With high demand and low inventory, homes in Colorado are selling quickly, which may have you asking yourself if you really need to work with a real estate agent to sell your home in Colorado. Why not simply put your home on the market as for-sale-by-owner?
Selling your home is more difficult that simply putting a sign in the driveway and waiting for the offers to pour in. Before you set off on your own, connect with a couple of REALTORS® and ask yourself these questions:
What is my Home Worth?
It can be hard to separate the emotional from the logical when considering the value of your home. Sentimental value may lead home sellers to overestimate the worth of the home, while strict mathematical calculations can overlook the unique qualities that add value.
Online tools like Home Worth Tool are a good starting point for home sellers. However, for a more comprehensive estimate, home sellers should consult with a REALTOR®. Real estate agents can perform a Competitive Market Assessment to compare your home with other recent sales in your neighborhood. They also understand the home appraisal process and can help you determine the best list price for your home for sale.
Real estate agents are local and industry experts. They have insider knowledge that most home sellers don’t and can provide valuable advice to get the best price for your home.
How do I pick the Best Offer?
In Denver’s fast-paced market, strong buying power is raising the average sold home price. Home sellers often receive multiple offers and face the difficult decision of choosing which offer to accept. Having the home priced appropriately, understanding home buyer behavior and market trends, and knowing how to interpret various offers is critical to making the right decision.
That’s when a licensed and experienced real estate agent can make a big difference. From earnest money to down payments to buying power to closing date, a REALTOR® can help the home seller weigh the pros and cons of multiple offers.
Can I Sell my Home Quickly?
Selling a home can be inconvenient. In stressful situations, like inheriting a home, moving out of state, job loss, or health issues, selling a home quickly becomes priority. Instant home purchase offers may be tempting because they allow home sellers to sell their home easily. However, this isn’t always the best for the home seller.
Inman, a real estate industry new provider, explains 7 reasons instant home purchase offers aren’t good for sellers.
Won’t I save Money without an Agent?
Many home sellers who choose to list their Colorado home as for-sale-by-owner do so because they believe they will save money. The highest agent commission structure in the U.S. is 6 percent, split between the buyer’s and seller’s agents.
However, avoiding this commission may not be as beneficial as it seems. Without the expertise of the real estate agent, the home seller may price their home too low or settle for a low offer. Sellers risk making uninformed decisions that reduce the ultimate sold price of the home.
There also may be hidden fees associated with selling a home that the seller may not be aware of. For-sale-by-owner programs or companies that purchase homes outright often include service fees. Advertising the home with a for sale sign, publicizing the listing online, and professional photography all have costs associated with them and are an important part of selling a home. Between fees and lower selling price, the true cost of for-sale-by-owner adds up.
For-sale-by-owner is an appealing option for some Colorado home sellers, but working with a REALTOR® provides value, experience, and insight for home sellers. If you are considering selling your Colorado home, contact a real estate professional to learn more.