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FACT : Depending on the price of your home, there is a 60% to 90% chance whoever buys your home will HAVE to sell their own home first. If that sounds like it might complicate things, it's because it always does.
FACT : Statistics currently tell us that 79% of For Sale By Owners eventually end up having to use an agent to sell their property, many when it's too late.
FACT : Most of premium buyers never look at "for-sale-by-owners," because they just don't have the time. Many of them are from out of town and enjoy the convenience and service with working with a Realtor. This service is provided FREE to homebuyers. One call to RE/MAX and they can see all the "best" homes available; a great help to people who need to make a good decision quickly.
FACT : A common mistake made by For-Sale-By-Owners is not pricing their properties correctly. About 10% under-price their homes, and these often sell in less than 2 weeks. Many of these are snatched up by investors on the lookout for under-priced FSBOs who often buy them for 10-20% under market. About 1/3 of all FSBOs are overpriced, and don't sell until they reduce their price.
FACT : Many FSBOs tend to be impatient, and expect to sell their home in less than a month. Even if a FSBO is priced right, it still takes an average of 4-6 months to sell. The reason it takes so long is that they are missing the major real estate market that is dominated by MLS and Realtors. Obviously, a house will sell quicker if it is exposed to 20 times as many buyers.
FACT : Many FSBOs drop their price sooner than they should when their house doesn't sell right away. Most give up during the first month and list with one of many real estate agents who contacted them when they first put their sign in the yard or ad in the paper.
FACT : The biggest complaint from FSBOs : "I get a lot of calls, but they're all from annoying real estate agents who just want to list my house!"
Final outcomes for "For-Sale-By-Owner" homes
For-Sale-By-Owner websites
All the FSBO sites combined comprise about 3% of all real estate listings, compared with 90% on Realtor.com alone.
National Inventory of Homes for Sale, Including All "For-Sale-By-Owners"
On 4/10/05 we did property searches of 3 top national FSBO websites and Realtor.com to compare their number of listings. We entered 3 random cities: Albuquerque , Dallas , and Las Vegas , to see how many listings each site had. These were the search results:
For-Sale-By-Owner websites make money by charging sellers to place ads on their websites. Their fees can range from a few hundred dollars to thousands. A common problem is a lack of follow up by website management, resulting in many houses still being advertised that are off the market. The websites look more appealing and viable to sellers the more listings there are, which can be one reason why many FSBO websites keep listings posted long after the houses are off the market. Buyers get discouraged quickly when they leave messages for a sellers and don't hear back from anyone.
What's the solution?
I am not trying to discourage anyone with these statistics. The numbers are what they are. My message is: I assure you, I can get more money in your pocket at closing than if you were to continue selling your home on your own. The numbers prove it. SEE MY PROMOTIONAL "NO RISK, NO COMMISSION, NO FEE OPTION" OFFER TO GET YOUR HOME SOLD QUICKLY FOR TOP DOLLAR AND MORE MONEY IN YOUR POCKET AT CLOSING! Call me any time at (505) 350-8600.
© 2003 Kevin Kantor RE/MAX Alliance REALTORS®
WWW.REALTOROFNM.COM
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