If you’re like many people who want to sell a home in Baltimore County or Howard County, you’ve kicked around the idea of selling your home yourself – without a REALTOR®. In the real estate world, that’s known as a for sale by owner, or FSBO. But what are the pros and cons of selling FSBO, and could it be the right choice for you? This guide explains.
Pros and Cons of Selling FSBO
For sale by owner means you list the home for sale on your own – you don’t work with a real estate agent at any point in the transaction. You may, however, choose to work with a real estate attorney who can help you with the legal aspects of selling your home.
As anything else, there are several pros and cons of selling FSBO. Whether you decide to take the DIY route or work with an experienced real estate agent is up to you. These lists of pros and cons can help you decide which choice will work best in your situation.
|Pros of FSBO||Cons of FSBO|
|You don’t have to pay a listing agent’s commission, which can be approximately 3 percent of your home’s sales price.||Statistically lower sales price. Generally, sellers who use an agent bring in more money for their homes, even after paying a commission.|
|You maintain complete control over the listing price and the marketing strategy you use to bring in interested buyers.||You must pay the buyer’s agent’s commission.|
|You have control of showing schedules; people have to go through you, not your agent, to schedule tours of your home.||You pay for marketing to bring in prospective buyers, whether you list the home on websites, run ads in the paper, or run ads on social media sites.|
|You could make potentially costly mistakes, such as pricing your home too high or erring on the wrong side of anti-discrimination laws. (Check out 3 Common Legal Issues With Selling a FSBO in Maryland for more information.)|
|You’re in charge of filing all the appropriate paperwork with the right entities. As in other cases, ignorance of the law is no excuse – and that’s one reason many FSBO sellers often choose to at least work with a real estate attorney.|
Related: 7 tips to help you sell your FSBO
Let’s Talk About Pricing
One of the biggest problems FSBO sellers run into is pricing. They often conflate sentimental value with monetary value – or they aren’t quite sure how their home stacks up value-wise. The bottom line is that your home is only worth what someone is willing to pay for it (and what a lender is willing to lend for it).
If you price your house too high, it’s going to sit on the market without selling. If you price it too low, you’re leaving money on the table. Pricing is tricky, and it pays to get it right the first time.
Are You Buying or Selling a Home in Baltimore County or Howard County?
If you’re ready to buy or sell a home in Baltimore County or Howard County, we can help. Check out these listings:
- Homes for sale in Baltimore County
- Homes for sale in Howard County
- Homes for sale in Ellicott City
- Homes for sale in Columbia
- Homes for sale in Catonsville
- Homes for sale in Owings Mills
- Homes for sale in Pikesville
If you’re thinking about selling your home, we can help you sell it quickly – and at the best possible price. You can:
- Find out how much your home is worth now
- Learn how we market your home to put it in front of all the right buyers
- Get a general overview of home-selling in Maryland
If you have specific questions, fill out the form below or call us at 443-955-1227 – we’re here to help you with any aspect of your real estate transaction.