ForSaleByOwner.com, the nation’s leading “by owner” real estate website, today announced the results of a survey that found 78 percent of its current customers are first time “by owner” home sellers. First timers are typically half of its customer base, and the company attributes the increase to the decline of home values across the country and the need of home sellers to save money during the selling process.
“As home values have decreased, the need for sellers to maximize the proceeds from their home sales has increased,” said Greg Healy, Vice President of Operations for ForSaleByOwner.com. “Home prices have fallen more than 15 percent in the past year and, combined with paying an additional 6 percent in real estate commission, more sellers are looking to sell their own home.”
In a survey that asked ForSaleByOwner.com customers how many times they have used a “for sale by owner” method to sell a home, 78 percent responded that this was their first time. 12 percent indicated that they have used this method once before, 5 percent said twice before and 4.5 percent responded that they have done it three or more times before.
Today’s news provides more data about the “by owner” real estate market, which ForSaleByOwner.com believes will grow as consumers better understand its financial benefits. Separate studies from Northwestern University and Stanford University found that FSBO sellers are as effective as agents in maximizing the sales price of their homes and, after commissions are factored into equation, sellers who sell “by owner” actually save more money. The September 2008 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.
In addition, a recent survey from the National Association of Realtors found that people who sell “by owner” get closer to their asking price and sell quicker compared to those who sell through an agent. 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.”
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 be charged a 6% commission fee and pay approximately $18,000. Prospective homebuyers can browse property database, available at http://www.forsalebyowner.com, at no charge.