How do For Sale By Owner properties do in the current market? The National Association of Realtors recently released some interesting stats on FSBOs I want to share with you today.
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I want to share some statistics from the National Association of Realtors regarding people who sell their properties as For Sale By Owner, without the aid of a real estate professional.
First, FSBOs accounted for 8% of all home sales in 2016. The typical For Sale By Owner home sold for an average of $190,000 compared to $249,000 for agent-assisted properties. You can see that there is a 23% differential there in terms of the average price for private sales versus agent-assisted sales.
When it comes to marketing homes, 35% of FSBO sellers use yard signs; 24% use friends, family, or neighbors; 11% use online classified advertisements; 15% use open houses; 8% use FSBO websites; 13% use social networking sites; 26% use the MLS; and 5% advertise through print newspapers. If we look at print, 4% use direct mail flyers and postcards. Only 2% use video.
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That said, only 28% of FSBO sellers actually actively marketed their properties.
FSBOs only accounted for 8% of all home sales in 2016.
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Marketing is not the only challenge when selling on your own. What are the most difficult tasks for FSBO sellers?
- Getting the right price.
- Understanding and doing the paperwork that needs to be done.
- Selling within the planned time frame (of which only 13% were able to achieve).
- Repairing and fixing up the home for sale (90% of FSBO sellers listed that as a challenge).
- Having enough time to devote to all aspects of the home sale.
As you can see, listing your property as For Sale By Owner does come with a unique set of challenges. If you have any questions about selling your home or working with a real estate professional, just give us a call or send us an email. We would be happy to help you!
