FSBO Pitfalls

Based on data from the 2013 National Association of Realtors (NAR) Profile of Home Buyers and Sellers:

The biggest problems for FSBO’s - owners selling by themselves and without a professional Realtor were:

  • Getting the price right
  • Preparing the home for sale
  • Understanding and completing the paperwork
  • Selling within the time-frame they planned
  • Having enough time to devote to all aspects of the sale

Also, they didn’t get the selling price nor the income they expected from the sale by themselves:

  • Median selling price of a FSBO home was $184,000 vs. all Realtor assisted sales were $230,000 (that is a whopping 25% more)
  • Median income realized from the sale of FSBO homes was $86,200 vs. $99,900 with Realtor assisted sellers (16% more)

The best way to depict the Pitfalls of FSBO’s is to point out the advantages of using a professional Realtor such as The Tim Sova Team to help you sell your home.

  • Realtors can expose your home to more buyers ultimately saving you time and money
  • According to the same NAR study quoted above: only 6% of FSBO sellers actually sold without the help of a Realtor (meaning 84% sold due to a Buyer Agent representing a buyer)
  • Realtors have the experience needed to sell homes. They sell thousands of homes over the course of their careers, compared to the average person who may only sell a few times in their lifetime
  • Selling homes is a Realtors full time job. Often times a FSBO seller doesn’t understand the complexity, range and timing of tasks that they need to do in order to get to the closing table successfully
  • Realtors manage the appraisal process, inspections, and buyer qualifications – which have become more and more complicated in this tough credit market, adding to the already intricate process that the transaction goes through
  • Selling a home requires more disclosures and legal requirements
  • FSBO sellers often underestimate the amount of time required to market and show their home
  • FSBO sellers often overestimate the value of their property
  • FSBO sellers need to deal with security concerns about letting strangers access their home without a professional Realtor that has an I.D. with the local Real Estate Board
  • Realtors check the financial capability of buyers before allowing them in to a sellers home
  • Realtors are experts in marketing and negotiation as well as understanding the local market conditions and comparable homes
  • FSBO sellers have no access to fundamental marketing services such as the MLS (multiple listing service)
  • Realtors are more likely to generate multiple bids especially in our current competitive market

Avoid the FSBO pitfalls and contact us today to discuss the benefits of selling your home with The Tim Sova Team.