Have you recently decided to sell your home? If so, have you considered listing it with a professional real estate service? In most cases, this will be the best way to get a quick sale at a price that will represent a substantial return on your initial investment.

Most industry experts and home sellers agree that using a real estate service is the quickest and most effective way to sell properties across the country.

Why Do People Sometimes Elect to Sell Their Home By Themselves?

However, there is no law that states that you must use a real estate service to sell your home. Many people have elected to use the “For Sale By Owner” approach in order to get the job done. In doing so, they tend to believe that this is the best way for them to sell their home quickly and for the best price. Perhaps the biggest draw here is that they won’t have to split the proceeds up with a share going to a real estate service.

what are the pitfalls of the for sale by owner approach

Is the Worth of Your Home the Last Word on Your Selling Price?

While it is true that you will be able to pocket all of the proceeds from the sale if you handle it all by yourself, this really isn’t the whole picture. Suppose that you decide that the worth of your home is $100,000. You may have had a visit from a home appraiser that put this figure in your head. So far, so good. But what about the other homes in your area? The worth of these homes will have an effect on your own.

This is where you are bound to come up against a somewhat uncomfortable reality. If the average worth of a home in your area is $80,000, you’re going to have a great deal of trouble convincing a potential buyer to spend an extra $20,000 on your own property. And if the neighborhood itself isn’t in the best possible shape, you’re also going to encounter resistance when you post your final asking price.

The Longer Your Home Sits, the Lower the Price Goes

Now we come up to the crux of the matter: The longer your home sits on the market, the lower the price you will get for it. Eventually, you’re going to realize that your previous figure of $100,000 just isn’t attracting any buyers. So what can you do? You can invest more money in renovations to justify your sale price and make your home even more attractive. But how much can you spend before you’re in the negative?

The longer your home sits unsold, the more inevitable is the ultimate solution: You are going to have to drop your asking price. You may first grudgingly agree to drop it to $90,000. If this doesn’t do the trick, you may ultimately have to drop it down to $80,000. What if this doesn’t work? Now you’re at the mercy of private buyers who may well decide to wait until you are forced to drop it all the way down to $50,000, or even $40,000.

Using a Real Estate Service is Your Best Solution

Instead of subjecting yourself to an agonizing wait and a steep drop in profits, why not use a real estate service to get the job done? You will pay a small percentage of the sale to your agent. But if you can get the highest amount on the sale, a small percentage is worth it. It’s the quick and easy way to get your home sold.