Home prices in my area are way higher than they’ve been in years. And while inventory in my area is low, those homes that have gone up for sale recently have been scooped up in a flash.
It’s this set of circumstances that prompted my friend to try to sell her home without a real estate agent earlier this year. But it’s a decision that didn’t end up working out well in the slightest.
My friend’s logic for selling a home solo was simple. As a stay-at-home parent, she had the time to deal with the process of bringing in buyers and conducting her own open house. And since homes in our area have been in such high demand, she figured there was no sense in paying a 5% commission (the going rate around here) to a real estate agent. Instead, she decided she’d enjoy the savings and have more money to put into her next home, thereby lowering her mortgage.
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When the hassle factor isn’t worth the savings
All told, my friend’s decision to forgo the real estate agent was a reasonable one given the state of the market. But in the end, it didn’t work out.
See, my friend managed to find a buyer quickly. And she also got an offer on the home she was happy with. But then it came time for the home inspection, and that’s where things started to unravel.
My friend’s theory is that her buyer started to get cold feet, although the…
