Common Regrets of Sellers Who Opted Out of Using a Real Estate Agent

Navigating the real estate market without a professional agent may seem like a cost-saving strategy, but a recent survey by Clever Real Estate sheds light on the potential pitfalls and regrets faced by sellers who opted to sell their homes independently.

According to the survey of 1,000 home sellers in 2022 and 2023, those who bypassed professional representation were twice as likely to express dissatisfaction with their selling experience. The initial belief that real estate professionals are overpaid and not more knowledgeable than the average seller often gave way to a different perspective after the transaction.

Homeowners who went solo in their home-selling journey admitted to making mistakes without the guidance of a real estate agent. Over a third of non-agent sellers, including those who engaged in For Sale By Owner (FSBO) transactions or sold to iBuyers, found the process more challenging than anticipated. Common issues included buyer distrust due to the lack of an agent (43%), difficulty in understanding contracts (40%), and legal mistakes (36%).

The repercussions of selling without an agent extended to financial aspects as well. Sellers without representation were three times more likely to report losing money on their home sale. The survey revealed that those who used an agent tended to earn an average profit of $46,603 more than those who sold without representation in 2022 and 2023. Nearly half of unrepresented sellers expressed regret about their pricing strategy, believing their homes could have sold for more with professional guidance.

Additionally, the selling process proved to be more extended and stressful for those without an agent. Sellers without representation were nearly twice as likely to report not accepting an offer for at least three months. While some homeowners initially chose to sell without an agent to expedite the process, they ironically found themselves facing a longer timeframe.

Emotionally, the journey was more challenging for sellers without an agent. Half of them admitted to crying at some point in the process, and 52% felt overwhelmed. In contrast, homeowners who hired an agent were more likely to express satisfaction and less stress throughout the sale.

While some sellers who used an agent had complaints, such as feeling pressured or annoyed, the majority (77%) expressed satisfaction, and 72% would choose to use their agent again.

Despite the increasing reliance on online platforms for home searches, the survey emphasized that most consumers still prefer real estate agents when buying or selling a home. According to the National Association of REALTORS®' 2023 Profile of Home Buyers and Sellers, 89% of buyers and sellers in the last year utilized a real estate agent, showcasing the continued importance of professional representation in the real estate market.

Bottomline

In conclusion, the survey findings highlight the potential downsides of selling without a real estate agent, emphasizing the invaluable role professionals play in navigating the complex and competitive real estate landscape.

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