This is the next post in my series on selling your Dayton, Ohio area home. My last article provided an overview of topics which this series will be addressing. It also mentioned why it is generally a good idea to meet with a realtor before listing your house for sale. A real estate agent will often, among other things, give you a free market evaluation as to what your home may be worth. In this article I will discuss the commonly asked question of “do I need a realtor to sell my house?” If you require assistance with a listing then contact me today to schedule an appointment.
Real estate agents can assist with selling a home in Dayton, Beavercreek, Kettering and elsewhere
While a realtor is not required to list your house for sale, there are several benefits to hiring a professional. First and foremost is the fact that a professional will be familiar with the local market. This means that they can help you to set a realistic price for your property. Setting an appropriate price is crucial. Pricing the property too high can result in it sitting on the market for a prolonged period of time or, worse, in it not selling at all. Inversely, setting the price too low can result in you netting less than you should. An experienced agent will be able to put together a comprehensive market analysis to compare homes that have recently sold or are currently on the market in your area, to your own home. They will then help you price your home appropriately.
Retaining a real estate agent can also facilitate the process of selling your residence. This happens in several ways. First, the realtor will place a lockbox on your door. This will allow the residence to be shown, by your agent and by other realtors, when you are not home. By making your home more available to potential buyers you, for obvious reasons, make it more likely to sell. Second, an agent may already have existing clients who are looking for a home with the characteristics and listing price of yours. Such clients may be interested in purchasing your home. Third, an agent will assist you in any negotiations, assist you in filling out purchase contracts, and ensure that all paperwork for a legally binding contract is completed. This can help to reduce unnecessary back and forth and delays that are sometimes caused by poorly written agreements. These are just some ways in which a professional can help to sell your home sooner rather than later.
As a realtor in Dayton, Ohio I assist with the types of tasks described above, and more. I also service the areas of Beavercreek, Centerville, Cincinnati, Clayton, Englewood, Oakwood, Fairborn, Harrison Township, Huber Heights, Kettering, Miami Township, Miamisburg, Riverside, Springboro, Trotwood, Vandalia, Washington Township, West Carrollton, and Xenia.
Dayton area home sellers may run into problems if they do not hire a real estate agent
While, again, hiring a real estate agent is not required to sell your home, not doing so can result in potential problems for a seller. These problems can come in several forms. I will address them in turn.
Going the “for sale by owner” route will often yield you a lower selling price. In their 2017 Profile of Home Buyers and Sellers the National Association of Realtors reported that the median “for sale by owner” home in the U.S. only sold for $185,000. By contrast, sellers who employed a realtor saw a median sales price of $250,000. It is understandable that Dayton area residents may wish to sell their own home in order to avoid a realtor’s six percent commission fee, but doing so will likely cost more than three percent. Consider that a six percent commission on a $250,000 sale would only equal $15,000 but the average “for sale by owner” home sees the seller lose, on median, $65,000 ($250,000 – $185,000). Obviously, an additional $65,000 on the selling price justifies a $15,000 commission.
It is also important to note that many realtors, representing buyers, will not work with a seller who is attempting to sell their own home. This means that such a seller may not have their home shown to as wide an audience as it would be otherwise. Also, according to the National Association of Realtors, many successful for sale by owner transactions occur because the owner and the buyer already know each other. This means that, unless you already know someone who will buy your home on terms that are acceptable, you may have a hard time closing a deal without the assistance of a realtor.
In my opinion, the foregoing concepts apply to homes of all price points and in areas including Dayton, Beavercreek, Kettering, and other southwest Ohio cities.
1 – Highlights From the Profile of Home Buyers and Sellers, National Association of Realtors – accessed on June 15th, 2018 at https://www.nar.realtor/research-and-statistics/research-reports/highlights-from-the-profile-of-home-buyers-and-sellers
2 – See citation no. 1
3 – See citation no. 1