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Should I pursue a for-sale-by-owner transaction in Arizona?

A homeowner's choice to move forward with selling his or her Arizona home is a major decision. It means uprooting his or her family and establishing a home in another location. There may be many unknowns and many questions. One question that often arises at the early stages is whether a homeowner wants to list a property with a real estate agent or to pursue a for-sale-by-owner transaction.

FSBO transactions are increasingly popular with property owners, and they have both advantages and disadvantages. One advantage may be the savings of a real estate broker's commission. A real estate agent's commission is typically six percent of the sales price of a home, and that can be a major savings for a homeowner who chooses to list and sell the property him- or herself. On the other hand, real estate agents have the experience and expertise that can help a homeowner obtain a higher sales prices for his or her property, and therefore it may be worth paying a commission.

Choosing to try to sell a home yourself rather than through an agent will also involve a significant time commitment, with advertising, staging and inspection requirements. Some homeowners may have the time and desire to take on this extra responsibility, but some may not be able to add managing phone calls and showings to their long list of daily responsibilities.

There is no one right answer as to whether a homeowner should pursue a FSBO transaction. That decision will depend on each homeowner's particular set of circumstances. Regardless of the choice a homeowner makes, it may be wise to consult an attorney to make sure that a final real estate transaction is properly executed when the time comes for property to change hands.

Source: Fox Business, "Real Estate Agent vs. For Sale By Owner", Kristin Bianco, accessed Oct. 9, 2015

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