Are Realtors Still A Homeowner’s First Choice?
Realtors are one of the top choices in the United States when it comes to selling or buying a home. According to real estate statistics, realtors are the first for 89% of both buyers and sellers.
However, depending on your unique situation and your availability, realtors might not be right for you. First-time home sellers especially can get overwhelmed with the different options available. Whether it’s your first time selling your home, or you’ve done it before and want to avoid mistakes, it’s essential to be aware of the other selling methods.
Let’s review which ones they are:
For-Sale-By-Owner (FSBO) listings
One of the reasons realtors are commonly used is for the access they have to MLS (Multiple Listing Service). They can increase the exposure of the properties and even cooperate with other brokers to speed up the sale in exchange for compensation. However, having access to multiple listings comes with a price, which is why realtors also charge a commission to sell or buy a house.
Nonetheless, over the last few years and with access to technology, you no longer need a realtor to participate in MLS websites. There are multiple for-sale-by-owner listing websites with millions of views from potential home buyers every month that don’t charge real estate commissions.
To name a few:
As there are no realtor commissions, sellers can offer their houses at a lower price, getting more potential buyers who also don’t want to pay an agent to represent them.
A Better Option: Homebuyers
Homebuyers, also known as home investors, are an excellent selling method, especially for homeowners that don’t have financial stability. This method is a way to avoid many expenses from the traditional selling method, whether it’s FSBO or a realtor, and to speed up the process.
Some of the reasons homeowners love homebuyers and avoid realtors are:
Honest and fair offers
Home buyers count with enough equity to purchase properties, which is why the offer they make doesn’t change over time. Most of these companies give their clients enough time to accept the offer and don’t ask for any upfront payments.
When you list your home, there’s always a risk of the sale falling through. Sale contracts may include a clause where the buyer can back out from purchasing the property if they can’t get loan approval. You’ll lose time and money invested in the process, and be back at square one.
No home improvement or repairs
Typically homeowners stage their homes for sale. To make their homes as attractive as possible, they invest in repairs, paint walls, change or do extensive cleaning to the tiles and floors to enhance the look and attract more buyers.
However, with homebuyers, you don’t need to worry about making your home look perfect. Home buyers purchase properties as-is, regardless of their condition.
No agent’s fees or commissions
On average, a realtor will charge 6% in commissions over the total sale price; some agencies may even have additional fees for their administration. Unlike realtors, a home investor doesn’t charge fees or commissions. Just like with the FSBO method, selling to a homebuyer means no agent’s fees or commissions.
No closing costs and extra expenses
Whatever way you choose to sell your home, closing costs are always required, and in many cases, the homeowner pays for them. Part of the closing costs involves finding a trusted title company, paying the remains of your mortgage, taxes, and more.
Home buyers take care of the whole process and assume the closing costs associated with it, saving you on these extra expenses.
Spend Your Time & Money More Wisely
Take your time to decide and weigh the different options you’re offered. As we mentioned at the beginning, everyone’s expectations, desires, and reasons for selling their home are different; what works for others might not work for you.
Opening Doors Properties makes you a no-obligation offer; we strive to help homeowners in North Carolina get out of sticky situations, like foreclosure, probates, owning a burdensome property, etc.
As a family-owned business, we understand how important your home is and will do our best to make the selling process as fast and stress-free as possible.