When real estate markets are on the upswing (like the Queens real estate market), it’s common for sellers to get creative and look for new ways to turn a profit. Some cash-saving measures, like competitive pricing and high ROI renovations, are great tools for getting the most from a deal. Others, like selling without an agent, can turn into both costly and painful mistakes. If you’re considering listing and selling your home without a licensed Queens real estate professional, here are 4 modern hazards you should consider before you decide to go at it alone:
1. Passed Up Profits
Even in some of today’s most humdrum housing markets like we have here in Queens, most neighborhoods are seeing big change. Inventory, interest rates, and a barrage of other factors are constantly altering the answer to the big question, “What’s the right price for my home?” Fact: Homes sold using an agent sold for 20 percent more than those sold by the owner*. To avoid making a major pricing blunder and missing out on potential profits, consult a local real estate professional who can develop a customized Competitive Market Analysis (CMA) for your home, coop, or condo. Your agent has access and knows how to factor in both, the most up to public records data and has insight into important secret pricing influencers like:
• new amenities or coming developments that may affect value
• competing properties that haven’t shown up publicly
• what it really takes to close a deal in your neighborhood.
2. Missed Deals
Response time is critical when it comes to accepting an offer and closing deals. Today’s buyers and agents expect a prompt response when they make an offer. If you’re trying to evaluate and respond to offers around a busy schedule or full-time job, you run the risk of missing out on Queens’ most motivated buyers who can’t afford to waste time waiting for a deal to come together. In addition to being dedicated to providing potential buyers a quick response, your agent can also be a lifesaver when it comes to organizing offers in a way that’s easy to understand and evaluate.
3. The Self Selling Time Suck
Time is money. And, while you may think you’ll save on your commission by selling solo, the fact is, going at it alone can cost you a lot of time. That eventually means more dollars spent and unnecessary time sacrificed. Here’s a list of the most difficult tasks that soak up valuable time during the Queens home selling process for owners who sold without an agent*:
• understanding and performing the paperwork
• negotiating the right price
• prepping the home for sale
• working with buyer lenders
• attracting potential buyers A good agent understands how to navigate these hurdles and save you valuable peace of mind.
4. Accidental Buyer Brush Offs
In most areas, not listing with an agent means you’re opting out of today’s biggest real estate tool for selling: the World Wide Web. In fact 90 percent of homebuyers used the Internet during their home search in 2014. Without a savvy listing agent, your property won’t show up on the top sites where buyers search, or in your local Multiple Listing Service for other agents to find. In addition, every NYC borough has there own MLS so a savvy listing agent will also be able to have your listing show up for these agents. Don’t brush off the Queens’ house hunters shopping online. You could miss out on key qualified buyers who are ready to close.