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Community Corner

Why You Need Realtor in Today's Real Estate Market

The perils of attempting to sell it yourself in today's real estate market.

I must admit that I sold my first home by myself. This was a few years before I embarked on a career in the real estate. I didn’t know much about selling a home.

However, I did know three things. I had to get the home in tip top shape, price it right, and I would need legal advice once I had a contract on the home. I cleaned and touched up several items. I ran an ad in the newspaper and sold the home in the first week. I hired a real estate attorney to assist with three legal aspects of the transaction and all went well.

Fast forward a few years and this somewhat simple transaction has become a complicated maze for the typical home seller. Contracts have evolved from three or four pages to dozens of pages. The paper work grows constantly.

A friend in the business, Ira Serkes who works the Berkeley, California market has long dealt with well over 100 pages of contract, inspection and various disclosures. Each year the need for some those documents find their way into the Atlanta market.

Just this week I am receiving advanced certification on working with short sales. This is a subject that was not on the radar five years ago.

I know most would say that they expect me to advise sellers to use the services of a Realtor. Over the years I have advised people to sell their home by “for sale by owner” and even some to not sell their home at all. 

A story in The Wall Street Journal in 2011 pretty much says it all for today’s market. After trying to sell his home without an agent, ForSaleByOwner.com creator Colby Sambrotto hired a real estate agent to sell his $2 million dollar home in New York.

The first advice from the real estate agent to the seller was to increase the price. He did and the home sold quickly.

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Before 2007 about 20 percent of homeowners sold their own home. What is not reported is that many of those people were approached by a Realtor with a ready, willing and able buyer. That Realtor likely handled the transaction.

Today those same Realtors have fewer buyers and many more sellers to choose from. They have short sale listings, they have foreclosure listings and they have traditional sellers listings. That leaves little time to follow up on the for sale by owner homes.

The one thing that the most for sale by owners must handle regardless of their selling experience is the emotional attachment to that home. That is why Realtors will often ask other Realtors to list their home. They cannot step away from the attachment.

What is happening in our market this week? If you are shopping for a home or just looking there will be several open houses for you to visit.

Find out what's happening in Peachtree Cornerswith free, real-time updates from Patch.

Editor's note: Nancy Minor is a Realtor with . Her office is located in Peachtree Corners.

 

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