- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (9)
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
You should always consider a local agent to sell, irrespective of market conditions.
You need to know the area, as well as you know the property.
Hukshila;
One more thing...I'd be happy to e-mail you some local market stats, if you're interested!
Cheers,
Rob
One more thing...I'd be happy to e-mail you some local market stats, if you're interested!
Cheers,
Rob
Dear Hukshila;
Something that I took away from the university business classes I attended (albeit years ago) was a standard rule of thumb in business is to increase marketing when the market is down, regardless of the industry. The conundrum business faces is that typically when business is down so is revenue, and when revenue is down available marketing dollars are usually not there.
Here in Bellingham's real estate world we have seen increased marketing time for residential properties coupled with a large percentage decrease in prices (value) over the last few years, leading to what we refer to as a "buyers market". Northwest MLS statistics also show the months of available inventory (supply) has also increased, meaning that there are many more homes available to buyers, thereby increasing the "absorption rate" of the local market. The number of available buyers (demand) has decreased over the last few years, even with record low interest rates and prices approacing pre "bubble' levels. In short, our local Bellingham market has a very different "supply and demand" ratio than it did several years ago. It is now MORE difficult to sell homes here (listed in the MLS or not) than it was several years ago.
I began buying and selling residential properties nearly 20 years ago, and back then I sometimes used a real estate agent and sometimes I did not, depending upon local market conditions, the location of my home and the supply and demand curve. I scoffed at the National Association of Realtors stats that showed a typically higher NET for those using an agent even with a commission being paid out.
Today, after 12 years representing buyers and sellers in Bellingham and still buying and selling residential property I am firmly convinced that in 2011 more marketing is needed than any for sale by owner home will possibly get. This will lead to a greater net for sellers. Now I always list my own property on the MLS and offer a commission to the selling office (agent) typical to the market.
Buyers expect to get a lower price when dealing with FSBO properties, and some more unscrupulous buyers will expect to be able to take advantage of less experienced sellers in the sale process. Furthermore, the marketing necessary to attract a top price in our current depressed market goes back to what I learned in business classes, as stated above. We are no longer in 2003, 2004 and 2005, when even the most humble Bellingham shack could receive multiple offers if even a whisper of availability was uttered.
My advice would be to interview several local agents and see what they can provide as far as strategies for selling your home. See how he or she will market your home. See if you "click" with them. See what fees they expect. See if their understanding of the local market makes sense. Do not listen necessarily to those that will overprice your home...that can be worse than anything. Oftentimes an inexperienced agent will overprice your home. Or an unscrupulous agent will try to get you to work with them simply because you have been told an unrealistic price. Look at how they quantified the value of your home...how they arrived at the price suggested.
Do you absolutely HAVE to sell your home RIGHT now? What are your motivations? Time frame? Bear in mind that the peak selling season is upon us in a couple of months, whether or not you FSBO your property or list it. You still have time to prep your home properly, and this is another area that an experienced agent can help you in. Advice.
My full time marketing assistant and I sold 80% of our residential listings last year. We'd welcome your call if you'd like to interview us for the job.
Good Luck!
Something that I took away from the university business classes I attended (albeit years ago) was a standard rule of thumb in business is to increase marketing when the market is down, regardless of the industry. The conundrum business faces is that typically when business is down so is revenue, and when revenue is down available marketing dollars are usually not there.
Here in Bellingham's real estate world we have seen increased marketing time for residential properties coupled with a large percentage decrease in prices (value) over the last few years, leading to what we refer to as a "buyers market". Northwest MLS statistics also show the months of available inventory (supply) has also increased, meaning that there are many more homes available to buyers, thereby increasing the "absorption rate" of the local market. The number of available buyers (demand) has decreased over the last few years, even with record low interest rates and prices approacing pre "bubble' levels. In short, our local Bellingham market has a very different "supply and demand" ratio than it did several years ago. It is now MORE difficult to sell homes here (listed in the MLS or not) than it was several years ago.
I began buying and selling residential properties nearly 20 years ago, and back then I sometimes used a real estate agent and sometimes I did not, depending upon local market conditions, the location of my home and the supply and demand curve. I scoffed at the National Association of Realtors stats that showed a typically higher NET for those using an agent even with a commission being paid out.
Today, after 12 years representing buyers and sellers in Bellingham and still buying and selling residential property I am firmly convinced that in 2011 more marketing is needed than any for sale by owner home will possibly get. This will lead to a greater net for sellers. Now I always list my own property on the MLS and offer a commission to the selling office (agent) typical to the market.
Buyers expect to get a lower price when dealing with FSBO properties, and some more unscrupulous buyers will expect to be able to take advantage of less experienced sellers in the sale process. Furthermore, the marketing necessary to attract a top price in our current depressed market goes back to what I learned in business classes, as stated above. We are no longer in 2003, 2004 and 2005, when even the most humble Bellingham shack could receive multiple offers if even a whisper of availability was uttered.
My advice would be to interview several local agents and see what they can provide as far as strategies for selling your home. See how he or she will market your home. See if you "click" with them. See what fees they expect. See if their understanding of the local market makes sense. Do not listen necessarily to those that will overprice your home...that can be worse than anything. Oftentimes an inexperienced agent will overprice your home. Or an unscrupulous agent will try to get you to work with them simply because you have been told an unrealistic price. Look at how they quantified the value of your home...how they arrived at the price suggested.
