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Thursday, November 29, 2007

FSBO Facts

  1. Approximately 70% of FSBO sellers eventually turn to a Realtor to sell their home.

  2. The median "FSBO" selling price was $145,000 compared to the median agent-assisted transaction price of $175,000. The bottom line is FSBO sellers received 17% less compared to agent-assisted transactions.

  3. In 2003, only 14% of home sellers actually sold their homes without the help of a real estate professional.

  4. The number of people who sold their house For Sale by Owner in 2003 has decreased 30% in the last two years.

  5. 44% of buyers who purchase their home directly from an owner in 2003 knew that seller in advance of the transaction.

  6. Only 5% of buyers purchased directly from buyers they didnt know in advance of the transaction.

  7. Homes sell 80% faster when listed by a Realtor on the MLS.

  8. Because Sellers are faced with a number of challenges, only half of the recent FSBOs said they would sell their current home without the assistance of a Realtor.

  9. It is common knowledge that many FSBO homes on the market are badly overpriced.

  10. FSBOs may not be objective about their homes and may not see some of the physical characteristics that may turn buyers off.

  11. Since FSBO sellers do not use a real estate professional, they have to do their own marketing to attract potential buyers. Real estate professionals have an expertise in marketing that can help sell a home for more money in less time.

  12. Buyers who look for FSBOs usually offer 6-10% below the price of comparable properties because they know the seller is not paying a commission.

  13. Alleged failure to disclose such things as previous repairs, insects, exact lot lines, and the presence of certain types of mold/fungus in the property are the source of many lawsuits against sellers and can cost the seller thousands of dollars in legal fees.

Most Difficult Tasks for FSBO Sellers
Getting the right price for the house19%
Understanding the paperwork30%
Preparing/fixing up home for sale26%
Attracting potential buyers7%
Having enough time to devote to all Aspects of the sale 14%


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Louie Harris said...

I’m planning to list as for sale by owner house. The tips presented here are very helpful for anyone looking to attempt selling their home as for sale by owner. Thanks for the assistance!