Making Sense out of Selling FSBO

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Lack of Exposure

I have no doubt you can sell this home on your own, but my question to you is: "Is it more important for you to sell it on your own or NET the most money at the closing table?"

Every year the National Association of Realtors (NAR) publishes a report called "Profile of Buyers and Sellers" and there is a section in the report that determines year to year (since 1996) that on average only 8% of all the homes sold Nationwide are sold as a FSBO. Which means that 92% of all the properties were sold by an agent.

NAR also concluded that of the 118,000 homes that were sold in 2023; of the 8% sold FSBO netted 28% less than if they would have sold it with an agent. You could pay a 5% commission and still make out an additional 3% more than if you would have sold it yourself.

The reason for the difference in numbers is "The Law of Supply and Demand." More demand = $$$$$

100% buyer exposure = buyers in droves - multiple offers

8% of buyers = how many buyers?

4 Types of Buyers

First Type of Buyer - Serious and in a hurry:

They may be relocating from another city or signed a contract on their current home last night and they need to find the right home as soon as possible. They also want to do their due diligence and be able to have access to 100% of the properties on the market so they can make an intelligent financial decision.

Second Type of Buyer - Serious but not in a hurry:

They may be first time home buyers proceeding cautiously, wanting someone to hold their hand or they may be looking for that perfect home. The average homeowner looks at 14 homes before making the decision to purchase. Naturally these buyers want a realtor to guide them and make them feel secure and confident they are making the right decision.

Third Type of Buyer - Bargain hunters:

They are investors or someone looking for to get a bargain. Investors by nature are bargain hunters - investors expect their money to work for them - looking for a GREAT deal. Unfortunately, these type of buyer's prey on the FSBO because they know a lot of sellers start getting tired of the process, they still don't see any value by working with most agents and eventually the FSBO sell far below market price because they are frustrated, and they just want to be done with it. The only one that benefits is the investor!

Fourth Type of Buyer -Lookers/Unqualified:

The challenge with these buyers is that they can't afford to buy a home or simply not qualified to buy right now. Some of these buyers are neighbors, people looking for their kids. A lot of these lookers love to go online and look for great deals and they love to call on FSBO's.

Most FSBO's get a call from a buyer, and they get all excited to show the buyer their home. But the FSBO forgets to ask qualifying questions, so they don't waste your time showing their home.

No Negotiating Skills

In a rapidly changing market, it's crucial to understand how to negotiate effectively. Realtors guide the buyer through the negotiation process, providing education about market trends and regulations, and helping the buyer navigate through paperwork, offers and counteroffers so you can secure the best deal possible.

Legal Liability & Security

When listing a "For Sale By Owner" property, it is value to understand that the homeowner is liable for everything and anything listed. This means that if a seller gives wrong information on the house, that seller will be held accountable by law. And while some homeowners provide inaccurate information on purpose, others do it out of sheer ignorance.

If you are uncertain about specific details of your home, it is advisable to work with a real estate agent. This way, you can be sure that all details about your property will be professionally researched and accurately listed.

This will eliminate the possibility of your buyers being disappointed during inspections and any legal problems arising further down the line.

Let's get together for a 20-minute no obligation meeting.

Let's set up a time to meet for just 20 minutes, so I can show you how I can benefit you financially, especially in today's market, and at the end of our meeting you can decide what's best for yourself!

Kerry Weintroub

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Kerry Weintroub