Pros And Cons Of A Real Estate Private Sale
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Previously, the most popular way of purchasing a home was through a real estate agent. However, it was never absolutely necessary to have this middle man in home buying transactions. The industry was built upon knowledge of a particular market.
From the buyer's prospective, it had some benefits, especially if the area was new to him. Knowing neighborhoods, cost of living, cost of other homes in the area, and what amenities were popular gave the agents an edge. It was easy for a prospective buyer to contact an agent and gain help in finding exactly what he was looking for.
From the seller's point of view, there were also advantages. A seller did not have easy access to the same types of information the real estate agents did. Agencies share databases of information which helps to set the price for a house, and allows the agents to see trends easily.
There were a select few, relatively speaking, who took it upon themselves to sell their homes without help. At times, this meant disaster either for the buyer or the seller, as neither had access to the same data and information as the realtors. It also meant that even though the seller saved the cost of the realtor's fee, the selling price may have been much lower than he could have gotten with more insight, thus eating his profit.
As the appeal of the world wide web increased, so did the available information and the tools accessible to sort through it all and make sense of the data. Databases such as neighborhood data, housing costs, and cost of living made their way to the general public, then other databases like the MLS or Multiple Listing Service. The MLS, in particular, was previously shared in the real estate industry, but not in the public sphere.
Adding in online classified sites, For Sale By Owner sites, social media, and the availability for an individual to host a site makes information on what homes are on the market and what they offer available to anyone wanting to search for it.
Today, there are still advantages and disadvantages to the private selling of homes, for both the buyer and the seller. Technology and information sharing has made it possible, however, to do the research needed, even if an agency is contacted in the long run. Approaching an agency with knowledge means a seller, or a buyer, knows he is getting the best deal.
While a real estate private sale may not be for everyone, even with the available technology; the playing field has been leveled and it is possible for an individual to gain the necessary data to sell a house without a middleman.
Homes For Sale By Owner have been increasingly available as homeowners utilize the Internet to facilitate a real estate private sale. Technology and the advent of both buying and selling tools available on real estate related websites enable average people to find and purchase homes that were out of reach for them before.
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