If you are trying to sell your home and considering For Sale By Owner, consider all of the following home seller statistics.On the positive side of trying to sell yourself:
- A recent study by the U.S. Department of Justice found that people who sell their own homes can save as much as $7,500 in real estate commissions on the sale of a median-priced house.
- According to the For Sale By Owner web site, depending upon the metro area and region the success rates of FSBO range from about 40% to 85%.
Like all real estate marketing, the most important factor is the location of your property (both from a local and regional standpoint). It's the same issue that real estate agents face. Attractive properties (good homes in good areas, that are priced correctly) sell quickly and unattractive ones don't.
If anyone has more information about statistics for FSBO, please leave a comment on this post.
- It is a statistical fact that the competent agent negotiates a higher sale price than the owner does. The buyer responds differently to the agent than they typically do with the seller.
- The buyer of a "By Owner" expects to pay less than the fair market value because they don't expect the services of the professional.
- FSBOs sell at least 3% below the real estate industry sales.
- For Sale By Owner sales typically take longer to secure an offer and longer to get the offer to closing.
- If the property is on the market just one month longer than it could have been, about 1% is lost in costs to the seller.
- Statistics tell us that only about 3% - 4% of home buyers actually buy the home that they called on.
After weighing the options, if you are still going to try to sell your home yourself, check out this home selling advice (Tips for Success in FSBO).
Sources:
For Sale By Owner Education & Agent View and Detailed Information Sheet
