Greater access to digital tools, more resources, and information are contributing to consumers’ increased confidence in their abilities to market and sell a home online – and they are doing so faster than agent-assisted sales. For this reason we have compiled the ForSaleByOwner Trend Watch: The Pulse on Changing Consumer Behavior in Real Estate.
Through diligent and comprehensive research we have identified five insights that will allow buyers and sellers to enter the market feeling educated, informed and empowered. Some of the highlights of this report include the following:
- Millennials are embracing a new real estate model, with this generation accounting for 21 percent of customers on ForSaleByOwner and more than half of millennials willing to consider selling by owner.
- Consumers today are more empowered and independent than ever before with nearly half using their own research to price their home instead of seeking the insight of an agent.
- In June 2015, when national median time on market for homes hit record lows, independent sellers actually sold 4 days faster than agent sales.
- Only 30 percent of consumers believe that the service provided by a real estate agent is worth the fee, contributing to the increased consideration of the by-owner method and new listings on ForSaleByOwner.
- In the first half of 2015, a home sold on ForSaleByOwner every 52 minutes, with sellers saving an average of $14,000
We hope this report will serve as a beacon for consumers as they take control of one of the most important transactions of their lives.