In 2020, for sale by owner homes accounted for a mere 7% of homes sold. This low figure is no accident. Selling a house is a time-intensive and complicated endeavor that requires expert attention.

Follow along to learn why for sale by owner is detrimental to homeowners and how agents can help optimize your home selling experience.

For Sale by Owner VS Agent Assisted

For sale by owner (FSBO) homes and real estate agent-assisted sales differ in their method of selling. As the name suggests, homeowners list, show, and sell FSBO homes. Agent-assisted sales are when a homeowner seeks aid from a real estate agent in selling a house.

Common myths that drive homeowners toward FSBO include the belief that commissions are too costly for the homeowner and that FSBO homes sell faster.

These myths are misleading and harmful to homeowners. The average homeowner will sell their home faster and for a higher price with the aid of a real estate agent. In the following sections, we dispel these and other myths related to FSBO home sales.

Myth 1: FSBO Homes Sell Faster

If you have already started researching FSBO, you may believe that homes sell up to a week faster by owner than by a real estate agent. When you account for the fact that most FSBO sales already have buyers lined up, this myth is true.

However, if homeowners do not have a buyer lined up, showing the home becomes near impossible. Most real estate agents will not show potential buyers FSBO homes because FSBO sellers have a reputation for unprofessional behavior and unrealistic expectations.

If buyers don’t see your home, it will remain on the market for much longer than if you hired an agent.

Myth 2: I Earn More with FSBO

Many homeowners who consider FSBO worry about the commission real estate agents take as part of the sale. They believe that they can pocket more money by cutting out the agent.

Unfortunately, because FSBO homes sell for an average of 12% less than agent-assisted sales, FSBO sellers often lose more money than agent commissions take.

Myth 3: FSBO Is Not Time Intensive

Time is money applies to selling your own home. To complete all the tasks associated with selling a house, FSBO sellers often need to take time off from work to sell their homes. They must invest time for meetings, home staging, host showings, and have phone calls with buyers. Moreover, they must research prices, sales trends, and marketing tactics to entice buyers.

This full-time process is why real estate commissions are in place. In addition to pocketing more money in an agent-assisted sale, you can continue to earn your regular paycheck without taking days off.

Myth 4: FSBO Selling is Easy

The FSBO process is much more complicated than selling a car on Craigslist. To avoid falling into legal hot water with the FSBO process, you must hire a real estate lawyer to help you complete the pertinent paperwork.

Any disclosure you neglect regarding a defect, nuisance, or hazard in the home may result in a mountain of litigation that takes up more of your hard-earned time and money. However, real estate agents know the proper paperwork and laws that will keep you safe from a lawsuit.

Sell Your Home with the Lafayette Team

Overall, for sale by owner homes are a time-consuming financial risk that average homeowners should avoid.

Instead, let the Lafayette team take care of your home selling needs. Our 7-person team dedicates themselves to cracking deals that make everyone happy by prioritizing individual attention for all our clients.

Learn more about The Lafayette Team and contact us today to work with the top 1% of real estate agents in South Carolina.