Half of all homeowners (48 percent) who decide to sell their home without agent representation believe that it will take a little extra work but be worth it because they’ll save money on commissions and closing fees.
But research finds that for-sale-by-owner (FSBO) sellers actually spend a lot more time than they imagined just to end up with a final selling price that’s lower than comparable listings sold by an agent, according to research by the National Association of Realtors®.
Most (89 percent) homes sold this year included the assistance of a real estate professional, according to NAR’s 2015 Home Buyers and Sellers Profile report. But a small number of people (8 percent) still preferred to do it alone – a record low of for-sale-by-owner transactions, according to NAR’s survey, which dates back to 1981.
“In reality, homes sold by the owner make less money overall,” according to NAR’s Economists’ Outlook blog.
According to NAR’s survey, the median selling price for all FSBO homes was $210,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $151,90. However, homes sold with the assistance of an agent had a median selling price of $249,000 – nearly $40,000 more for the typical home sale.
Source: “Selling Your Home Solo to Save Money? You’ll Actually Make Less Than You Think,” National Association of Realtors® Economists’ Outlook Blog (Nov. 9, 2015)
© Copyright 2015 INFORMATION, INC. Bethesda, MD (301) 215-4688