BEST ANSWER
Mugzee,
Yes, you can sell on your own. Whether it is advisable is another story. The fact that you got 3 offers in two weeks in this market is fabulous. It shows you were priced well and had very good exposure. And you accepted a cash offer which is excellent because the lending landscape is a nightmare. Even very qualified buyers are running into trouble with their mortgages, even after being pre-qualified and sometimes even after the commitment letter. You say "our apt sold fast because *we* made it look gorgeous, period." But how did those buyers find out about it? Wasn't it because of the exposure your listing agent gave you? Lots of terrific Manhattan apartments, priced-well, are sitting around because there is still quite an excess of inventory. I would say your agent did a very good job. It may look effortless to you, but when I watch someone win the US Open or get an Olympic medal it looks really easy to me to. Anything that is done well looks easy. There are two things that make a property sell - price and exposure. Sounds like you were lucky enough to have had both, you were priced competitively and you were given the exposure to bring in the buyers. Congratulations. Your agent earned his/her commission.
You say you are thinking of changing your mind on the offer you accepted because you don't want to pay the commission. Some facts to consider are that the average For Sale by Owner ends up accepting 25% less than comparable properties sold by a professional real estate agent. Paying a 6% commission is a lot less than giving your place away for 25% less. That is when they are lucky enough to succeed on their own. 86% of For Sale by Owners do not succed and end up eventually listing their property. These are National Association of Realtor stats. Also, your agent is not getting the full amount. Their company and the other company splits it. Then the each agent gets about half (depending on their split) of that.
Jenet Levy
Halstead Property, LLC
(212) 381-4268
jlevy@halstead.com
Mon Oct 12 2009, 19:25