Think twice before you decide to ‘save money’ and sell your own home. It just may backfire.
Research indicates that you’ll get roughly one tenth the exposure of a well-run brokerage if you decide to sell on your own. This means it will take on the order of ten times as long to sell your home. This impacts your selling price, because buyers view houses or Toronto condos that have been long on the market as problematic. They might avoid it altogether because of this, or, at best, offer you very little.
Buyers of real estate consider how long a property has been on the market when determining their offers. Imagine that in your ninth or tenth month, after reducing your asking price several times, you can end up misreading the nature of the local housing market and price yourself too cheaply. So you lose.
Ask yourself if you possess the market savvy and requisite skill set to deal with seasoned brokers and veteran real estate lawyers and bring a deal successfully to close? And to get the best price in the bargain?
There’s a lot that can go wrong on your way to saving a little on commission.
Finally, the risk of a botched contract or mismanaged closing could expose you to expensive legal proceedings that far outweigh the pittance you initially hoped to save on commissions.