Consumers Read Both Sides and Decide that Agents Aren’t Needed to Sell a Home
NEW YORK, July 29, 2008 – ForSaleByOwner.com (http://www.forsalebyowner.com), the nation’s leading “for sale by owner” website, has been declared the winner of a real estate debate hosted by U.S. News & World Report on the topic, “Do You Need an Agent to Sell a Home?” ForSaleByOwner.com debated against a representative of real estate brokers and agents and collected 66 percent of the votes cast by U.S. News & World Report online readers.
“The Internet provides the resources and promotional power consumers need to sell their homes themselves,” said Greg Healy, VP of Operations, who debated against Jay Thompson, a Phoenix real estate broker. “Studies by two of our nation’s most prestigious universities concluded that “for sale by owner” consumers get more money for their home than sellers who used agents. The debate provided us with the opportunity to communicate these important facts.”
“We thank Luke Mullins of U.S. News & World Report for allowing us to represent the ‘for sale by owner’ industry. We also thank Jay Thompson, who did an admirable job representing Realtors and brokers, for participating in the debate. During these difficult economic times, it is more important than ever for consumers to fully understand their choices when selling their home, and we believe the debate successfully highlighted the issues for readers,” added Healy.
ForSaleByOwner.com competed in the “Housing Rumble,” a regular feature on the U.S. News & World Report’s “Home Front” blog that matches up opposing sides of an issue and lets readers decide the winner. Moderated by Associate Editor Luke Mullins, the debate took place July 14-21, with each side getting three turns to make arguments and debate statements raised by the other side. The debate can still be found on the “Home Front” blog.
Luke Mullins said, “The Home Front would like to congratulate Greg Healy and Jay Thompson for passionately and intelligently articulating their positions. Both men demonstrated themselves to be classy and tough competitors. Healy should expect to receive Housing Rumble championship belt in the coming weeks, after it has been smelted and insured. We trust he will accept our invitation to defend his title.”
Data from the National Association of Realtors has found that more than 84% of buyers use the Internet to search for a home, up from just 2% in 1997. Additionally, Northwestern and Stanford universities have each conducted studies real estate transaction done by “for sale by owner” sellers and those represented by real estate agents. Each study found that FSBO sellers and agents are equally effective at maximizing the sales price of a home and, once commissions are factored, “for sale by owner” sellers received more money for their home.
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, 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.