Selling Your Home: FSBO vs. Stonington Real Estate Agent

As a homeowner, you have a big decision to make when it comes to selling your home – should you go the “For Sale by Owner” (FSBO) route or work with a Stonington real estate agent? The potential to save on commission fees through FSBO can be enticing, but it’s important to weigh the potential risks and benefits.

What Stonington Home Buyers Need to Know

What Stonington Home Sellers Need to Know

 

The Potential Upsides of FSBO

The primary draw of FSBO is the opportunity to keep more of the sale proceeds. Typical real estate agent commissions range from 5-6% of the home’s sale price. On a $500,000 Stonington home, that could mean $25,000-$30,000 in savings by selling it yourself.

Beyond the financial aspect, FSBO also offers:
– Retaining full control over the selling process
– Direct communication with potential buyers
– Flexibility in showing times and open houses
– Leveraging your intimate knowledge of the home and neighborhood

These benefits can be particularly appealing if you have real estate experience, are comfortable negotiating, and have the time to dedicate to the process.

The Challenges of Stonington FSBO

However, selling your home solo in Stonington comes with several significant hurdles:

Accurate Pricing

Determining the right list price is critical, but without access to comprehensive market data and recent comparable sales, FSBO sellers often struggle with this. Overpriced homes can languish on the market for months in the Stonington area.

Limited Marketing Reach

While FSBO listings are possible on some real estate sites, you’ll miss out on the broader exposure and professional marketing that a realtor can provide, including:
– Listing on the Multiple Listing Service (MLS)
– Professional photography and virtual tours
– Targeted advertising to qualified buyers
– Networking with other local agents

Time and Effort

Selling a home is essentially a part-time job. You’ll need to handle showings, negotiations, paperwork, and more – all while juggling your regular obligations.

Legal Risks

Connecticut’s real estate laws have many nuances. Without professional guidance, you risk missing crucial disclosures or mishandling contracts and contingencies.

The Value of a Stonington Real Estate Agent

Partnering with a local real estate agent can provide significant benefits that may outweigh FSBO’s potential savings:

Precise Pricing

Stonington agents have access to detailed market data, neighborhood trends, and experience pricing similar properties. This helps ensure your home is listed at the optimal price from the start.

Comprehensive Marketing

A good agent will leverage a full suite of marketing tactics, including the MLS, social media, broker networks, and more to maximize buyer exposure.

Skilled Negotiations

Experienced agents know how to handle the emotional aspects of negotiations objectively, counter common buyer tactics, and secure the best possible terms.

Streamlined Process

Your agent will handle the time-consuming tasks like qualifying buyers, scheduling showings, coordinating inspections, and managing paperwork – freeing you up.

Stonington FSBO vs. Agent-Assisted Sales

While FSBO can save on commissions, the national data tells an interesting story. In 2020, the typical FSBO home sold for $260,000, compared to $318,000 for agent-assisted sales, according to the National Association of REALTORS®.

This suggests that working with an agent may actually result in a higher final sale price, even after accounting for the commission. Factors like accurate pricing, broader marketing reach, and skilled negotiations can make a significant difference.

Choosing the Right Path for Your Stonington Home Sale

 

The optimal choice depends on your specific circumstances:

FSBO may be best if:

– You have significant real estate experience
– It’s a strong seller’s market with high demand
– You have ample time to dedicate to the process
– You’re comfortable with negotiations and paperwork
– You have an established network of potential buyers

A Stonington Realtor may be better if:

– Maximizing your sale price is the top priority
– You have limited real estate knowledge or time
– It’s a challenging market with lower demand
– You value professional guidance and support
– You want to minimize stress and legal risks

Balancing Costs and Benefits

While saving on commissions is appealing, the reality is that working with a Stonington real estate agent often results in a higher net sale price, even after their fees. Their expertise, marketing power, and negotiation skills can make a significant difference.

Ultimately, it’s about finding the right balance between cost savings and the value an agent can provide in your specific situation. Interviewing several local agents to understand their approach can help you make the most informed decision.

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About the Author

Bridget Morrissey is not just a Realtor but a multifaceted professional dedicated to her community. In addition to her real estate expertise, she’s the author of “Nautical Tales & Nature Trails, Recreation in southeastern Connecticut and southern Rhode Island,” available on Amazon. She also produces the Public Access TV Show of the same name, sharing her passion for local landscapes and communities. Whether you’re looking to sell your home or find your dream property, Bridget Morrissey’s comprehensive approach ensures you receive insightful guidance throughout your real estate journey.