To FSBO or NOT
I had a discussion with a prospective seller recently., He had a few choice words for real estate agents. He shared his opinion and said he thought commissions to be undeserving and unreasonable. That all a REALTOR’s had to do was put a sign in the front yard and wait for buyers!
The biggest and most frequent objection I’ve heard in my career,
“I don’t want to pay you a brokerage fee (commission)”.
I thought it was a good time to examine and consider why it’s not a good idea to try to sell your own home, and IT ISN’T.
It just so happens that the National Association of Realtors’ (NAR) 2018 Profile of Home Buyers and Sellers was just released, and their data further supports this claim.
. …. A few of the “take away” points to remember from this article…..
The median age for FSBO sellers is 55 years.” Could this be a factor of people thinking they have enough life experience and knowledge to play real estate agent
“Seventy-one percent of FSBO sales were by 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 opt to try to sell their own home are doing so to try to save some money
However, “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), and 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 GLARING difference.
The report also showed that among the “most difficult tasks for FSBO sellers” was “getting the right price. This makes sense considering agents have access to comparable, historical data, and a network of other real estate professionals to provide pricing counsel and context, whereas sellers have…Zillow.