Why sell a house by owner in Maine?

For some homeowners in Maine, selling by owner offers the appeal of saving money on real estate agent commissions. By bypassing an agent, you can avoid Realtor fees. However, your savings may be less than you think.

How much might you save? A 2024 court settlement by the National Association of Realtors (NAR) helps clarify the answer. Historically, home sellers paid about 6% of the sale price to cover both the listing agent and the buyer’s agent commissions, but the settlement shifted this responsibility. Buyers now handle their own agent commissions.

This means Maine FSBO sellers might save around 3%, about half as much as some sellers expect. However, this can still be an attractive venture if you’re ready to roll up your sleeves.

In addition, a FSBO sale can give you more control over the transaction and provide a sense of extreme satisfaction. But before you jump in, it’s important to weigh the pros and cons.

Pros of selling a house by owner

• You could save up to 3% on listing agent fees.
• You can take more control of the entire sale process.
• You can communicate directly with buyers (or their agents), avoiding delays.

Cons of selling a house by owner

• FSBO properties typically sell for less. (More about this below.)
• If you don’t already have a buyer lined up, FSBO sales can take much longer.
• Managing showings, negotiations, and contracts is difficult and time-consuming.
• Without expert support, you might accept a less-than-stellar deal.
• Pricing your home right is challenging and can be risky if set improperly.
• Marketing your home requires a lot of time and upfront financial investment.
• You may face safety risks when showing your property to unvetted buyers.
• Legal liabilities can arise if you fail to properly complete the Maine Property Disclosure Form.

Consider the FSBO price and proceeds tradeoff

Selling FSBO in Maine can be rewarding, but it comes with significant hurdles that often knock down any potential savings.

For example, while FSBO sellers might initially save on Realtor fees, transaction data shows they typically leave a significant amount of money on the table. According to the National Association of Realtors (NAR), FSBO homes sold for a median of $380,000 last year compared to the median selling price of all homes, which was $435,000. That’s a potential loss of $55,000 in proceeds in an effort to save around $11,400 (3%) in agent commissions.