Resources for Sellers
Selling a home is an important matter and there should be a good reason to sell—perhaps a job change or the need for more space. Before placing a home on the market, you should identify REALTORS® who can assist with the sale. Local REALTORS® are community experts. They track real estate trends, share neighborhood concerns and participate in local matters. They're good neighbors who are in the business of helping others buy and sell homes.
Meet the top producers in Hampton Roads: Circle of Excellencesm Award Winners Database
Facts about For Sale by Owner (FSBO)
(Adapted from NAR Publication "Outlook, the Homebuying and Selling Process")
- The typical "For Sale By Owner" is 45 years old, has a total household income of $65,000, and previously owned more than one home.
- Nine out of every ten homes sold by FSBO is a detached single-family home.
- FSBOs are rarely seen in resort properties or rural areas.
- Even though the characteristics of the homes are the same, private sellers typically sell homes for lower prices compared to sellers who used a professional real estate agent.
- Twenty five percent of all private sellers have problems attracting potential buyers.
- The most frequently cited problems FSBOs experience are: getting the right price; selling in the length of time planned; and understanding and performing all of the required paperwork.
- Approximately 20% of private sellers indicated they would use a real estate professional the next time they sold their home.
- During times of economic stability, FSBO activity increases. But when the market condition weakens, owners are more likely to use a real estate professional.