NATURALLY, real-estate brokers vigorously fight the notion that you can sell your house yourself. They argue that only they know true local home values and real-estate laws and that they will "screen" potential buyers for you — protecting both your time and your safety.
Some owners think otherwise. According to a 2006 National Association of Realtors study, about 7% of all home sellers go solo. The advantage is that selling on your own — while potentially a hassle — could save you roughly 5% in broker fees. This varies, of course. For hard-to-sell properties, the savings could be as high as 7%, but in highly competitive markets (where brokers are cutting their commissions), the savings may be lower.
Thinking about taking the plunge yourself? Here's what you need to know if you're going to act as your own broker.
Finding a Buyer
The most important step is pricing your house properly. Charge too little and you'll always wonder if you lost money on the deal. Ask for too much and you'll "go stale," as real-estate agents put it, making buyers suspicious that something's dreadfully wrong or that you're simply an unreasonable person.
How do you arrive at the right price? The easiest way is to hire an independent appraiser. Most charge $250 to $500 for the service. They'll have information on any nearby home sales at their fingertips — they buy access to tax-record data bases and multiple-listing information — and they'll personally inspect your house to take into account the new deck you've built or the recently finished basement.
