With the rise of house flipping and “for sale by owner” real estate, private home sales have begun to increase, especially in booming housing markets like Los Angeles. At first, the idea of selling a house without a realtor may appeal to you. However, this decision comes with several serious risks for the average homeowner.
1. Why Selling a House Without a Realtor Is the Biggest Risk You’ll Ever Take
While you may have some basic knowledge about the housing market, a professional realtor makes their living helping people find their perfect homes. Selling a house without a realtor like Teresa Mack robs you of professional knowledge and resources that can accelerate the sale of your home and get you an excellent selling price.
A realtor’s main priorities are to assess your property, market your home to qualified buyers, and close the sale of your house on a timeline that works best for you and your needs.
Your home is one of the central pieces of your life and, for most people, their largest investment. When it’s time to sell, you’ll want a real estate agent to oversee the process from beginning to end, securing both a profitable return on your investment and your future in a new home.
2. Limited Market Knowledge
Trends in the housing market can develop slowly over decades or over the course of a few weeks. In Los Angeles, the housing market is one of the most lucrative in the world, which means that some changes happen overnight. You might know what you paid for your home when you bought it or even know its estimated value now, but only an experienced realtor can help you interpret changes in the housing market and capitalize on housing trends to get the best selling price.
By selling a house without a realtor, you run the risk of selling your home below its true market value. Homebuyers working with real estate agents will have the advantage as their realtor makes negotiations to get them the best possible deal. In many cases, this scenario ends with a homeowner agreeing to a sale price thousands of dollars below market value simply because they didn’t realize the actual value of their home or how much it could be worth in just a few years.
In addition, the booming LA housing market attracts thousands of housing developers and property owners looking for cheap real estate in prime locations. These buyers are experts at negotiating homeowners down from their original prices to secure a desirable property that can be upgraded or re-sold for a profit. A realtor can help you screen buyers and secure a fair price for your home. With a professional realtor, you can rest assured that your home will be properly assessed and priced according to both current and projected market trends, getting you the best price for your home.
3. No Real Estate Connections
When you enlist the expertise of a realtor like Teresa Mack, you secure an entire professional network of real estate contacts built over time. Selling your house without a realtor means you’ll be working alone to market and promote your property. In a city as large as Los Angeles, this process can take longer than most homeowners can afford.
A realtor helps connect you to thousands of potential buyers through a variety of marketing avenues. They can also help you make informed decisions about when to sell and who to sell to based on the offers you receive. Connections are everything in LA, and a robust marketing network combined with a dedicated realtor can help you find the perfect buyer for your home.
4. Increased Chance of Legal Action
Like any other sizeable transaction, home sales are protected by legal safeguards. However, many homeowners are unaware of just how complex real estate legal processes can be. Private homeowners easily overlook key steps in the selling process and are exposed to the risk of legal consequences even after the sale of their home.
Lawsuits over issues with a home that were not properly disclosed prior to the sale can threaten you and your future, and it is difficult to defend yourself against these cases before the fact without an experienced realtor. A realtor is not only responsible for marketing your home and preparing it for sale: they also help you assess the value of your home. This includes disclosing the general condition of the house, along with any problems that are not repaired before the sale.
Your realtor is also responsible for the legal paperwork connected to the sale of your home. They help prepare contracts and ensure that you are protected in writing during and after the sale. A top realtor like Teresa Mack effortlessly balances the legal paperwork with the marketing process to complete a sale that protects you and your assets.
5. Slower Selling Process
When you’re selling your house without a realtor, there’s not much you can do beyond posting a “for sale by owner” sign in your front yard. Even listing your home on realty websites or other online venues only slightly increases your chances of finding a possible buyer.
Without a realtor, you’ll be responsible for screening interested parties, showing your home to potential buyers, and negotiating your sale price. Many realtors will caution their clients to avoid buying homes that are sold by the owners simply to avoid the associated risks.
In the midst of your busy life, the added responsibility of selling your house without a realtor can seem overwhelming. Even worse, the selling process could drag on for months or even years without a real estate agent to assist you. In most cases, a home for sale by owner will remain on the market for longer than similar properties sold by professional realtors.
6. More Time, More Money, More Problems
The bottom line is that homeowners who try to sell their home without a real estate agent often find themselves wishing they’d made a different choice. Selling a house without a realtor almost always guarantees a longer period of time between listing your home and closing the sale. Your everyday life will also be disrupted with home showings and inquiries from a range of buyers.
Without expert negotiation skills and a keen eye for both the market value of your home and the intricacies of contracts and legal paperwork, many homeowners sell their property for less than it is actually worth. If they aren’t careful about their buyer and contract, they could even have legal action taken against them after the sale of their home due to undisclosed issues.
Most homeowners who try to sell their own home find that the process is longer, more expensive, and more frustrating than they expected. The best way to save yourself the hassle and expense of selling your home is to bring a professional realtor like Teresa Mack on board.
Sell Your House With Confidence With Teresa Mack!
If you’re ready to list your home in the greater Lo Angeles area, don’t jeopardize your future by going on this journey alone. Contact Teresa Mack, LA’s top real estate agent, to ensure that you have a dedicated professional by your side to help you find the perfect buyer.