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Why are fewer and fewer people try to sell their homes on their own these days? Why is selling your home as FSBO a bad idea?
The NAR has been tracking the number of homes sold as FSBO since 1981, and this year was the third consecutive year where we’ve hit a new record low of FSBOs. From 2001 to 2008, FSBOs averaged about 12% of all home sales. Right now, we’re right around 8%.
Keep in mind, we’re in a seller’s market, so you’d think more people would be inclined to put their home on the market without an agent, but that’s not the case.
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I think there are three reasons behind this decline. First, FSBOs aren’t able to get the same price for their home. Also, the selling process usually takes a lot longer than they anticipated. Lastly, they typically have trouble with real estate contracts and the ever-changing laws included in them.
Fewer and fewer people are trying to sell their homes on their own.
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If you look at the average sale price of an FSBO home, it’s $150,000. That tells me that most of the FSBOs are in the lower-priced areas. In Virginia, Maryland, and Washington DC, you can’t buy much for $150,000.
If you have any questions about this topic or you’re thinking of buying or selling a home in 2018, don’t hesitate to reach out to me. I’d love to talk to you.
