Many people now use the internet to sell their own homes. I have sold many properties using MLS with realtors but I have also sold 7 houses (rentals) using Kijiji or Craigslist. This blog note is not about how to do it. I am sharing some research on if it works; how fast do for sale by owners sell and how much price difference is there.
In March 2003, Realty Viewpoint (an independent research group specializing in trend information to real estate professionals) conducted a random online survey of 3,654 home sellers who had sold their homes in the past year. This was a first of its kind study to determine the needs of sellers and their level of satisfaction while selling their home. Much to even their surprise, they found the following:
SELLING PRICE
?We calculated profit as ?average selling price-average purchase price?. On the resale side, both FSBO and Real Estate Sellers made a lot of money $76,800 FSBO vs $72,300 Real Estate Agents in gross profit. The most important finding here is that FSBO Sellers made 6% more gross profit on their homes than sellers who used a Real Estate Agent.?
?This shows that people who sell their home on their own do, in fact, make more money than people who use a Real Estate Agent. This is gross profit and does not include Real Estate Agent fees. So, if you factor in the average of 6% Real Estate Agent fess that would reduce the profit for those who sold with a Real Estate Agent to 42% or $59,400. This data shows that FSBO?s actually made 29% more in total on the sale of their home than those who use Real Estate Agents.
SELLING FASTER
?Conventional wisdom suggests that Real Estate Agents who have access to Buyers, Sellers, and a host of other services should be able to sell a home faster than someone who sells on their own. Our research shows that this is no longer true. In fact, FSBO?s actually sold their home 3 weeks sooner than those who used Real Estate Agents. The average length of time sellers had their home on the market with Real Estate Agents is 11.5 weeks compared to the 8.1 weeks for FSBO?s.?
HOLDING FIRM ON YOUR PRICE
?The majority of FSBO?s don?t reduce their original selling price. (81% in this survey) More sellers who list with Real Estate Agents do reduce their price before accepting an offer (37% vs 19% FSBO) Reducing price can also add to the time to sell.?
Source: http://selfstorall.com/blog/?p=303
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