"Should I sell my house on my own?"
The Long Island real estate market is booming! Some realtors you speak with will tell you that the Long Island market is like no other in the country. If you're planning to sell your home on your own here are some Pros and Cons to think about.
Pro - That Realtor fee/commission stays in your pocket. You keep whatever your home sells for, less of course any debts like outstanding mortgage, etc....Pro - You are in control. You set the price without anyone telling you the price is too high, which some realtors will tell you just to get the place listed and sold quickly.
Pro - No hassles with Realtors who want to show your home without you in it. You can be home to watch over the place and present it when and how you want to.
Pro - (or con) You negotiate directly. You don't have that feeling that you're playing a game of telephone with everything going through one or more agents. This can be a con too - see below.
Pro - You know the place. You can point out it's features and amenities. You can try to steer people away from a not so brilliant view or a less than expansive closet.
Con - Buyers are more comfortable dealing with a broker.
Con - Negotiating may not be your strong suit. If you tend to pay full price when buying a car, selling your own home is not for you. ALso studies show that sellers tend to be emotionally attached to their homes and this clouds their judgement. Sometimes it's worth it to have a "voice of reason" in between you and the buyer. Do you really want to hear about the crud under the sink and have to respond to those complaints directly?
Con - No Multiple Listing Service Exposure. This is a biggie...
Con - No doubt about it - it's a hassle. In fact it turns into a full time job. Every week you need to design and place ads in the newspapers. Calls come in all hours of the day and night from buyers (and from realtors trying to change your mind). Don't forget the people who knock on the door expecting the house to be clean and show ready because they "drove buy and saw the sign. Pleeease, just a quick look?" Finding time to house hunt yourself is a challenge. And what about the safety issue, are you planning to be alone in the house?
One last Con - It's a fact that homes sold by owner sell for less than homes sold by an agent. This is per the National Association of Realtors. Many buyers know you're getting a break on the realtor commission and expect you to share that windfall.
Relevant Links:
MLSLI.com
MLSLI.com is the BEST source for Long Island Real Estate information with the largest inventory of homes for sale in Nassau, Suffolk, Queens and Brooklyn.Find your Spot.Com
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