Should I Sell a FSBO (For Sale By Owner) in Portland?
According to the NAR (National Association of Realtors) 2013 report, only 9% of today’s sellers are FSBO (For Sale By Owner). This is close to the Portland Real Estate Market as well, where NAR report 8% of Urban market areas are FSBO.
Are FSBO sellers successful?
In a recent Fall 2012 survey a huge study was done of home sellers nationwide by HomeGain. The survey reported sellers who used real estate agents were twice as likely to sell their home than FSBO. About 2/3 of home sellers who used a real estate agent successfully sold their home, while only 1/3 of FSBO owners sold their home.
Of those who did sell, according to the NAR report, 40% knew the buyer personally. Also, nearly 32% of FSBO sellers did nothing (not even a yard sign) to advertise their home. With those pieces of information, we can put together a simple story. When a home owner decided so sell their property themselves, only 1/3 are successful and over 40% probably ended up selling to a friend or relative. Can I say that is not the best way to get top dollar for your home?!
The numbers bear this out. According to NAR 2013, the medium selling price of a FSBO home was 184,000 while the medium selling home of a real estate agent sale was $225,000.
Also, NAR reports over 88% of all home buyers are represented by a real estate agent. Portland real estate agents have the lion share of the buyer’s pool and we know who is or is not representing the buyer. Now, I think this is a good thing and leads to a safer real estate market for everyone involved. Real estate agents have a lot of experience, licensing, and required continuing education to guide their clients through a paper filled, intensive process.
I highly recommend using a fully qualified, full representation, top Portland real estate agent with tremendous selling experience, increased marketing and reduced fees!November 12, 2013