Is Selling Your Home FSBO Worth It?

Hello Hampton Roads,

In today's hot seller's market with limited inventory and home prices hitting all time highs, you may be thinking about selling your house on your own and potentially saving some money. It's certainly natural to think this since many homes are selling in a matter of days and the time to try selling for sale by owner (FSBO) would be in a strong seller's market, but is selling FSBO really worth it?

Just as buying a home is usally the biggest financal purchase in a person's life, the sale of a home is usually the largest selling transaction. Most home buyers use and rely on professional representation and sellers would benefit similarly. If it were more beneficial to sell a home FSBO, I believe we would see the majority of homes being sold this way, but this isn't the case.

FSBO listings have always played a small role in the market. Since 2018 the percentage of national FSBO sales has been consistently between 4%-6% of monthly listings. The numbers from September 2021 showed that 63,000 homes nationwide were FSBOs compared to 1.05 million homes that were represented by agents.

A recent Zillow article (FSBOs May Fit the Bill for Buyers Looking for Affordable Options) suggested FSBO sales favoring buyers rather than FSBO sellers themselves! 

Here are some nationwide results Zillow found:

• The list price of homes for FSBOs was 17.7% less than homes represented by agents
• The median list price for a FSBO home was $292,810 vs $355,777 for a home represented by an agent
• During the first three quarters of 2021, FSBO listings were more common in rural areas
• FSBO listings are more likely to be used by lower income sellers and to market less expensive properties

Selling a home is an intricate process as each property, each buyer, and each seller are different with different needs. It's not a one-size-fits-all solution and it's more than just getting an offer on a property. A property needs to close with a ready, willing, and able buyer. Once an offer is received, the process to close is just beginning. At the end of the day, whether the home seller sells FSBO or with an agent, the goal is the same--to sell their home quickly, as smoothly as possible, and for the best price the market will bear.  So the question of whether it's worth it to sell your home FSBO really should be, is selling FSBO the best way to accomplish your goals?

If you'd like  to talk more specifically about your real estate plans as well as get a free market analysis of what your home could sell for in today's market, please visit:

https://rem.ax/HomeWorth

    

Thanks for Reading,

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