For Sale By Owner Information

Home Sellers and Their Selling Experience
Slightly over half of home sellers traded up to a larger and higher priced home and slightly more than one-fifth traded down to a smaller and less expensive home. Eighty-four percent of sellers were assisted by a real estate agent when selling their home. Recent sellers typically sold their homes for 96 percent of the listing price, and 60 percent reported they reduced the asking price at least once. Forty-two percent of sellers offered incentives to attract buyers, most often assistance with closing costs and home warranty policies.

Home Selling and Real Estate Professionals
Thirty-eight percent of sellers who used a real estate agent found their agents through a referral from friends or family, and 26 percent used the agent they worked with previously to buy or sell a home. Ninety percent of sellers reported that their home was listed or advertised on the Internet. Among recent sellers who used an agent, 85 percent reported they would definitely (65 percent) or probably (20 percent) use that real estate agent again or recommend the agent to others.

For-Sale-by-Owner (FSBO) Sellers
The share of home sellers who sold their home without the assistance of a real estate agent was 13 percent. About half of them, 45 percent, knew the buyer prior to the home sale transaction. The primary reason that sellers chose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee or commission (59 percent). One-quarter of FSBO sellers took no action to market their home, and 72 percent did not offer any incentives to attract buyers.
Forty-two percent of FSBO sellers used yard signs, and more than one quarter listed on the Internet.

 

Characteristics of Home Buyers

Forty-one percent of recent home buyers were first-time buyers.
The typical first-time home buyer was 30 years old, while the typical repeat buyer was 47 years old. The 2007 median household income of buyers was $74,900. The median income was $60,600 among first-time buyers and $88,200 among repeat buyers. About one-quarter of first-time buyers identified their race or ethnicity as non-white. Twenty percent of recent home buyers were single females, and 10 percent were single males. For two-thirds of recent home buyers, the primary reason for the recent home purchase was a desire to own a home.


The Home Search Process

For one-third of home buyers, the first step in the home-buying process was looking online for properties. Eighty-seven percent of all home buyers and 94 percent of buyers aged 25 to 44 years used the Internet to search for homes. Real estate agents were viewed as a very useful information source by 81 percent of buyers who used an agent while searching for a home. The typical home buyer searched for 10 weeks and viewed 10 homes. Six percent of buyers purchased a home in foreclosure.

Home Buying and Real Estate Professionals

Eighty-one percent of buyers purchased their home through a real estate agent or broker. Among those who purchased a new home, this percentage increased to 54 percent from 50 percent last year. Forty-three percent of buyers found their agent through a referral from a friend or family member. Seventy percent of buyers would definitely use their real estate agent again or recommend the same agent to others.
2008 profile of home buyers and sellers - Realtor.org (Statistic & Research).

 

The facts are clear, 84% of home sellers were assisted by an agent, while only 13% of FSBO sold their home without an agent. Yet, of that 13%, 45% knew their buyer so those FSBOs did not need an agent to market or represent them selling their home. For Home Buyers, 81% purchased through an agent, and 87% used the internet to search for homes, with 94% of those being aged 25 to 44 years old used the internet.

Seller's need to realize that the buyer's agent will sign the buyer to an agency representation contract to protect their work effort. The buyer can pay the agent's commission or service fee up front. Since buyers rely on the agent collecting their fees from the sale, and traditionally the seller pays the commission at closing, listed homes are the only option for buyers to choose. In fact, the buyer is informed early on in the agency relationship that FSBO homes will not be presented because those homes are not listed therefore no agreed commission that covers the buyer's agency fees. So, the buyer relies heavily on listed properties paying a commission to cover the buyer's agent's fees.

For Sale By Owner website services discourage a buyer's agent from contacting you with: "Seller on a Do Not Call List" or "No Agents" or "Agents Not Welcomed". Also, some MLS Flat Fee services charge you a fee promising to market your home then tell you to handle everyhing else. Furthermore, some flat fee MLS services "list your home to Realtors" but not necessarlily the Realtors in your local area. MLS systems vary by region throughout your state's area. So, instead of paying for membership where your home is located, the flat fee service lists your home in their member affiliated MLS which could be on the other side of your state. In Arkansas, its illegal to practice real estate without a broker's license. Therefore, many FSBO websites allow you to upload your home's information and photos but that is as far as they can go. Some claim to be able to input your home in a multi listing system (MLS) with Realtors and agents. Without a broker's license, FSBO services cannot list your home with Realtors or in the local MLS system.

Does it sound right to market and expose your home to the least amount of the buyers, with little to No Relevant Marketing, and No Professional REALTORS , and No Representation Assuring Your Home Gets Sold?

 

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