When deciding whether to sell your home yourself or employ the services of a real estate agent, there is no single right answer. Self-selling, particularly in the current housing market, can be a good option for those who prefer a more hands-on approach and want to get involved in the process and build a stronger relationship with their buyers. However, enlisting the aid of a real estate agent also offers a number of advantages and could be the best option for many homeowners.
Living in Burlington, ON
Burlington, ON is an excellent community to call home and often features prominently on lists of desirable cities in which to live. With a population of approximately 180,000 people, there is a wide range of activity and amenities to enjoy. The city is home to a selection of events, shopping and dining opportunities, as well as popular tourist attractions such as the Art Gallery of Burlington, Royal Botanical Gardens and Spencer Smith Park. Well-known universities and colleges notably include Mohawk College, Sheridan College, and McMaster University.
Given the favourable local market conditions, now could be the perfect time for homebuyers to experience the benefits of living in Burlington. Similarly, for those homeowners looking to sell, this is an opportune time to do so.
Advantages and Disadvantages of Selling Your Home Yourself
For some, the decision of whether to work with a real estate agent or go it alone is an easy one. As with any decision of this nature, there are pros and cons. Let’s take a look at some of the advantages and disadvantages of self-selling.
Advantages
The primary advantage of self-selling is the possibility of realizing a greater return. Since you are doing your own marketing and negotiating with prospective buyers directly, you will be able to keep the entire sum of money received from the sale of your home. That’s because unlike when working with an agent, there is typically no commission to pay.
Another advantage of self-selling is the greater degree of control. As the sole decision-maker, you will be in complete control of the entire process. You can make your own inquiries, do your own research and decide upon the timeline and other details entirely on your own. Furthermore, since you are handling the process from start to finish, you can ensure all information is monitored and nothing important is overlooked.
Disadvantages
The most significant disadvantage of self-selling is the time, resources and effort required to complete the process. Despite the convenience of online property listing platforms, you will need to set aside time for staging, marketing and holding open houses. Furthermore, depending on your own technical skills and general knowledge of the housing market, you may face additional costs such as advertising.
Lastly, self-selling can also be a stressful ordeal. Legal requirements, inspections, convincing potential buyers and navigating closing procedures can be overwhelming to inexperienced sellers.
Advantages and Disadvantages of Working with a Real Estate Agent
No matter how competent, knowledgeable and organized you may be, there is only so much the average person can do when it comes to handling the many complexities of a home sale. To increase the chances of a successful sale, many homeowners are opting to wok with a real estate agent.
Advantages
It goes without saying that one of the main advantages of working with a real estate agent is their expertise. Not only will they be able to conduct home appraisals, offer sound advice and market your property, but they will also have the knowledge and resources required to close the deal successfully.
In addition, having a capable real estate agent by your side could enable you to realize a higher sale price. Not only will they know the current market conditions, but they will also be able to negotiate a better deal with prospective buyers.
Disadvantages
The biggest disadvantage of working with a real estate agent is the cost. In most cases, you will be required to pay a commission fee to a realtor, which typically amounts to approximately 5-7 percent of the sale price or two rates of one-percent each (buyer’s broker and seller’s broker). What’s more, in the event the sale does not go through, the seller will still be required to pay the fee.
Lastly, while working with a real estate agent can be beneficial, it’s important to remember that the success of the sale depends on their performance. It’s also worth noting that since agents are heavily reliant on referrals, they may be more inclined to prioritize their reputation and may have less incentives to negotiate a higher sale price for sellers.
Conclusion
When it comes to selling your home, it’s important to weigh all the available options and make a personalized decision that best meets your needs and expectations. If you’d rather take a hands-on approach and want to experience the process of selling a home, self-selling may be the best option. However, if you’d like to experience the convenience of having a capable and knowledgeable expert on hand throughout the entire process, working with a real estate agent may be your best choice.
FAQ’s
Q1. What are the advantages of self-selling?
A1. The primary advantage of self-selling is the possibility of realizing a greater return, as you will not have to pay a commission fee to a real estate agent. Additionally, self-selling also offers greater control, as you can make your own inquiries and decide upon the timeline entirely on your own.
Q2. Are there any disadvantages to self-selling?
A2. One significant disadvantage of self-selling is the time, effort and resources required to complete the process. You will need to set aside time for marketing, staging and holding open houses, as well as cover additional costs such as advertising. Additionally, inexperience may lead to a stressful ordeal, as legal requirements and closing procedures can be overwhelming.
Q3. What are the advantages of working with a real estate agent?
A3. The key advantages of working with a real estate agent is the expertise they bring to the table. Not only are they knowledgeable and experienced, but they also have the resources required to complete the sale successfully. Furthermore, having a capable real estate agent can enable you to realize a higher sale price.
Q4. Are there any disadvantages of working with a real estate agent?
A4. The major disadvantage of working with a real estate agent is the cost, as you will be required to pay a commission fee. Furthermore, since agents are reliant on referrals, they may have less incentive to negotiate a higher sale price for sellers.
Q5. Where is Burlington, ON located?
A5. Burlington, ON is located on the north shore of Lake Ontario, in Halton Region, and is often featured on lists of desirable cities in which to live. With a population of approximately 180,000 people, it offers a variety of events, shopping and dining opportunities.
