Top 5 Facts You Need to Know If You’re Considering Selling Your Home for Sale by Owner
Here are the top 5 facts you need to know if you’re considering selling your home for sale by owner:
- It’s harder to sell your home for sale by owner in today’s market. FSBO transactions account for less than 10 percent of sales. That’s well below the record high of 20 percent set in 1987. The share of homes sold without professional representation has trended lower since 1997.
- If you know someone who wants to buy your home, you’ll be more likely to be able to sell it on your own. Many FSBO properties are not sold on the open market. Factoring out private sales between parties who knew each other in advance, the actual number of homes sold on the open market without professional assistance is around 6 percent.
- If you’re good at attracting buyers, pricing your home and filling out paperwork, selling your home for sale by owner may be the way to go. The most difficult tasks reported by unrepresented sellers are attracting potential buyers, getting the right price, and understanding and completing paperwork.
- Hiring an agent still gives you the best chance of selling your home. Approximately 90 percent of buyers used real estate agents and brokers to purchase a home.
- For Sale By Owner homes sell for less money. The typical For Sale By Owner home sold for $174,900 compared to an agent-assisted sale of $215,000.