FSBO Trend Low
The trend of for-sale-by-owners is the lowest it has been. This is according to National Association of REALTORS®’ 2017 Profile of Home Buyers and Sellers report. They found that 89 percent of sellers used a real estate agent instead of FSBO.
“Homeowners understand the value, and seek the expertise and guidance REALTORS® bring to the table when it’s time to sell their home,” says William E. Brown, NAR’s president. “Despite incredibly favorable market conditions for sellers, where finding interested buyers was not a problem, nearly all turned to a REALTOR® to help assist them through the intricacies of listing their home on the market, accepting offers, negotiating the sales price, and closing the deal.” Having a skilled and up to date REALTOR® that knows what laws have changed is incredibly important when you are working with a contract. Many FSBO’s aren’t current on real estate law.
Multiple Reasons Why Sellers Don’t Do FSBO
We covered many reasons why trying to sell FSBO isn’t in a sellers best interest here. One of the biggest reasons people are choosing NOT to go FSBO is that homes sold without a REALTOR® sell for “significantly” lower profits. Then there is the risk of legal action if you don’t know all the intricacies of a contract. There is also the huge benefit of having hundreds of realtors seeing your home on the MLS when a REALTOR® lists it.
First Time Home Buyers Need REALTORS® Too
While many people are using the internet to find out information about homes before they contact a REALTOR®, they are finding out that those online sources aren’t always accurate. The agents local MLS is the best source for up to date and accurate information. There are favorite online sources that just aren’t accurate. They give you their estimate of what a home should be worth. But it isn’t customized to the market. No online source can tell you what the local market is doing and why it is that way better than a local agent that is familiar with the local market. 85% of buyers said they ended up using a real estate agent to purchase their home.
“It’s no surprise a majority of first-time buyers indicated that the top benefits received from their agent were help understanding the buying process (83 percent), pointing out unnoticed property features or faults (60 percent), and negotiating better sales terms (51 percent), Brown said. “REALTORS® over the past year have helped buyers, and especially first-timers, navigate extremely competitive market conditions where the need to be prepared and act quickly has been paramount to the success of purchasing a home.”
As always, thanks for reading and we welcome any additional information or comments you may have.
Source: “2017 Profile of Home Buyers and Sellers,” National Association of REALTORS® (Oct. 30, 2017)
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