NEW YORK, Feb. 11, 2009 – A publicly released report by the National Association of Realtors (NAR) has found that people who sell “by owner” get closer to their asking price and sell quicker compared to those who sell through an agent. Specifically, NAR found that those who sell without an agent receive 97 percent of their asking price, while those who sell with an agent receive 96 percent of their asking price. The trade association also found that a home sold through an agent takes 10 weeks, while it takes just six weeks to sell a home “by owner.”
“This data from NAR shows that people can sell their homes quicker and for closer to their asking price if they don’t involve a real estate agent,” says Greg Healy, Vice President of Operations at ForSaleByOwner.com. “While the study didn’t mention the costs of a real estate commission, it’s clear that using an agent means that the seller would generally lose another six percent of their home’s sales price.”
“In today’s housing market where prices are falling, sellers need to know that Realtors’ own data suggests that home owners can get more money selling by owner,” added Healy.
NAR’s report, entitled “2008 Profile of Home Buyers and Sellers,” was based on a questionnaire to 133,000 consumers who purchased a home between July 2007 and June 2008. The survey produced more than 10,000 useable responses.
The findings from NAR provide further evidence of the benefits of selling by owner. In separate studies by Northwestern University and Stanford University, FSBO sellers were found to be as effective as agents in maximizing the sales price of their homes. After commissions are factored into equation, the studies reported, sellers who sell “by owner” actually save more money and retain more equity than sellers who sell through agents. The September issue of Consumer Reports magazine also reported that FSBO sellers are more likely to get their asking price while agents deliver, on average, a sales price that is $5,000 less than the original asking price.
ForSaleByOwner.com (http://www.forsalebyowner.com) is the nation’s leading “by owner” real estate website. Since 1999, ForSaleByOwner.com has saved home sellers more than one billion dollars by providing premium Internet marketing services, MLS listing services, property pricing reports, real estate guidance and information, downloadable legal forms, as well as live customer support, to help customers independently sell their own homes. The company charges a modest fee for its wide range of advertising and real estate resources, priced from $89 to $899. In contrast, a person selling a $300,000 home through a real estate agent would generally be charged a 6% commission fee and pay approximately $18,000. Prospective homebuyers can browse ForSaleByOwner.com’s property database, available at http://www.forsalebyowner.com, at no charge.