WARWICK | Top 5 Reasons You Shouldn’t FSBO

By
Real Estate Agent with Imagine Properties NY

WARWICK | Top 5 Reasons You Shouldn’t FSBO

 

Did you know that you are legally obligated to tell the buyer about problems that could affect your home’s value, such as foundation damage or environmental hazards like a tendency for flooding or any other major problems with your house? ….in addition, if your home was built prior to 1978, federal law requires that you take several steps to protect the homebuyer from exposure to lead-based paint.   

Click here to read “Should I pay for a pre-listing inspection” 

This is one of the areas where having the right representation to help you sell your home, can give you peace of mind by complying with all the rules and regulations around the home selling process in New York.   

A real estate agent can help tremendously in understanding your liability and walking you through the disclosure procedures prior to putting your home on the market.   

Today, I would like to address about Top 5 Reasons You Shouldn’t FSBO

 

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers. 

Here are the top five reasons:

 

1. Exposure to Prospective Buyers

Recent studies have shown that 95% of buyers search online for a home. That is in comparison to only 17% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

 

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

 

* 49% on the internet

* 31% from a Real Estate Agent

* 7% from a yard sign

* 1% from newspapers

 

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

 

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

 

* The buyer who wants the best deal possible

* The buyer’s agent who solely represents the best interest of the buyer

* The buyer’s attorney (in some parts of the country)

* The home inspection companies, which work for the buyer and will almost always find some problems with the house

* The appraiser if there is a question of value

 

 

READ MORE: http://www.rocklandnyhomes.com/warwick-top-5-reasons-shouldnt-fsbo/


???Thinking of selling your home? Let Diane take over the marketing of your property
www.rocklandnyhomes.com - Call or text 845-709-4758 for more information.

Posted by

Diane Beckmann                               

Imagine Properties

4 Dennis McHugh Court

Tappan, New York  10983

cell:  (845)  709-4758

 

Comments (3)

Kristin Johnston - REALTOR®
RE/MAX Platinum - Waukesha, WI
Giving Back With Each Home Sold!

Great info from Keeping Current matters..>I shared this elsewhere too!

Dec 26, 2017 07:25 AM
Brad Thomsen
Big Bear Realty - Edmonds, WA
Real Estate Services

Hi Diane Beckmann 

Terrific post.

People considering FSBO would benefit from your post.

Best Wishes for a Wonderful 2018

Brad

Dec 26, 2017 07:45 AM
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

Keeping Current Matters continues serving the Kool-Aid on the Collateral Analytics study.

I'm not sure the Collateral Analytics study conclusions can be broadly applied.  The study only focuses on 13 highly populated counties.  Only 150 counties (of over 3,000 counties) in the US comprise 50% of the population.  The study uses AVM methodology as a tool to derive their results.  AVM models do not work well in low population housing markets.  Extrapolating high population urban results to less populated and/or rural areas is risky.

The Collateral Analytics study also indicates it was a normal market. “The data used for this study came from a rather normal housing market, not one in rapid rise or decline, and covered all of 2016 and the first half of 2017.”

A quick review of the markets the study covered showed the following info:

·   Clark County, NV, “The median sales price of previously owned single-family homes in Southern Nevada in June was $257,373. That’s up 2.9 percent from May and 9.5 percent from June 2016, according to a new report from the Greater Las Vegas Association of Realtors.”  Las Vegas Review-Journal 07/06/17

·   Cook County, IL, “Feb 2017 median home price was $210k, a 12% increase over Feb 2016” Illinois Realtors Blog 03/22/17

·   King County, WA,  “median home prices grew 15.7% compared to a year ago”  Seattle Times 05/04/17

·   Prince George’s County, MD, “Prices rose fastest in Prince George’s County, climbing 19% from Feb 2016 to Feb 2017”  WA Post 03/31/17

Double-digit median price increases year over year is a normal housing market? 2.9% increases month over month?  Sounds more like a rapidly rising market.  Only one of the counties in the study had a median price increase of less than 5% (Fairfax County, VA 4.8%).  According to Keeping Current Matters, who provided your blog, 38% of the US states had year-to-year price appreciation greater than 6%.  Washington (including Seattle & King County) had 12.9% appreciation statewide.   

I do not believe the study was done in a “normal market”.  

Also, it does not appear the study excluded Flat Fee Listings, which are typically used by FSBO sellers to advertise in the MLS.  Including Flat Fee Listings as agent represented most likely leads to overstating agent represented results and under-representing FSBO results.   

 

Finally, one comment my stat professor consistently mentioned: "Correlation does not necessarily mean causation".  

Jun 25, 2018 12:22 PM