home was not affected by the flooding - will turn out to be a good selling point. Hope it goes well Leslie