If you’re thinking about selling your home, this is a great time to do it. Right now the housing market favors sellers. In fact, home prices have gone up 40% in the last five years.

While this is great news for you, there are still a number of questions you need to ask yourself before putting your home on the market. The first is whether you should hire a real estate agent or try for sale by owner (FSBO).

With home prices on the rise, you may feel confident you can pull off the sale yourself. However, this a challenging process.

If you’re asking yourself “Should I sell my home myself or use an agent,” keep reading. We’re breaking down the pros and cons of both scenarios.

Should a Realtor Help Me Sell My Home?

Most people opt for using a realtor when selling their home. A real estate agent takes control of the process and handles everything from listing the home to showing it to potential buyers.

Realtors are industry professionals and make it a point to stay up to date on market trends in your area. They act as your representative and consultant throughout the entire transaction.

Although there are many positive aspects to hiring a realtor, some people would rather do things themselves. To give you a better understanding of what a real estate agent does, let’s get into the pros and cons.

Pros of Hiring a Realtor

One of the biggest advantages of working with a realtor when trying to sell your home is they have access to tools and resources you don’t. This includes web-based listing portals and a strong network of connections in the local real estate industry.

When it’s time to list, they’ll bring in professionals who can stage your home. There’s also a good chance they’ll know photographers who can take professional pictures to use in your listing. These things help show your home in the best light possible.

Another big advantage is that a local realtor has a good understanding of the market value of your home. They can determine what asking price you should start with. The goal is to get you the price you want without scaring potential buyers away.

When it’s time for negotiating the price, a real estate agent is an invaluable resource. They have extensive experience and can take over the process to ensure you get the best price possible for your home.

After you’ve struck a deal, your realtor will make sure all the proper documents are accounted for. This is important, as there are legal issues related to selling a home. A realtor won’t let anything fall through the cracks.

Cons of Hiring a Realtor

The biggest disadvantage of using a realtor is you have to pay them a commission. This is a percentage of what your home sells for. Even if it’s just five percent, there’s a chance that will add up to a big chunk of change.

Another disadvantage is that you have to juggle another person’s schedule along with your own. This could potentially slow down the process. Keep in mind that a realtor has other clients they have to work with as well.

If you and a potential buyer are both working with agents, this means the process must filter through two parties. In some cases, this could slow down the process and make things confusing. That’s why it’s always best to work with highly experienced agents.

For Sale By Owner

When opting to sell your home yourself, you’re responsible for every step. Unless you have experience with this, you’ll have to spend a lot of time doing research.

You’ll need to make yourself aware of common roadblocks that could make selling your home difficult.

However, some people like to maintain control of the sale. There are definitely some advantages you’ll enjoy, but only if everything goes smoothly.

Let’s look at the pros and cons of the for sale by owner scenario.

Pros of Selling on Your Own

The biggest advantage of doing things yourself is you’ll keep all the money from the sale. You won’t have to pay a commission to a real estate agent. This is what makes FSBO so attractive to people.

Another advantage is that you have complete control over the showing process. You can schedule showings when you want so you’re not caught off guard when someone wants to view your home.

Being knowledgeable about the neighborhood is another plus. This comes in handy when talking to potential buyers. You can give them a firsthand account of the community and use this as a selling point.

Finally, although you don’t have all the tools an agent has, you can still take advantage of online resources. Listing your home is relatively easy. Plus, if you put some time and effort into it, you can make your listing as attractive as a realtor would.

Cons of Selling on Your Own

When selling on your own, the biggest disadvantage is experience. Yes, you won’t have to pay an agent commission. But the truth of the matter is you’re less likely to get the price you want without an agent.

A realtor brings their industry knowledge and tactical approach to the process. Without this, you’re at a huge disadvantage.

Another hurdle is time. If you want your home to sell quickly, it’ll be like a full-time job. The process requires marketing, scheduling and negotiating.

You’ll also need to spend some money to get all this done. Furthermore, you may need to hire an attorney to help you with the paperwork.

Sell Your Home the Right Way

When selling your home, getting a price you’re happy with is the most important element. If you’re unfamiliar with the process, working with an agent is probably your best bet.

However, if you’re still asking yourself, “Could I sell my home myself,” keep these pros and cons in mind.

For more information on selling your home, check out our blog today.