Should you sell on your own?

Why FSBO Sales Are on the Decline and What It Means for You

The real estate world is ever-changing, and one trend that stood out last year was the historic low of For-Sale-by-Owner (FSBO) transactions. According to recent data from the National Association of Realtors (NAR), FSBO sales accounted for only 6% of total home sales in 2023.
But what’s behind this drop? Let’s explore the challenges FSBO sellers face and why working with a real estate professional might be the better choice.

The Challenges of Selling FSBO
Selling your home without the help of a real estate agent might seem like a way to save on commission fees, but the process often comes with its own set of hurdles. Here are some common struggles FSBO sellers encounter:
● Pricing the Home Correctly: Nearly 17% of FSBO sellers find it challenging to determine the right asking price for their property. Without a comprehensive understanding of the market, pricing a home too high or too low can lead to missed opportunities or undervalued sales.
● Navigating the Paperwork: Real estate transactions involve a significant amount of documentation and legal requirements. About 10% of FSBO sellers cite difficulty in completing the necessary paperwork as a major obstacle.
● Meeting Timeframe Goals: Selling a home can be time-sensitive, and 13% of FSBO sellers struggle to close their sale within their desired timeframe. This delay can create additional stress and financial strain.

The Financial Reality of FSBO Sales
While saving on agent commissions is often the primary motivation for FSBO sellers, the numbers tell a different story. In 2023, the median selling price for FSBO homes was $380,000, compared to $435,000 for homes sold with the assistance of a real estate agent. That’s a $55,000 difference—a significant amount that could outweigh any perceived savings.

The Value of Working with a Real Estate Professional
Navigating the real estate market can be complex, but a trusted real estate agent brings expertise, resources, and a network that simplifies the process. Here’s how working with an agent can benefit you:
● Accurate Pricing Strategies: Agents use comparative market analysis (CMA) tools to price your home competitively, ensuring you attract the right buyers while maximizing your return.
● Streamlined Paperwork: From contracts to disclosures, agents manage the details so you don’t have to worry about missing critical steps.
● Effective Marketing: Real estate professionals have access to listing services, social media strategies, and marketing campaigns that amplify your home’s visibility.
● Time Management: Selling a home is time-consuming. An agent handles the heavy lifting, allowing you to focus on your next move.

Let’s Make Your Home Sale a Success
Whether you’re buying or selling, partnering with a real estate professional can save you time, reduce stress, and help you achieve better financial outcomes. Ready to explore your options? Let’s chat about how I can make the process seamless for you.

Source: National Association of Realtors