Why You Should Just Say NO To a FSBO!
The NAR (National Association Of Realtor) Supports the Following:
The number of homes sold by Owners had a decrease in 2018 to the lowest share recorded since this report started in 1981. Just seven percent of home sales were logged as an FSBO. This is most likely due to - fewer homes being listed FSBO overall, and homes listed FSBO not selling and ending up with agent representing them.
The median age for FSBO sellers is approximately 55 years of age. This could be a major factor of people thinking they have enough life experience and knowledge to play real estate agent - which is far from reality.
Just the paperwork involved in the process has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 7% over the last 20+ years.
About 71% were married couples that have a median household income of $98,800. Regardless of marital status or income, it’s not a stretch to say that those who to try and sell their own home are doing so to try to save some money, but lack real estate experience. FSBO Sellers think they save a huge amount of money, but in actuality this is not true. They still have to pay the Buyers agent when they bring a Buyer. So unless you sell to a Family Member - You Pay!
Statistics show that FSBOs typically Sell For Less than the selling price of other homes. FSBO homes sold at a median of $200,000 last year (up from $190,000 the year prior), which is significantly lower than the median of agent-assisted homes at $264,900. While it’s not possible to make a straight-up comparison between the $200,000 and $264,900 number, that is a HUGE difference.
The report also shows that among the most difficult tasks for FSBO sellers was not only having Qualified Scheduled Home Showings, the correct Legal Documents required, Staging the Home correctly, Professional Photographs and most important Listing the Correct Home Price.
Just because your neighbor down the street sold their home for $400,000, unfortunately does not mean yours will.
Negotiating the price is not as easy as many think. You the home owner have a specific price in mind and have no idea what is going on in the market place, so you go on to Zillow and other online websites and think you now have it all figured out. NOT!!
ALL Home Owners think theirs is the Best on the block! Please always remember: It's what the Buyer Wants to Pay for a Home - NOT what the Seller Expects to get!
If you're thinking about doing a FSBO, I can at least let you know what you Might list your home for, as I have access to Comps, Historical Data, along with Current Trends in the Real Estate Market.
Give Me a Call and Let's Talk!