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For-Sale-By-Owner Homes Were 10% of Sales in 2022. Should You Sell Your Home Yourself in 2023?

February 11, 2023 - 06:00 am EST

Written by Ashley Maready for The Motley Fool- >

Image source: Getty Images

If you're planning to sell your house this year, you might be wondering if you really need to employ a genuine estate agent to do so. Many sellers felt much like you in 2022. In fact, the 2022 Profile of Home Buyers and Sellers by the National Association of REALTORS (NAR) discovered that 10% of home sales in 2015 were FSBO (For Sale By Owner), a boost over 2021 (7%).

The data on these sales in NAR's report is quite fascinating. FSBO homes are more typical in backwoods (13%, versus 6% in suburbs), and half of the sellers knew the individual who purchased their home. They also left with less cash, however-- the median FSBO home chose $225,000, substantially less than the median sale cost for a home sold with an agent, $345,000 (though rural versus suburban home rates likewise help explain the difference).

Now that we're equipped with this details, let's take a look at what to know about offering a home on your own.

FSBO might conserve you cash

The main reason a seller would choose to give up hiring an agent is to save money. You'll usually be asked to pay 5% to 6% of your home's list price to a property representative, and this can be a nice chunk of change indeed. For example, if your home costs $350,000, and you're paying 5% of that to your representative, that's $17,500. I 'd argue the cons that feature offering a home yourself exceed your prospective cash cost savings, however.

But it may also cost you in other ways

If you choose to go it alone, you'll be accountable for all the elements of selling a home. This includes staging it, hosting open houses, marketing, and all the documents. These are time-consuming and potentially demanding jobs. Plus, you will not have access to put your home on the numerous listing service (MLS) yourself, and it will be rather hard to find as lots of purchasers if you're not on it.

More: Take a look at our picks for the very best mortgage lenders

Finally, a local representative will understand how to finest cost your home in your specific area, since this is what they do for a living. That experience can be indispensable, particularly as you'll likely get more cash for the home by using an agent.

Which is best for you?

I can't make that decision for you, however as you can see, you may wind up with less money for your home if you sell it by yourself, regardless of needing to pay a property representative's commission if you work with one.

Consider your experience in the real estate world to decide (if this is your very first time selling a home, it might be a great call to work with an agent to assist), as well as just how much downtime you need to market your home. You might likewise pay a flat charge to a real estate representative to put your home on the MLS so more potential purchasers and buyers' representatives will see it. Or, if you have a reputable buyer for your home currently (someone you understand), you might have a simpler time offering it yourself. The choice is yours, however to FSBO or not to FSBO is a crucial decision that will affect how much money you make on a home sale (as well as just how much tension you take on), so tread carefully.

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We're firm followers in the Principle, which is why editorial opinions are ours alone and have not been formerly evaluated, authorized, or endorsed by included advertisers. The Ascent does not cover all offers on the marketplace. Editorial content from The Ascent is separate from The Motley Fool editorial material and is produced by a different analyst team.The Motley Fool has a disclosure policy.

The views and viewpoints expressed herein are the views and viewpoints of the author and do not necessarily show those of Nasdaq, Inc.

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