If you’re considering selling your South Carolina home, recent headlines about real estate commissions might have caught your attention. You might be wondering if waiting until the end of summer, when the changes take effect, will lead to significant savings on commission fees. However, regardless of whether you end up paying the buyer’s agent’s commission, sellers are still responsible for paying their own agent unless they choose to sell the house without one.
While real estate markets across the Palmetto State vary, one thing remains consistent whether you’re nestled in the Blue Ridge Mountains or enjoying the coastal breeze: For sale by owner (FSBO) transactions demand considerable effort. Keep reading for a comprehensive guide on how to navigate selling a house by owner in South Carolina.
Selling a house without a Realtor in South Carolina
If you’re ready for the challenge of a FSBO home sale, here are some of the steps you’ll need to take:
Research your local market
Understanding housing markets requires a hyper-local approach. For instance, according to April 2024 Redfin data, statewide year-over-year home prices increased by just under 8 percent. However, in Seneca, the median sale price surged by over 33 percent during the same period, while prices in the state capital of Columbia remained steady.
Given these disparities, and in the absence of a real estate agent, initiating the FSBO (For Sale By Owner) process in South Carolina begins with thorough research. Gain insight into the market dynamics in your town, and delve even deeper into your specific neighborhood.
List and promote your home
Once you’ve determined the value of your home by reviewing comparable listings, the next step is to create a compelling online listing that grabs the attention of potential buyers. Consider enlisting the help of a professional photographer for this task. With countless listings online, high-quality images are essential to capture viewers’ interest. Amateur photos taken with your phone, especially those with poor lighting, are unlikely to make an impact.
To ensure your listing reaches house-shoppers on popular platforms like Zillow, Trulia, and Realtor.com, you may need to pay to have it included in the local MLS (multiple listing service). This database, utilized by real estate agents to track available properties, feeds information to many listing websites. Numerous companies offer MLS listing services for a flat fee, with additional options available for a higher cost. Consider national platforms such as Houzeo or Homecoin, or explore local options like SouthCarolinaMLSFlatFee.com.
While traditional methods like yard signs may not be as effective in today’s digital age, they’re still worth considering. Additionally, leverage social media to spread the word about your listing, but exercise caution, especially if you’re still residing in the property.
Negotiate and close the deal
Once you receive offers, it’s essential to carefully review not only the price but also the terms included. Consider factors such as the buyer’s proposed timeline for closing and any contingencies outlined in the contract. Are you comfortable with negotiating back and forth? Engaging a real estate attorney can be invaluable for FSBO sellers, as their expertise ensures the contract is thorough and protects your interests.
Once terms are agreed upon and a contract is signed, the work isn’t over yet. You’ll still need to navigate through paperwork and address any inquiries from the buyer leading up to the closing day. If you’ve enlisted the help of a lawyer, they’ll manage the final paperwork and facilitate fund transfers, ensuring a smooth transaction process.
Required disclosures for South Carolina home sellers
Recent updates to South Carolina disclosure laws mandate that sellers must now disclose any knowledge of flood history and erosion risks as part of the state’s seven-page Residential Property Condition Disclosure statement. This comprehensive document requires sellers to provide a wide range of information about potential defects that could affect the property, including details about the roof installation, any structural modifications made during ownership, and other pertinent information.
Do I need a lawyer to sell my house in South Carolina?
While South Carolina state law mandates the presence of a lawyer to oversee the closing process, it’s typically the buyer who hires the lawyer for this final step. However, as a FSBO seller, you may want to consider hiring your own legal counsel for added protection. Real estate transactions involve extensive paperwork and significant financial implications, making legal expertise invaluable. Investing in your own legal representation can offer peace of mind and help mitigate potential risks.
Pros and cons of selling a house by owner in South Carolina
Pros
- Cost savings: Without a listing agent, you avoid paying the typical commission fee, which can amount to significant savings. On a $350,000 sale, for instance, saving 2.5 percent on commission translates to $8,750 in your pocket.
- Control: Selling FSBO puts you firmly in the driver’s seat. You have the freedom to manage the process according to your preferences and priorities without an agent dictating the terms.
- Priority focus: As a FSBO seller, you are your own top priority. Unlike real estate agents who often juggle multiple clients, you won’t have to wait for callbacks or accommodate others’ schedules. You can focus solely on your own needs and timeline.
Cons
- Significant workload: Taking charge of the selling process means shouldering a considerable amount of responsibility. From creating listings and marketing your property to coordinating showings, negotiating terms, and handling paperwork, be prepared for a substantial workload.
- Potential risks: Real estate transactions involve intricate negotiations and complex legal documents. Without proper expertise, navigating these waters can be daunting and risky. Making a mistake in the contract could have costly consequences, especially considering the substantial financial stakes involved.
- Possible lower profits: Research from the National Association of Realtors indicates that homes sold by agents typically fetch higher prices than FSBO sales. While you may save on commission fees, you could potentially lose out on maximizing your profit in the sale.