COULD YOU SELL YOUR OWN HOME?
Your home has been cleaned, freshly painted and you are ready to
put it on the market. Could you
sell it by yourself? No doubt you could, but when you consider all aspects
of the selling process,
chances are you will choose to use the services of a REALTOR - a
licensed, trained professional
who has the knowledge and skills to ensure you get the best possible price
and that the selling
process goes as smoothly as possible.
Frequently, people who attempt to sell their home without the help of
a REALTOR do so in hopes of
saving the commission or fee. There is a good chance, however, that such
an approach will not pay
off as potential buyers will often submit lower offers in such cases. In
addition, without the help of a
REALTOR and access to the Multiple Listing Service® (MLS®) it will
likely take significantly longer to
sell your home. The MLS® is best described as a co-operative marketing
system to ensure maximum
exposure of properties for sale. Fundamentally, it is a central registry
of properties used by
REALTORS to match buyers with properties for sale.
Before attempting to sell your own home, ask yourself the following questions:
-
Do you have sufficient knowledge to determine the price range for your
home? Are you aware of
changing market conditions and of recent sales of similar homes in your
area?
-
Do you have the skills and resources to advertise and market your
home effectively?
-
Do you know what types of financing are available? Are you informed
about various financing
methods?
-
Do you have a network of contacts to produce potential buyers and
are you able to screen out
unqualified prospects - people who are just curious? Are you comfortable
inviting strangers
into your home at 9 p.m. because they saw your sign?
-
Are you available
seven days a week to show your home? (Buyers will expect you to be available
at their convenience, not yours.)
-
Do you have good negotiating skills?
Are you comfortable haggling face-to-face over the price?
-
Will you be ready to reveal known defects of your home and are you
familiar with your legal obligations in this regard?
-
Can you write a legally binding contract? Do you have offer forms
readily available? Do you
have a lawyer to advise you on essential terms that must be in the contract?
-
Can you close a sale? Are you familiar with the many steps required
after an offer has been
accepted?
If you can confidently answer "yes" to all
these questions, you probably could sell your own home.
However, most homeowners recognize the wisdom in working with a REALTOR
who has the
knowledge and expertise to handle the many complex details of a home
sale.
This information is provided by the Victoria Real Estate Board for the information
and benefit of consumers.
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