How to Sell a House By Owner in Delaware
When the time comes to move to a new place, some industrious homeowners in Delaware want to take the helm of their home sale and figure out how to sell a house by owner.
With more than 5 million homes sold in the U.S. each year, a small portion of sellers — about 7% — choose to list “For Sale By Owner” (fizz-bow). Of those, 57% already knew their buyer, according to data from the National Association of Realtors (NAR).
In this guide to selling FSBO in Delaware, we present the ins and outs of selling by owner in The First State. This includes a comprehensive overview of the full process of preparing, marketing, and closing your home sale without the help of a Realtor.
Editor’s note: No matter how you choose to sell your home, if you’d like to consult with a real estate agent first, HomeLight can introduce you to top-rated professionals in your Delaware market. Based on sales data, the top 5% of agents sell homes for 10% or more than average agents.
How does selling by owner (FSBO) work in Delaware?
Disclaimer: This post is intended for educational purposes. HomeLight always recommends that you research your area’s real estate regulations and consult a trusted advisor.
FSBO is a method of selling a house without the assistance of a commissioned or flat-rate Realtor, known as a listing agent. In a FSBO sale, the seller assumes the responsibilities that would normally fall to their agent, such as pricing the property, marketing it to buyers, arranging showings and open houses, and negotiating the deal.
In an agent-assisted home sale, the seller usually pays a commission of around 6% of the final price, which is then typically split 50/50 with the buyer’s real estate agent. That 6% is deducted from the seller’s proceeds at closing. When selling by owner, a seller can theoretically avoid the cost of the listing agent’s commission (around 3%*), though they may still need to offer a buyer’s agent commission.
