The top 5 things For Sale By Owners should know
- The average For Sale By Owner home sold for $210,000 versus $249,000 for homes that use a real estate agent. That is a whopping $39,000! And this is just the average agent not the exceptional agent who is a real pro.
- The top two most difficult tasks according to a survey of For Sale By Owner homes were Understanding and Performing the Paperwork and Trying to Sell Within the Planned Time. Many For Sale By Owners were overwhelmed and discouraged by the length of time it took them based on their pricing strategy and the difficulty in getting the paperwork right not having been experienced in these transactions.
- Over 89% of all homes are sold by a Real Estate agent and this statistic is up from 10 years ago. More and more home sellers are using an agent. Home buyers use an agent 87% of the time and the major way to reach this large pool of buyers in via the MLS database.
- Over 72% of buyers would use the same agent again when buying a home and by going For Sale By Owner you are very likely limiting your pool of potential buyers thereby shrinking demand. More demand, less supply equals higher prices.
- By simply having your home sit for 90 days or more could cost you anywhere from $3000-$9000 or more in mortgage interest payments depending on your mortgage balance and interest rate.
For sale by owner may very well be for you if you have the time to prep your home for sale, marketing experience to reach thousands of buyers at once on a daily basis and you are comfortable with the paperwork process.
These stats aren’t intended to stop you from going For Sale By Owner. The purpose is to educate and to inform you on things to consider and explore what may be on the other side of using an agent that is experienced in your area and knows the ins and outs of the market. We have helped hundreds of For Sale By Owners get the price they want for their home.