Do you absolutely HAVE to sell your home RIGHT now? What are your motivations? Time frame? Bear in mind that the peak selling season is upon us in a couple of months, whether or not you FSBO your property or list it. You still have time to prep your home properly, and this is another area that an experienced agent can help you in. Advice.
My full time marketing assistant and I sold 80% of our residential listings last year. We'd welcome your call if you'd like to interview us for the job.
Good Luck!
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
A local agent is the smart choice, because you need a Realtor who can sell the community, as well as the property.
- Sam DeBord, "SeattleHome.com"
- Contributions:3472
"Sell quickly" is the important part of your question. A local agent will have a better chance to sell your home quickly. You could certainly sell with an out-of-area agent, it just won't be as effective.
- Ofe Polack, "Ofe Polack"
- Contributions:1416
There are a lot of things to take into consideration in order to give you a fair answer. The location and price of the home, the condition, whether you work outside your home hence unable to show the property at all times or whether you are at home and able to show the home when buyers want to look at it. Have you ever been involved in marketing a property or any other product for that matter? Are you a skilled negotiator so you can field the offers and lead them to a contract? Will you be able to reach the buyer market via Internet, printed media, etc....Give these items some thought and then make your decision. The very best of luck, either way you decide to go!
- Ed Finlan, "Ed Finlan"
- Contributions:196
I agree with Paul 100%.
Although any agent will probably be able to sell your home if it is priced right and shows well, you will get much more exposure if you are listed with a local agent. Not only will you be in the MLS, but with a local agent, you will most likely get all the other marketing strategies that broker uses to get your home sold with someone local who is available to help you.
Do yourself a favor and call Paul, When I have someone in the Whatcom County area, I always send them to Paul. Paul has a similar belief/style as I do that uses the internet to its maximum potential as well as the more traditional marketing strategies.
Although any agent will probably be able to sell your home if it is priced right and shows well, you will get much more exposure if you are listed with a local agent. Not only will you be in the MLS, but with a local agent, you will most likely get all the other marketing strategies that broker uses to get your home sold with someone local who is available to help you.
Do yourself a favor and call Paul, When I have someone in the Whatcom County area, I always send them to Paul. Paul has a similar belief/style as I do that uses the internet to its maximum potential as well as the more traditional marketing strategies.
- paulbalzotti
- Contributions:355
If the home is priced aggressively enough, and you are in a great neighborhood, you always have a chance no matter how you go about it.
But if you're considering going For Sale By Owner, there is the obvious fact that you will not have anywhere near 100% market exposure. Not being on the MLS-that alone, you will be missing out on a majority of the qualified buyers searching right now.
But beyond that, for the buyers that do stumble upon the advertising that is being done, buyers will often discount their offer, fully aware you are not paying Real Estate fees.
If your considering a cheap on-line company to get on the MLS, or considering working with an outside of area agent, just getting on the MLS and being priced right will give you a good chance to get your home sold.
But a local agent gives you many additional advantages. A local Realtor is able to network with other local agents (who are working with local buyers) much more effectively to promote your home for sale.
They also have a better grasp of the local market, so they can give you the best advice on pricing your home to sell fast--and the price you choose to list for is very critical!.
There is a ton of other advantages of using a local agent. If someone calls the phone number on the sign, and wants to see the house that day-- an out of town agent can't show it to them most of the time. They also can't answer questions about the neighborhood and community to potential buyers, and many times this information helps sell a prospective buyer on the value of the home.
If you have more questions, or plan to interview local agents, please consider giving me a call or email. And good luck!
But if you're considering going For Sale By Owner, there is the obvious fact that you will not have anywhere near 100% market exposure. Not being on the MLS-that alone, you will be missing out on a majority of the qualified buyers searching right now.
But beyond that, for the buyers that do stumble upon the advertising that is being done, buyers will often discount their offer, fully aware you are not paying Real Estate fees.
If your considering a cheap on-line company to get on the MLS, or considering working with an outside of area agent, just getting on the MLS and being priced right will give you a good chance to get your home sold.
But a local agent gives you many additional advantages. A local Realtor is able to network with other local agents (who are working with local buyers) much more effectively to promote your home for sale.
They also have a better grasp of the local market, so they can give you the best advice on pricing your home to sell fast--and the price you choose to list for is very critical!.
There is a ton of other advantages of using a local agent. If someone calls the phone number on the sign, and wants to see the house that day-- an out of town agent can't show it to them most of the time. They also can't answer questions about the neighborhood and community to potential buyers, and many times this information helps sell a prospective buyer on the value of the home.
If you have more questions, or plan to interview local agents, please consider giving me a call or email. And good luck!
- Ryan Halset, "RyanHalset"
- Contributions:730
It depends on a number of factors...your neighborhood (and how desirable it is), market trends, condition of your house, and maybe most importantly - how much you are selling for in relation to those factors.
Without trying to be too biased (as I am an agent myself), I do think that homes listed with a professional tend to fare better than homes that are "For Sale By Owner"...and the current market only exaggerates that.
Whichever way you decide to go, I would try to find a few folks that have tried to sell their homes themselves in your area and ask what their experience has been.
Good Luck!
Ryan Halset, Realtor
Seattle, Wa
Without trying to be too biased (as I am an agent myself), I do think that homes listed with a professional tend to fare better than homes that are "For Sale By Owner"...and the current market only exaggerates that.
Whichever way you decide to go, I would try to find a few folks that have tried to sell their homes themselves in your area and ask what their experience has been.
Good Luck!
Ryan Halset, Realtor
Seattle, Wa
Do I need to have a local agent in Bellingham, WA in order to sell quickly in this market?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.