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The FSBO Garage Sale Effect

Statistically, Realtors sell homes for more money in less time than a FSBO (For Sale By Owner). How much more? Well, my agency's average sale price to list price is 98% and we sell homes in an average of 78 days. That's very quick considering we have the least days on the market of ALL the agencies in the Dayton area. It is reported that the average home sold by owner sells for 90% of asking price. If those home owners hired a Realtor and paid a 7% commission then they would still pocket 1 - 3% more money versus selling it on their own. The reason? The garage sale effect. Let's say you go to a garage sale, see a brand new chair that you know retails for $100 and they are selling it for $70. What's the first thing you do? Ask if they'll take $60! It's the whole purpose behind garage sale shopping - to find a bargain. It's that very same reason people shop FSBOs - to get a bargain. I am so confident that I will do a better job than those trying to sell their home on their own that I offer 2 unique guarantees. I tell all my clients, if you aren't happy with my services then I will cancel our agreement, no questions asked. I have never had to do so, but I will. I also offer a Sale Guarantee Plan. If I don't sell your home in 90 days then I reduce my commission to 3%. Why would you go through the hassle of selling your home on your own? For more FSBO advice, please check out my For Sale By Owner advice article.

Christina Asad Edwards, REALTOR
2006 & 2007 Sales Masters Top Agent
Christina.AsadEdwards@RealLiving.com
www.teamedwards.info
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About the Author...Blog article was provided by Christina Asad Edwards, a Nationally recognized Realtor and Residential Relocation Specialist. Christina can be reached via email at Christina.Asad@RealLiving.com or by cell phone or text message at 1-937-205-4741. Christina helped thousands of people move in and out of the Dayton Ohio area and other Southwest Ohio towns. For Ohio real estate and homes see Dayton Ohio Real Estate.

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Posted by Christina Asad Edwards @ www.DaytonOhioHouse.com on 06/19/2008 04:17 PM

Comments (6)

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6 Comments on The FSBO Garage Sale Effect

JUN

2008

Great post Christina. I commend you for the stats your agency has on DOM and sales prices.

Great post Christina and good numbers. I also tell my clients that they can fire me at any time if they do not feel I am performing. I wish our days on the market were in that range. I am in Michigan and the last couple of years have been a little more challenging.....but still good....FYI...I'm from the Cincinnati area...

JUN

2008

I like your strategy for reducing commission if you don't sell the home in a set period of time. If customers list at the price I suggest, I rarely have anything on the market too long. It defeats the whole purpose! They end up with way less in the end.

What I'd like to chime in on here though is the fact that agents tell FSBO's in my market that they will do a deal for pennies ....some even so low that I just flat out can't see how they make any money doing it that way. It's insulting really.

JUN

2008

Great post. Those are some impressive stats!

JUN

2008

Agents are one of the ways to sell a house. But it can be very expensive to sell your house with AN agent. It's better to sell your house with FSBO site like Owners or ForSaleByOwner . I've used www.fizber.com and it was quite OK for me. I think it will be a good idea to look more here: http://forsalebyowner.fizber.com/.

Nike,

Clearly you did not read my blog article and supporting information. It is actually LESS expensive to sell the home with a Realtor. It is a simple supply and demand problem. With 2500 Realtors in the Dayton area and each Realtor representing about 2 buyers at any given time, that means the home would be exposed to 5,000 buyers in the MLS. How much exposure do those free sites give? Not as much, which is why FSBOs sell homes for 10% less than Realtors. On a $150,000 home that is $15,000 less than an agent would sell the home for. You used fizber.com and it worked OK for you, but at what cost? Thanks for the comment!

Christina

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