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FSBO vs. Realtor. And the Winner IS…
August 11, 2010 by CrazyViv · Leave a Comment
I feel a little like the game show host for Family Feud when he screams out,”Survey SAYS…..” but here’s the thing: numbers don’t lie.
According to a 2008 survey based on home sales*, homes sold by owners (FSBOs) made up 13% of home sales. And of those houses sold, the profit difference was significant. Are you ready? (Drum roll, please):
The typical FSBO home sold for $153,000 compared to $211,000 for agent-assisted home sales.
That’s a difference of 58,000. Or another way of putting it is that 27% less was earned on the sale of your home, your investment, your nest egg. Ouch!
- The owners who put their own homes on the market worked hard to get their homes noticed and sold. Here are the methods they used:
- Listing on Internet/FSBO website: 51%
- Yard sign . . . 44%
- Friends/neighbors . . . 33%
- Newspaper ad . . . 22%
- Open house . . . 15%
Some folks would think it’s logical that once you save the real estate agent’s usual 6% fee for selling your home, you could lower your price and attract a quick sell. According to the statistics here, it’s not that simple. In fact, many FSBO sellers ran into a plethora of difficult tasks. Here’s what they said was the most difficult:
- Selling within the planned length of time: 9%
- Getting the right price: 15%
- Preparing/fixing up home for sale: 18%
- Understanding and performing paperwork: 15%
- Having enough time to devote to all aspects of the sale: 5%
When it’s time to sell your home, make the choice that will increase your overall selling price. And give me a call!
*Source: 2009 National Association of REALTORS® Profile of Home Buyers and Sellers
PS Still not convinced? Read Seven reasons you should not FSBO.
