FSBOs Still Falling Short in Sale Price

       Despite the ever-growing number of web sites designed for "do-it-yourself" home sellers, the 2004 National Association of Realtors Profile of Home Buyers and Sellers shows that the level of for-sale-by-owner (FSBO) transactions hasn't changed since 2003.

       Only 14 percent of owners sell their homes without the assistance of a real estate professional, and since 32 percent of those individuals know the buyer in advance, only about two-thirds of FSBO transactions are placed on the open market.

       NAR's study reveals that the sale price of FSBO homes lag behind as well. The median selling price of homes sold directly by the owner is 15.4 percent less than agent-assisted transactions at a loss of more than $29,000 on a home priced at the current median of $189,000.

       By trying to save the typical real estate agent's fee of 6 to 7 percent, these buyers sacrificed over twice that amount.

For Sale By Owner (FSBO) Statistics. Did you know?

... the typical FSBO home sold for 163,800, compared to $189,000 for agent-assisted home sales.

FSBO Methods Used to Market Home:
Yard Sign ... 63%
Friends/neighbors ... 25%
Newspaper ad... 44%
Open House... 33%
Internet... 24%

Most Difficult Tasks for FSBO Sellers:
Getting the right price... 24%
Understanding paperwork... 22%
Preparing/fixing up home for sale... 24%
Attracting potential buyers... 10%
Having enough time to devote to all aspects of the sale... 5%

In addition to problems with getting the right price, the survey also found that the biggest hurdles faced by FSBOs are propping the home for sale and completing the necessary paperwork.

Only half of recent FSBOs said they would probably sell their current home without the help of an agent in the future.

If this sounds like you, give me a call so I can help.