NAR (National Association of Realtor's) statistics show FSBOs (For Sale By Owner’s) accounted for 9% of home sales in 2010. Of course it sounds easy – just stick the ‘For Sale’ sign in the lawn and wait for the offers to come in. What sellers don’t realize is: the art of pricing, the proper marketing strategy, the ability to qualify buyers, the time to field calls, inquiries, viewers (and no shows) and to set up and host open houses. They also aren’t aware of legal issues, negotiation skills/tactics, ability to write protective clauses, nor the safety concerns of opening their home to strangers…..just to name some items.
Well the ‘For Sale By Owner’ founder realized how hard it was to sell his own condo and hired a Broker, paying the 6% commission. Not only did the agent INCREASE his asking price by $150,000, he was able to attract a buyer that the founder’s ‘do it yourself’ methods could not succeed in doing. And, the property is not some itty-bitty condo. We’re talking about what sold for $2.15 million (a pricy condo purchased, no doubt, with the money made by many For Sale by Owner casualties).
That being said, there are success stories of people who have successfully sold their own home (note – NAR statistics show that the typical FSBO home sold for $140,000 compared to $199,300 for agent-assisted home sales). Just like there are those who have completed their own home renovations….some things are best left to the professionals.
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