The housing market in the Nashville area is approaching never-before-seen levels. And that has created a spike in sellers that are bypassing real estate agents. But some are questioning their decision to post a “for sale by owner” sign in the yard.
Susan Gage is a graduate student at Trevecca Nazarene University and is selling her house so she can afford to pay for school. She decided to list her home herself to evade the six percent realtor commission fees.
“It’s not like I thought it would be. I thought, ‘cause the market is so good, I thought it would sell pretty quick. But it’s not. And I don’t think I have it priced too high,” Gage said.
Gage is not alone. James Tate just sold his home in Thompson Station, and said the process took longer than he expected.
“This one took about four months," he said. "Probably the 'for sale by owner,' it probably turned a few people off."
James Tate and Susan Gage are part of a recent uptick in sales not involving a realtor. Over the past month, one title lawyer in Nashville says he’s witnessed the largest jump he’s ever seen.
Realtors do say they expect more owners to try their luck when it’s a seller’s market. But they contend no matter how fast homes are selling, their services are needed — whether that’s to negotiate with a buyer or make sure they will be able to afford the necessary loan.
Agents also tend to think buyers don’t like the homeowners to be there during showings. But for everything realtors offer, some owners say it doesn’t seem worth what can amount to tens of thousands of dollars in commission.