Could you sell your own home?

"Homeowners attempting to sell their homes without the help of a professional generally do so to save the agent's commission fee," continued Ledebuhr. "This saving may or may not pay off. Prospective Buyers commonly submit lower offers, knowing the Seller does not have to pay an agent's commission. It also may take longer for an owner to sell his or her home. Research conducted by the National Association of REALTORS® shows that the average buying or selling transaction takes 4.5 months. Those who tried to sell their home without the assistance of a real estate agent took the longest, 7.4 months."

Before attempting to sell your own home, Ledebuhr advises that you ask yourself these questions:

1. Do you have sufficient knowledge to price your own home? Are you aware of the ever-changing market conditions and of recent sales of similar homes in your area?

2. Do you have the skills and resources to advertise and market your home effectively? Are you prepared to pay months of newspaper advertising costs and be available to handle calls?

3. Do you know what financing is available? (This is one of the first questions a Buyer will ask.) Are you informed about FHA, VA, PMI, and other financing methods?

4. Do you have a network of contacts to produce potential Buyers, and are you able to screen out unqualified prospects--people who are just curious? Are you comfortable inviting in strangers who stop by at 9:00 p.m. because they saw your sign?

5. Are you available seven days a week to show your home? (Buyers will expect you to be available at their convenience, not yours.)

6. Do you have good negotiating skills? Are you comfortable haggling face-to-face over the price? Will you be ready to reveal known defects of your home, and do you know what you are required, by law, to reveal?

7. Can you write a binding contract? Do you have offer forms readily available? Do you have a lawyer to advise you on essential terms that must be in the contract?

8. Can you close a sale? Are you familiar with the many steps required after an offer has been accepted?

"If you can confidently answer 'yes' to all these questions, you probably could sell your own home," says Ledebuhr. "Most homeowners, however, recognize the wisdom in working with a trained, licensed professional to handle the many complex details of a home sale. Mistakes can be costly -- mistakes a real estate professional can easily avoid. The sales agent you select should be able to answer 'yes' to these questions. After all, it's his or her job to know the many aspects of real estate transactions."

Ledebuhr poses one final question for homeowners who are considering marketing their own homes, "Whether you're an accountant or a zoologist (or anything in between) do you think it's reasonable for someone with no training or expertise to do your job?"

The Greater Lansing Association of REALTORS® is one of more than 1,860 Boards nationwide that comprise the National Association of REALTORS®, the nation's largest trade association and the "Voice for Real Estate."