Selling your house by yourself in CT can save you a significant chunk of money, especially in commissions. The average realtor commission in CT in 2021 is around 5.26%. If you’re selling a house for $300,000, that’s $15,780 saved just on commission fees.
Unfortunately, the excruciating pain of doing the paperwork, research, and overall legal grunt work can discourage you before you even list your house to potential buyers.
If you’re looking to take the “for sale by owner” approach (FSBO), we’ll take a deep dive into selling your house without a real estate agent. By learning the pros and cons, you can get a better picture, make better decisions, and most importantly, sell your house successfully.
The first question we need to answer is “Can You Sell Your House By Yourself in CT?”
Can You Sell Your House By Yourself in CT?
According to the Warren Group research, single-family home pricing reached an all-time high at the start of 2021. Also, Connecticut recorded 2,520 transactions in January, exactly 496 more than in January 2020.
Spacious cities spread across Connecticut, and potential buyers search for houses that provide enough breathing room. Buying a house in Norwalk or New Haven is becoming an enticing opportunity for many families.
Additionally, with less than a 2-hour drive from New York, the Connecticut area market is looking hot throughout 2021.
The best part is that you can sell your house for better pricing than your initial asking price. With the booming market, all you need is research on “home for sale by owner” and reap the advantages.
But what are the advantages of selling your house by yourself in CT?
Advantages of Selling Your House By Yourself in CT
It can seem overwhelming trying to sell your house by yourself. But the pros can overpower the cons and make the hard work worthwhile.
To help you get a better picture, here are the top advantages of selling your home yourself.
No Commission Fees
No real estate commission can’t be stressed enough. It’s the most prominent financial dent in your wallet. The real estate agent’s know-how and experience can justify the fee, but in the end, you’ll still end up with a minimum of $10,000 in your pocket if you sell your house by yourself.
On the flip side, you need to take into account the benefits of a professional agent. Their knowledge of the market can save you money and time. Although there’s a price tag with the service, it can end up costing you more than the agent’s flat fee if you don’t know what you’re doing.
You Make More Money
The elephant in the room. If you sell your house without a realtor, you can expect a heftier profit.
Another way you can save money is that you’re less likely to compromise on the price. Agents might encourage you to sell the house to the first qualified buyer that shows up. You are a client, and it’s usually better for the real estate agent to close a deal in a week rather than a month.
But if you sell your house by yourself, you can take a deep breath and wait for the buyer with the right amount.
Control Over Selling Your Home
Another benefit is the control you have. You might want to wait in some instances, and sometimes you’ll want to sell your house fast.
If the market is booming, realtors will have other clients than you. Selling your house by yourself means you are your own client, and you can devote 100% of your time to the process.
Also, you’re the one communicating with buyers. Meaning, you can assess the “buyer’s vibe” first hand and know their interest.
Finally, you likely know the neighborhood better than an average realtor. Meaning, you can provide benefits that might just push the buyer in the right direction.
Disadvantages of Selling Your House By Yourself
The role of emotions is something that doesn’t become obvious until it’s too late. Your house is likely the most valuable asset you own, meaning you’ll want to get the best price possible.
Emotional selling is one of the biggest disadvantages of FSBO. Mix in lack of knowledge and possible bills looming in the background, you’re pretty much bound to make at least a couple of bad calls.
Since selling your house isn’t something you do every day, you need to have an objective overview of both pros and cons.
It’s Sometimes Harder
According to the National Association of Realtors research, a staggering 46% of sellers don’t market their home, while the most used marketing method is a yard sign (25%).
But 52% of buyers use the Internet to find open houses, while 29% buy a house through a buyer’s agent.
Homeowners often don’t put themselves in the buyer’s position and miss out on countless opportunities. Other times, they simply don’t know how to market their house.
Real estate agents are professionals in what they do, the same as in any other profession. They know the market and possess the necessary selling and marketing tools such as a multiple listing service (MLS).
You’re bound to learn as you go through the process, but while you start at zero, a good seller’s agent has years of experience.
FSBO Websites Aren’t That Good
When home selling, your go-to place for information will be the Internet. According to another research by the National Association of Realtors, one in ten sold homes was an FSBO listing in 2018.
The trick is that not all FSBO websites offer the same quality of service. For FSBO sellers, figuring out the right website can be as much of a science as selling your house by yourself.
Think of it like this. Once you decide on an FSBO website, it’s unlikely you’ll move to another one halfway through. You may realize the website isn’t the right one for you. But when you look back at all the work so far, the last thing you’ll do is start all over again.
Some FSBO websites have a vibrant market but lack the necessary tools. Other websites have the tools, but prospective buyers show up once every summer while you’re wasting nights staring at the screen.
Frustration builds up quickly, and doubt creeps up in a second. Knowing that you would have already sold your house if it wasn’t for that one bad call isn’t worth the sleepless nights.
Working with a Cash Home Buyer in CT
Both FSBO and selling your house through an agent have their pros and cons. Despite the booming market, months can pass until you find a house buyer in Connecticut. Some home sellers have the luxury of time, others don’t.
Besides the two obvious options, there are alternatives such as companies that buy houses for cash. When comparing the last two options, cash home buying comes with several perks.
- You can sell your house quickly – The legal work of getting a mortgage takes months. When buying cash through a company, you avoid most legal work, and everything can be over in a week.
- Buyers are more likely to buy – More time means more opportunities for regular buyers to change their minds. In the case of a cash home buyer, if the buyer is ready to buy, they will do it right away.
- Buy “AS-IS” – A buy-for-cash company looks to buy a house in its current state. That means less work for you since you don’t have to spend time and money on renovation.
- No commission – Cash buyers won’t ask you for a commission fee. That’s an extra $10,000 in your pocket, at least.
Home selling is a huge all-around investment. Although money is important, knowing that you can sell your house quickly for the right price is the comfort no money can buy, especially when you consider the stress.
Whatever route you decide to take, you need to know that selling your house in CT won’t be easy. It’s a life decision you’re not making every day, so you need to ensure you do everything right.
Selling your house by yourself does look good on the paper financially but can complicate the process more than it needs to be. On the other hand, you may end up with less money when going with a real estate agent.
Ultimately, it doesn’t come down to money, but how much time and effort you’re willing to spend and if you have the “guts” to go through real estate transactions by yourself.
If you feel confident in yourself, FSBO can be the right decision. If you’re second-guessing your skills, hiring a real estate professional to do the selling process might be the way to go.
Finally, you can reach out to a company that buys houses for cash and sell your home quickly.
List the pros and cons, and don’t rush. Selling a house will likely be a one-time gig for you, so there’s no need for rash decisions. Each situation is unique, so ensure you maximize profits when selling.