CHICAGO, Dec. 16, 2009 – ForSaleByOwner.com, the nation’s leading “by owner” real estate website, today hailed a recently released annual report from the National Association of Realtors (NAR) that compared “by owner” home sellers with agent-assisted sellers. NAR’s “2009 Profile of Home Buyers and Sellers” found that home sellers who sell “by owner” on average sell their homes quicker and closer to asking price than agent-assisted sellers. The report also found that more people are using the Internet to search for a home and that real estate agents are no longer the most common way that buyers find the homes that they purchase.
The report from the real estate agent trade association discovered that “by owner” sellers received at least 97% of their asking price on average, while those represented by an agent got at most 95% of their asking price on average. The report found that “by owner” sellers sold their homes in 6 weeks on average, while it took agent-assisted sellers 12 weeks to sell their homes on average. According to the report, 90% of all buyers use the Internet to search for a home, up from 87% in 2008, 80% in 2006 and 71% in 2003.
The report also discovered that, for the first time, the same percentage of buyers found their home on the Internet (36%) as those who found it through a real estate agent (36%). The Internet has become the primary source to find real estate and has trended upwards throughout the decade, while it has trended downward for agents. For example, in 2001, early in the decade, just 8% of buyers found the home they purchased on the Internet while 48% of buyers found it through a real estate agent.
“This report provides ample reasons why the ‘by owner’ home selling method is a great way to sell a house,” said Greg Healy, Vice President of Operations for ForSaleByOwner.com. “In addition to saving on a potentially large commission, a ‘by owner’ seller can expect to sell a home quicker and closer to asking price.”
“Even in a bad housing market, the ‘by owner’ seller is able to outperform agents because the Internet provides the home pricing tools, advertising and marketing, and real estate resources that a seller needs. We are also excited about the fact that an equal percentage of buyers are finding their homes online as through an agent, which is an important milestone for Internet marketing of homes. In over view, the Internet has become the most effective way to find, market and sell a home,” added Healy.
NAR’s “2009 Profile of Home Buyers and Sellers” was based on a questionnaire sent to more than 120,000 consumers who bought a home between July 2008 and July 2009. The survey produced more than 9,100 usable responses.
ForSaleByOwner.com is the nation’s leading “by owner” real estate advertising and marketing 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.