The Downside of Selling Your Home with a Realtor
If you need to sell your home quickly, you might assume that working with a realtor is your best option. However, there are many downsides of working with a realtor, especially if you need a fast sale.
Some people are selling for leisure and don’t have any time constraints. But you might need to sell your home because of financial issues, moving for a new job, divorce, inheriting an unwanted property, or a variety of time-sensitive issues. In these situations, working with a realtor will probably take more time and money than you are willing to spend.
1. How much time do you have?
Working with a realtor means it can take over two months from listing your home to signing the closing papers. And this is if you live in a hot real estate market where homes aren’t sitting for long.
In 2020, the average home was on the market for about three weeks. Again, this estimate can be higher or lower depending on where you live. In addition to the three weeks on the market, it takes an average of 46 days for a loan to close. That is a long time when you have an urgent need to sell.
2. How much work are you willing to put in?
Selling your home traditionally with a realtor means you will probably have to do work to the house. How much work depends on the condition of your house, and the state of the real estate market you live in. If it is a buyer’s market, buyers might expect a move-in ready house at every price point.
This means you are out sweat equity or money, if you decide to hire someone to do the work. Some items you might need to repair or update include:
- Paint touch-up
- Dry-wall repair
- Carpet cleaning or replacement
- Dry rot repair
The list goes on. Most likely, a realtor will not want to sell your home as-is.
3. How much money do you want to spend?
In addition to the repairs and updates mentioned above, there are other costs associated with selling your home with a realtor.
- Commissions equaling 5% to 6% of the sales price.
- Closing costs can add up to 3% to 6% of the home price.
- Home inspection for a cost of about $400.
- Staging the home for sale, which can cost about .75% of a homes price.
- Holding costs for as many months as your home sits on the market.
This isn’t an all-inclusive list, and there are other costs that aren’t mentioned here. So, in conclusion, it is expensive to sell your home with a realtor!
Alternatives to Selling with a Realtor
As you can see by the above statistics, selling your home with a realtor can take a lot of time and money, neither of which you might have depending on your situation. If you need to sell your home quickly, and don’t want to spend a lot of money to do it, you can work with a reputable real estate investor in your local area, like Synergy Buys Houses Florida.
An investor can work with you to sell your home quickly, sometimes closing within a week. In addition, they can purchase your house as-is, which means no costly repairs or updates. If selling fast and for cash is important to you, finding an investor might be the solution you are looking for.
For more information about selling your home as-is, quickly, for cash, contact us today at Synergy Buys Houses Florida. We will provide you with a same-day quote for your Jacksonville home and can close in as little as a week.