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There is a lot of confusion recently in the real estate industry. Not surprisingly, most consumers do not understand how the industry works. Moreover, the general public might think they would be better off selling their house on their own. They attempted to sell without the help of a professional.
For Sale By Owner, or FSBO, is not a new concept. In fact, FSBO sales data has been tracked for many years.
In a survey from Clever Real Estate, homeowners who declined to use a real estate agent to sell their property were twice as likely to say they were not satisfied with the experience, made less money, and faced more stress.
In addition to making legal mistakes and struggling to understand a real estate contract, they learned that buyers distrusted them because they didn’t have an agent.
Other key findings from this study include:
- Lower sales price: Homeowners who sold without a real estate agent are three times more likely to say they lost money on their home sale. The Clever Real Estate survey found that those who sold their home with an agent tended to earn $46,603 more in average profits than those who sold without an agent in 2022 and 2023. Moreover, about half of unrepresented sellers say they wish they had priced their home differently. Additionally, nearly half now believe their home would have sold for more if they would have used an agent.
- Longer selling process: Home sellers without an agent are nearly twice as likely to say they didn’t accept an offer for at least three months. 53% of sellers who used an agent say they accepted an offer within a month of listing their home. Ironically, many homeowners who didn’t use an agent said the primary reason for going it alone was to sell faster.
- More stress: Another key point is stress. Half of home sellers who did not use an agent admit to crying at some point in the process. Fifty-two percent of unrepresented home sellers said they felt overwhelmed by the entire sales process. On the flip side, homeowners who hired an agent were more likely to say they felt good about their sale and expressed less stress.
Bottom Line…
If you’re thinking of selling your home, please don’t have the same regrets as a FSBO. Engage the services of a trusted, experienced agent (hint, hint…me!). Make sure you understand what’s happening in your local housing market.
Feel free to shoot me an email. I am happy to provide you with a free market analysis.
Always remember, I’m here for you!
Pamela Smith, REALTOR®
703-609-7267
© 2024 Pamela Smith
