Weak housing market driving more home sellers to go FSBO

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Press Coverage
Written by KMOX.com   

Megan Lynch
Business,Local News
11/18/2010   10:30 am

ST. LOUIS, Mo. (KMOX) – More home sellers are striking out on their own.

“We are seeing a steady increase in 2010, of home sellers that realize the only way to keep the equity themselves, is to sell the house themselves, ” says Joanne Cleaver with ForSalebyOwner.com

The website has seen a double-digit increase in listings in the first half of this year.

Cleaver tells KMOX News, many homeowners are hoping to avoid paying real estate commissions to recoup their investment.  “If you bought in 2004 or more recently, chances are extremely good that any rise you saw in your home equity has been wiped out.”

But Cleaver says if you do go FSBO, don’t ignore what a realtor can bring.  “Fifty percent of this year’s buyers were first-time buyers.  They often work with brokers, they often need to work with brokers, they aren’t sure what they’re doing.  In that case the seller is giving up 3-percent commission to that buy-side agent.  We think that’s worth every penny.”

Cleaver says the web has helped home sellers get more exposure.

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