Or as we say in the real estate business, “FSBO”
Wanting to sell your house on your own and take "the middle man" out of the equation is understandable, but does it work out?
According to the National Association of REALTORS®' 2017 Profile of Home Buyers and Sellers, most buyers search for homes online – and most buyers also use a real estate agent. NAR based the data on random survey responses from a sample of last year’s homebuyers.
Not surprisingly, the 2017 data shows that the internet (95 percent) and real estate agents (89 percent) remain the top two information sources used during buyers' home search. Further, for the third straight year, for-sale-by-owner sales were their lowest share (8 percent) in the survey's history.
Overall, 87 percent of buyers ended up purchasing their home through a real estate agent, and finding the right property to buy and help negotiating the terms of the sale were the top two things buyers wanted most from their agent. Even for those who found the home they purchased online, nearly all still closed on it with the help of an agent (88 percent).
The main reasons buyers cited for using a real estate agent were to understand the buying process and to negotiate sales terms.
And for Sellers:
The National Association of REALTOR® data is helpful to understand buyer feelings about FSBOs, and at The Lee Ann Wilkinson Group, we know and can share first-hand the advantages of working with an agent for sellers.
Wanting to sell a home on your own seems like it could save money and take out the administrative burden of working with a real estate office, but consider the facets of selling that cost you time and money.
Here’s what our office can take off your plate, aside from providing our high-exposure familiar Berkshire Hathaway HomeServices yard sign!
- Pricing. We provide a free comparative market analysis to sellers. We do the research for you on how your home compares to others in value and recent sales data, so it can get priced right – right from the start. This is an enormous time-saver, and anecdotally, we have seen time and again how the right price up front can prove to save you money in the long run because you don’t waste time with an inappropriately priced home, and don’t have to negotiate as much.
- Marketing. Our advertising budget is one of our largest expenses and we have a wide reach – print, broadcast, internet, and of course, the Multiple Listing Service (which is picked up by other sites like Zillow, in which we also have a sizeable investment). Most of all, we give sellers the largest local network of past and referral clients who are either looking to buy or know people who are.
- Showings. Coordinating showings can be a significant administrative task. Inevitably, people want to see homes last-minute, then cancel last-minute. Further, working with a REALTOR® gives you some peace of mind in terms of screening – and buyers are accompanied by a licensed professional.
- Contracts and Qualified Buyers. Contracts and negotiations are our specialty. Of course, foregoing commission is perhaps the chief reason you want to sell on your own, but the residential sales contract undergoes changes and has addendums, inspection forms, etc. And mortgage regulations and qualification criteria change all the time. For the “fine print” and legal considerations alone, an experienced REALTOR® is invaluable.
In 2017, The Lee Ann Wilkinson Group closed 463 transaction sides – which is a 17% increase in closed transactions over last year, and comprised 369 individual properties.
We sold more than one home per day!
Further, our average sales price increased by 15% compared to 2016. The overall market has shown a decrease in available inventory, and homes are selling more quickly.
For sellers, these numbers indicate that it is a great time to sell – and using a REALTOR® can help you do it with minimum coordination and maximum return!