The next thing I had to tackle was selling my old house. The great thing about selling in 2022 was that the housing market was still hot for small-ish homes like mine in my area in the suburbs of Memphis. My house is considered to be a starter home which is a zero lot with 3 bedrooms, 2 baths, and around 1400 sq. ft. Most of the new construction going on right now is much larger homes in the $600k-$1M range which is not an option for most single people or middle-income families.
List with an Agent or FSBO?
Because of the hot market, I knew I could sell if FSBO – For Sales By Owner, and avoid paying 3% to a listing agent in a market where their are way more buyers than houses available. I also knew that I needed to get the house in the MLS – Multiple Listing Service, which is the system the inventory system that the real estate industry uses. Part of the 3% fee includes entering your home into this system which is where agents look for homes for their buyers.
The cool thing is that there are flat-free MLS services who will put your home in the MLS for a flat fee. I came across a service called Houzeo where you pay a flat fee and an agent licensed in your are lists the house in your local MLS. This is what I chose to do.
This is not the right path for everyone. FBO was the right decision for me because:
- I have a great understanding of the real estate industry
- I have a relationship with an Attorney who could handle both the sale and purchase transactions
- I know how to stage a house to sell which for some is very different than how we live in our homes
- A hot market with more buyers than sellers for homes like mine
If you are missing any of these things, your best option is probably to enlist a real estate agent to help you.
Thanks for reading!
