I sold my last house on Welist, got an offer in October of '07 and closed in January of '08. My price was very competitive, I reduced about 5% vs. my the last price I had with a realtor. I was getting some pretty incompetent service, and I got to the point where I didn't want to drag things out further as the Calgary bubble had just popped, and things were going to get worse from that point. I essentially knocked off what I was going to pay my realtor in commission, but still offered a full commission to a buyers realtor.
It is definitely easier to sell your place using welist in a sellers market. There's so much available on MLS right now, that most realtors who are working on behalf of buyers would probably avoid you like the plague. Why deal with a FSBO when you're going to get less hassle and guaranteed commision from a house listed on the mls.
In terms of doing a deal independently, it's pretty easy. If you're comfortable with negotiating, the paperwork and the conveyancing process with your lawyer is pretty standard. Previous posters do bring a up a good point with regards to using a realtor for insurance purposes, though. In hindsight, if I saw any potential issues with the house I sold down the road, I would consider a GOOD realtor. My place was fairly new and well constructed, I didn't forsee any issues.
But overall, I'd say you're in tough in this market. Unless your property is super attractive and dead cheap, you're going to need a realtor to pull in showings.
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