If you already decided to sell your house in Philadelphia, now you should consider how to sell it. Typically, homeowners hire a real estate agent, but is it truly the best option? Selling a house can be tricky if you’ve never done it before, but paying high-commissions and fees can also be a downside.
Selling your home isn’t as simple as calling a local real estate agent and letting her/him take it from there. This decision depends on your needs, preferences, and budget. Questions like; “How do I find the right realtor?” “Do I even need to hire one?” always comes to mind. So, you must know what you’re about to get into.
Here are the pros and cons of hiring a real estate agent and other selling alternatives you can choose from.
Pro: They Can Save You a Lot of Time & Energy
Selling a house is a time-consuming process. If you can’t be available at all times, then you might need some help. Potential buyers have their own schedule, and you have to be as flexible as possible. If they need to see your house at night during a weekday, you should be available for them.
Con: The Process Isn’t Fast
The average time to sell your house in the United States is 90 days, and sometimes even more. You have to list the property, wait for an offer and the loan approval, fill out endless paperwork, and more. The agent might get you a deal fast, but sometimes they fall through due to financial requirements. If you need to sell your house quickly, it’s better to look for other alternatives like Philadelphia home buyers.
Pro: You Don’t Have the Necessary Knowledge
If you aren’t a real estate agent yourself, you don’t have the necessary knowledge to do everything required. However, you can learn and ask for help when needed. This decision is entirely up to you and depends on your financial and personal situation. Keep in mind that you need to understand purchase agreements, the closing documents, and any state laws related to real estate transactions.
Con: Long-Term Contract
Another downfall of listing your property with a real estate agent is that you can be locked into a long-term contract. Many realtors only agree to work with you if you do an exclusive listing with them. This means no listing the property with anyone else until the contract with them expires. Besides, It can be challenging to get out of the contract without legal consequences, so you will be forced to wait.
Pro: They’re Motivated to Sell Your Home
Real estate agents are motivated to sell your home; otherwise, they won’t get paid. It’s their job to sell properties in Philadelphia; therefore, they should be committed to doing it the best way they can. However, this can also be a downside because some realtors are overloaded with properties and can’t focus on selling your house fast. In this case, you may feel the realtor is not working hard enough and get frustrated.
Cons: The Average 6% Commission
The most negative thing about listing your Philadelphia property with a real estate agent is that you have to pay a 6% commission. Yes, sometimes it’s lower and other times higher, but the average is 6%. The commission’s amount will depend on different factors, like your home’s value and the contract’s terms you negotiate.
Some people would call it a catch to work with a real estate agent since homeowners have to pay for commissions, closing costs, home repairs, and much more. They aren’t willing to give that much. So, you have to determine if the benefit the realtor brings is worth their cost.
Looking for a Faster Alternative? We Just Buy Houses is Your Answer
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We have many years of experience and know Philadelphia’s real estate market perfectly.
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