5 Big Insights on Selling a Home in 2014
Whether you’ve already put your home on the market or are just considering it, navigating the selling process can be daunting. A handful of key insights into today’s market will help you feel more confident and may increase your chances for a successful outcome.
1. The value of a real estate agent has changed. Why? Because most buyers find homes online without the help of an agent. In 2013, nine in 10 buyers used the Internet at some point during their home search, and more than half of buyers started their home search online, according to the National Association of Realtors (NAR). Additionally, nearly half of recent buyers said they found the home they purchased online, a statistic that has been rising steadily each year since 2001.
2. The average sale price of homes sold by ForSaleByOwner.com sellers is higher. According to NAR, the median sale price of agent-assisted home sales in 2013 was $230,000, while ForSaleByOwner.com’s average sale price was nearly $20k more. Imagine what you could do with all that extra money in your pocket.
3. More direct communication = better home sales. Because inventory of homes is down nationwide, “by owner” home sellers are more likely to be contacted directly by potential buyers, resulting in simpler negotiations and lower costs. Plus, asking prices are typically reduced fewer times on “by owner” listings, thanks to the direct communication between buyers and sellers.
4. The savings potential is huge. Sellers typically pay agent commission fees that can reach up to 6 percent of their final sale price. If you sell a $300,000 home by owner, you could save $18,000 on agent commission fees. Boom! There’s your new bathroom or fancy deck (patio furniture and gas grill included). Online listing services give “by owner” sellers access to the same tools agents use, including the Multiple Listing Service, at a fraction of the price. Beyond that, NAR reports that only 15 percent of “by owner” sellers said they used incentives to attract buyers versus 36 percent of agent-assisted transactions. Trust us, your bank account will thank you.
5. “By owner” sellers are just like you. In fact, customers on ForSaleByOwner.com are tech savvy, well educated, middle class and comfortable using a wide variety of resources and tools, including social media. Sound familiar?
Selling your home on your own doesn’t mean you’re all alone. We’re all about finding new ways to help buyers and sellers connect. If this is your first visit to our blog, welcome! We hope you’ll jump in on the conversation. If there’s one thing we’ve got, it’s opinions, and we back them up with statistics, studies and research. So stay tuned!