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For Sale by Owner

Posted by Wayne Welsh on Tuesday, July 3rd, 2018 at 10:52am.

FSBOYou have decided to put your Florida home for sale and have an important choice to make. Do you use a Realtor® or try to sell FSBO, “for sale by owner?” The allure of going it alone is you don’t have to pay a real estate commission. Stick a sign in the yard and an ad in the paper and bam…your ready to pack, right? Well not so fast.

According to a 2017 survey by the National Association of Realtors® (NAR), only 7% of buyers found their home from yard signs or open house signs and only 1% found their homes through newsprint ads. FSBOs accounted for only 8% of home sales in 2016.

The two most important concerns to home Sellers are time and money. Current statistics show FSBO’s take at least 10% longer to sell. In fact, many FSBOs list with a Realtor after only two weeks of flying solo.

In a NAR survey, the median FSBO sold for $190,000 vs $249,000 for Realtor® home sales. A significant problem for Sellers is access to accurate market data and interpreting that data. The result is frequently a sale price significantly below market value. In short, the Seller can leave tens of thousands of dollars on the table. In contrast, pricing the home too high results in lengthy marketing times.

Paperwork is another labyrinth for Sellers. Few sellers understand contracts, counter offers, federal and state required disclosures, and addenda. Many FSBOs use documents obtained on-line or at the office supply store that do not comply with current law. This has the potential to lead to post sale litigation. Failure to disclose and other legal pitfalls are frequent issues with FSBOs.

The mirage of saving money by not using a Realtor vanishes quickly when you consider that transactions involving Realtors® net more money and a faster sale. Realtors® bring a lot to the table. They are knowledgeable on preparing a home for sale, staging, pricing the home properly, marketing, technology, open houses, negotiating, legal documentation, and more. An example of current technology is the Matterport® 3D Tour which allows a Buyer to walk anywhere in the home 24 hours a day from anywhere in the world. Gulf Shores Realty offers this to its customers along with a customized marketing plan. https://www.gulfshoresrealty.com/3d-showcase.php

Realtors® are bound by the Realtor Code of Ethics, a very strict standard. They are professional marketers and utilize a plethora of media to expose the property to tens of thousands of potential customers. Homes sold through Realtors account for 92% of all home sales. Statistically, homes sold through Realtors® sell faster for more money making the real estate commission paid to a professional Realtor a wise investment.

Call Gulf Shores Realty at 941-488-6644 or visit https://GulfShoresRealty.com to list your home today.

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