There is no denying that it is a seller's market in North Florida as in most of the USA. Home prices in Jacksonville and Pensacola are soaring, and owners are commonly juggling multiple offers.
In a sellers' market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional like the ones we have here at Navy to Navy Homes. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market. This makes it even more tempting to FSBO. As a result, some sellers think selling their home will be a breeze and see today's market as an opportunity to FSBO. Let's unpack why that's a big mistake and may actually cost you more in the long run.
According to the Profile of Home Buyers and Sellers published by the National Association of Realtors (NAR), 41% of homeowners who tried to sell their house as an FSBO did so to avoid paying a commission or fee. In reality, even in a sellers' market, like the one we are experiencing in Jacksonville and Pensacola, selling on your own likely means you'll net a lower profit than when you sell with the help of an agent.
The NAR report explains:
"FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $217,900 in 2020 (up from $200,000 in 2019), and still far lower than the median selling price of all homes at $242,300. Agent-assisted homes sold for a median of $295,000…Sellers who began as an FSBO, then ended up working with an agent, received 98 percent of the asking price but had to reduce their price the most before arriving at a final listing price."
When the seller knew the buyer, that amount was even lower, coming in at $176,700. That's a lot of money to risk losing when you FSBO – far more than what you'd save on commission or other fees. Despite the advantages sellers have in today's market, it's still crucial to have the support of an expert to guide you through the process. Our Navy to Navy agents are dedicated to your best interests and knowledgeable in all steps of the transaction process.
Our real estate professionals at Navy to Navy Homes are trained negotiators with many housing market insights that average homeowners may never have. A Navy to Navy agent's expertise can alleviate much of the stress of selling your house and help you close the best possible deal when you do.
If you're ready to sell your North Florida home this year and you're considering doing so on your own, be sure to think through that decision carefully. Odds are, you stand to gain the most by working with a knowledgeable and experienced real estate agent at Navy to Navy Homes. With our agents, you can be sure that a trusted advisor is by your side protecting your best interests.
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We look forward to hearing from you. We are here to help. Please email us at email@example.com to discover what we can do to make your home sale seamless.
Navy to Navy Homes
4540 Southside Blvd, Suite 702
Jacksonville, FL 32216