NEW YORK (MainStreet) — With the volatile housing market plaguing most of the country over the past several years, it’s common to hire a real estate agent to handle the sale of your home.
In an environment in which one-quarter of homeowners are underwater (meaning the value of their mortgage exceeds the value of the home), if you’re about to put your home on the market for sale, hiring an agent may be too costly.
While they offer significant expertise and marketing benefits, the 4% to 6% commission fee will put you at risk of walking away from your home with an even larger loss, not to mention any possible profits.
We asked real estate experts to weigh in on selling your home yourself. Although time consuming and stressful, keeping the commission fee might be worth the trouble.
One of the most important aspects of selling your home is setting the price. Home prices are primarily based off of what similar homes in your area have sold for in recent months.
If you were to hire a real estate agent, they would typically do this research and determine an appropriate price. When selling the home on your own, it’s up to you to do the homework and price your house accordingly.
“List and sell your home according to the norms of your community. You will stand out just by being a ‘for sale by owner’ alone. But if you can match the rest of the market in terms of how you market, price and sell the home, you will be in better shape,” says real estate expert Brendon DeSimone.