NEW YORK, Oct. 14, 2008 – ForSaleByOwner.com, the nation’s leading “for sale by owner” real estate website, today released results of a survey that found more than 80% of its sellers use their commission savings in a fiscally prudent manner, including putting a down payment on their next home (42%), paying off bills (26%), putting money away for retirement (13%), and paying for a child’s college tuition (2%). The average savings was $12,750.
More than 1,000 home sellers responded to the August 2008 survey, which was conducted via email to consumers who sold their homes on ForSaleByOwner.com.
“Studies by major universities and independent publications have found that ‘for sale by owner’ sellers actually make more money from selling their home than agent-represented sellers,” said Greg Healy, Vice President of Operations for ForSaleByOwner.com. “Our survey reveals the noteworthy trend that, unlike the recent practice of using home equity to fund big-ticket discretionary spending, FSBO consumers are using the commission savings for more conservative purposes such as the down payment on a new home, paying off credit card debt and saving for retirement.”
“Many families would need years to save $13,000, especially in current economic conditions. ForSaleByOwner.com is proud to offer a service that allows people to efficiently sell their homes and strengthen their families’ finances,” added Healy.
In separate studies, Northwestern University and Stanford University found that “for sale by owner” sellers are 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 is the nation’s leading for sale by owner 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 offers a wide range of listing packages at varying prices that provide advertising, information, tools and resources to empower people to sell their homes themselves. 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.