We've all come across those signs scattered around town, perhaps even in our own neighborhoods. If you're considering selling your Calgary home in the near future, you might be enticed by the idea of saving money by handling it yourself. However, is it truly a wise decision?
While the notion of keeping the commission fees in your own pocket instead of a real estate agent's is undoubtedly tempting, not all homeowners are equipped to take on the challenge of selling their own property. Even in a seemingly straightforward transaction, there are numerous legal paperwork requirements, as well as advertising and marketing obstacles to navigate. For most individuals, these three aspects alone serve as deterrents to pursuing a for-sale-by-owner approach. Since a home represents a significant financial investment, it's prudent to enlist the expertise of a professional Calgary Real Estate Agent.
Access to MLS®
REALTORS possess access to the Multiple Listing Service® (MLS®) system, which you don't. The MLS® system is a widely utilized tool for selling homes, reaching millions of potential buyers. Selling your own home would entail finding your own advertising channels and covering any associated costs out of pocket. For many, this aspect of selling independently can prove time-consuming and frustrating.
Accurate Market Evaluations
Experienced, full-time Real Estate Agents in Calgary possess knowledge of local market values, including whether they are rising or falling. By attempting to sell on your own, you run the risk of either underpricing your home significantly or overpricing it, deterring prospective buyers. Most home buyers are hesitant to pursue "for sale by owner" classified ads in newspapers, as they might perceive the seller as unconventional for not engaging a real estate agent.
Real Estate Agents excel at negotiating sales and guiding sellers throughout the entire process, which encompasses tasks like home inspections and necessary repairs before listing the property. While Real Estate Agents are not attorneys in most cases, they possess a general understanding of the legal paperwork involved, often involving the completion of preprinted contracts and documentation. Furthermore, unless you have been a long-term resident of your community, Real Estate Agents can provide valuable insights into schools, utilities, zoning regulations, and other concerns that potential buyers may have, especially if they are relocating from another province.
One of the most crucial yet frequently overlooked downsides of selling your own home is the inability to verify whether a buyer is qualified. In other words, you may receive an offer that satisfies you and proceed with the sale, only to discover later that the buyer has poor credit and cannot secure a mortgage or lacks sufficient funds for a down payment and closing costs. When you engage a Real Estate Agent, you can avoid wasting time on individuals who wouldn't be able to purchase your home.
As Calgary Real Estate Agents, we are obligated by law to address all necessary prerequisites before listing a house. Here are a few tasks we must complete:
Verify the mortgage balance to ensure the seller is in a position to sell at the current market conditions.
Confirm ownership of the property.
Ensure the property holds a clear title.
Determine any required repairs or improvements before listing.
Assess the appropriate market price for a swift sale.
These are just some of the numerous considerations homeowners must contemplate before embarking on this venture without professional assistance. If you're still determined to sell your home independently, you certainly have the option to do so. However, armed with a deeper understanding of the intricacies involved, you might decide that it's wiser to hire a Real Estate Agent and spare yourself the headaches along the way.
Posted by Jerald Moras on