1) You property won't be listed on the MLS if you go the "For Sale By Owner" route.
2) Most REALTORS® won't show you home if you don't offer them a commission for bringing a buyer. You'll most likely have to offer a REALTOR® who brings a buyer at least 3% - and some will want more because they are going to have to double check all of your paperwork and do some extra leg work to make sure everything is legal and up to snuff.
3) You will have lots of out of pocket costs to deal with. Advertising, signage, flyers, open houses, etc.
4) Do you have a network of REATLORS® you can call or notify that you home is for sale and ask them to come take a look? Most REALTORS® work with both buyers and sellers. You need to advertise to REALTORS® with buyers. Do you know who they are and how to contact them?
5) You will have to conduct your own showings. Can you be available during the day Monday thru Friday?
6) Who are you going to let into your home? Just anyone who wants to see it? REALTORS® don't show you home to anyone who hasn't been through their qualification process. Also, the REALTORS® key system (in areas with electronic keys) keeps track of each and every time someone enters your home. Be careful - some criminals visit open houses just to see what goodies you have and then they come back later to steal your stuff.
7) Do you really know how to accurately price your home for the marketplace?
8) Do you realize that about 95% of all FSBOs (For Sale By Owners) that are actually sold end up getting sold to investors who pay rock bottom prices?
9) Did you know that most FSBOs eventually end up selling with a REALTOR® after their owners get totally frustrated with the process.
10) Do you know how to qualify a buyer? How do you know if the sale will hold together through the closing?
11) Do you know what to look for in a mortgage pre-approval letter? How do you know it is worth the paper it is written on?
12) Do you know how to process and file all of the paperwork?
13) Do you know the legal ramifications if something goes wrong?
14) Do you know how much it costs up front to hire a real estate attorney? An appraiser? A title compnay? An inspector?
15) Do you know that a REALTOR® only gets paid IF and WHEN you home sells and actually closes?
Buying or selling a home is the biggest investment most people ever make. In my opinion, you shouldn't do this without professional help.
Would you represent yourself in court, or would you hire a lawyer?
Would you operate on yourself, or you you hire a skilled surgeon?
Make this decision carefully. But by all means, feel free to try it yourself. Chances are that after you spend a couple of thousand of dollars, you will get frustrated and hire a REALTOR®.
This is not a complete list, but it gives you an idea of just some of the things that you need to be aware of.
I hope that helps.
In the interest of full disclosure - I am a REALTOR®, licensed in Minnesota.