Each year, many do-it-yourself-ers eager to save money take the plunge by trying the ‘ole “For Sale By Owner” route to sell their home. These brave soldiers venture out into the marketplace, to face head-on, the duties of marketing, pricing, showing, negotiating, scheduling, screening, and paperwork. Though I do give them credit for their motivated efforts, many FSBO’s must learn by trial and error, the value of a real estate professional.
FSBO sales in 1987 (20%) … in 2006 (12%)
40% of all FSBO’s sold their home to someone they knew prior to the sale. Therefore only 7% of all home sales in 2006 were FSBO’s sold on the open market. The other 5% of FSBO’s were simply private sales without a real estate agent involved.
Homes sold with the help of a real estate agent in 2006 sold on average for 32% more than FSBO sales. The typical FSBO home sold for $187,200 compared to $247,000 for agent-assisted home sales.
This statistic means that even if you ARE successful in selling your home on your own, you won’t necessary save any money. What if just you did all that work and netted the same amount, how much would that suck? This is the reason why a GOOD real estate professional will always have a job.
FSBO Methods Used to Market Home:
- Friends/neighbors (53%)
- Yard Sign (51%)
- Newspaper ad (31%)
- Open House (29%)
- Listing on the Internet (22% )
Most Difficult Tasks for FSBO Sellers:
- Preparing/fixing up home for sale (18%)
- Understanding paperwork (16%)
- Getting the right price (11%)
- Attracting potential buyers (9%)
- Having enough time to devote to all aspects of the sale (9%)
***Data provided by 2006-2007 National Association of Realtors (NAR)
Comments(2)